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CYTOTHERAPEUTICS ANNOUNCES THIRD QUARTER RESULTS

 CYTOTHERAPEUTICS ANNOUNCES THIRD QUARTER RESULTS
 PROVIDENCE, R.I., Nov. 9 /PRNewswire/ --


CytoTherapeutics, Inc. (NASDAQ-NMS: CTII) today reported, in line with expectations, a net loss for the third quarter of 1992 of 32 cents per share or $2,475,243, compared to a net loss of 40 cents per share or $1,675,767 in the third quarter of 1991. Revenues for the third quarter of 1992, comprised of research contract revenue and interest earned on invested funds, were $352,311 compared with $142,466 in the comparable period in 1991. Also during the third quarter of 1992, the company received $2.7 million in net proceeds from an industrial revenue bond financing for a pilot manufacturing plant.
 The net loss for the first nine months of 1992 was $6,764,153, or 92 cents per share, compared with a net loss of $4,380,615, or $1.05 per share for the same period in 1991. Revenues for the nine-month period ended Sept. 30, 1992, were $1,026,740, compared with $525,344 for the same period in 1991. Cash and investments, including long-term investments, totaled $30.3 million as of Sept. 30, 1992.
 Seth A. Rudnick, M.D., president and chief executive officer of CytoTherapeutics, Inc., commented, "The third quarter results are in line with our expectations for the period and reflect our increasing investment in research and product development, as well as our continued commitment to bringing our unique form of cellular therapy forward to the clinic. Recently, we were able to present research results from our Parkinson's and severe, chronic pain product development programs at the 22nd Annual Meeting of the Society for Neuroscience in Anaheim, Calif. The results of the research support our approach of cell-encapsulation therapies in models for these diseases.
 "We are also pleased that Dr. Edwin Cadman, who has been Ensign Professor and Chairman of the Department of Medicine at Yale University School of Medicine since 1987, has joined our board of directors. His expertise in pharmacology, understanding of cell growth and extensive medical experience will greatly enhance the development of our products and help us as we progress toward the clinic."
 CytoTherapeutics is a leader in the research and development of a novel approach to cell therapy for the treatment of severe chronic disease. The company is developing a new class of therapeutic products based on its core technology of membrane-encapsulated living cells which can be implanted in patients where they supply biomolecules critical to treat disease. The company's product development efforts are concentrated in three areas: NeuroCRIB(tm) for treatment of Parkinson's disease, EndoCRIB(tm) for the treatment of Type I diabetes, and CereCRIB(tm) for the treatment of chronic pain.
 CYTOTHERAPEUTICS, INC.
 Statements of Operations
 (Unaudited)
 Three months ended
 Sept. 30,
 1992 1991
 Revenues: $352,311 $142,466
 Operating expenses:
 Research & development $2,011,998 $1,288,333
 General and administrative 756,626 498,050
 Total operating expenses 2,768,624 1,786,383
 Loss from operations (2,416,313) (1,643,917)
 Interest expense 58,930 31,850
 Net loss $(2,475,243) $(1,675,767)
 Net loss per share (32 cents) (40 cents)
 Shares used in computing
 net loss per share 7,809,838 4,155,173
 Nine Months Ended
 Sept. 30,
 1992 1991
 Revenues: 1,026,740 525,344
 Operating costs and expenses:
 Research and development 5,541,395 3,608,619
 General and administrative 2,109,614 1,223,116
 Total operating expenses 7,651,009 4,831,735
 Loss from operations (6,624,269) (4,306,391)
 Interest expense 139,884 74,224
 Net loss $(6,764,153) (4,380,615)
 Net loss per share (92 cents) ($1.05)
 Shares used in computing
 net loss per share 7,316,351 4,155,173
 Balance Sheet Data
 Sept. 30, Dec. 31,
 1992 1991
 (unaudited)
 Cash and cash equivalents
 and short-term investments $30,333,954 $14,769,319
 Investment in plant and
 equipment (net) 6,064,924 1,811,086
 Total assets 38,311,341 17,254,966
 Total stockholders' equity $32,311,072 $14,929,242
 -0- 11/09/92
 /CONTACT: Thomas G. Wiggans, chief financial officer, 401-272-3310, ext. 152, or Elizabeth Razee, communication coordinator, 401-272-3310, ext. 132, both of CytoTherapeutics, Inc./
 (CTII) CO: CytoTherapeutics, Inc. ST: Rhode Island IN: MTC SU: ERN


CN -- NE005 -- 8562 11/09/92 09:27 EST
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