Printer Friendly

CYTOTHERAPEUTICS REPORTS FIRST QUARTER RESULTS

 CYTOTHERAPEUTICS REPORTS FIRST QUARTER RESULTS
 PROVIDENCE, R.I., May 6 /PRNewswire/ -- CytoTherapeutics, Inc.


(NASDAQ: CTII) today reported, in line with projections, a net loss for the first quarter 1992 of 32 cents per share or $1,990,983, compared to 28 cents
per share or a net loss of $1,157,381 in the first quarter of 1991. Revenues for the first quarter 1992, comprised of research contract revenue and interest earned on invested funds, were $242,870 compared with $215,426 in the comparable period in 1991.
 "The most significant financial event of our first quarter was the completion of CytoTherapeutics' initial public offering, which raised a net of $22.5 million through the sale of 2.25 million shares of common stock. The successful completion of our offering in a challenging marketplace represents a significant endorsement of our product development programs based on our novel cell encapsulation technology," according to Seth A. Rudnick, M.D., president and chief executive officer of CytoTherapeutics, Inc.
 "We are also very pleased to report progress in such key areas of company development as financing, partnering and technology acquisition," added Dr. Rudnick. "This progress is important to further strengthening the foundation of our company for its continued growth."
 First quarter developments include the conclusion of an agreement with Medtronic, Inc. of Minneapolis, Minn., a leading developer and manufacturer of biomedical devices. The agreement covers investigation into the use of CytoTherapeutics' CRIB(tm) technology for encapsulating living cells for the treatment of severe, chronic pain. Medtronic will provide research funding. Medtronic has also made an equity investment in CytoTherapeutics.
 CytoTherapeutics also expanded its license agreement with Brown University, which broadens the field of the license to include new diagnostic and therapeutic applications of cell therapy. In addition, the company obtained from the Ontario Cancer Institute (Toronto, Canada) exclusive rights to a patent potentially useful in conjunction with the company's EndoCRIB(tm) product development program for the treatment of diabetes.
 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 safely 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 the treatment of Parkinson's disease; EndoCRIB 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
 March 31,
 1992 1991
 Revenues:
 Research contracts & grants $ 90,000 $133,334
 Interest income 152,870 82,092
 Total revenues 242,870 215,426
 Operating costs and expenses:
 Research and development 1,550,772 1,000,522
 General and administrative 644,551 355,785
 Total operating expenses 2,195,323 1,356,307
 Loss from operations (1,952,453) (1,140,881)
 Interest expense 38,530 16,500
 Net loss $(1,990,983) $(1,157,381)
 Net loss per share (32 cents) (28 cents)
 Shares used in computing
 net loss per share 6,301,962 4,155,173
 Balance Sheet Data
 March 31, Dec. 31,
 1992 1991
 (unaudited)
 Cash and cash equivalents
 and short-term investments $13,122,493 $14,769,319
 Net proceeds due from
 initial public offering 23,017,500 ---
 Total assets 40,425,001 17,254,966
 Working capital 34,435,486 13,518,675
 Total stockholders' equity $37,020,775 $14,929,242
 -0- 5/6/92
 /CONTACT: Thomas G. Wiggans, CFO, 401-272-3310, ext. 152; or Elizabeth Razee, ext. 132, of CytoTherapeutics/
 (CTII) CO: CytoTherapeutics, Inc. ST: Rhode Island IN: MTC SU: ERN


PB-SH -- NE001 -- 6930 05/06/92 09:09 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 6, 1992
Words:621
Previous Article:LORAIN ASSEMBLY NAMES ASSISTANT PLANT MANAGER
Next Article:U.S. ATTORNEY'S OFFICE, FBI, DEA AND CUSTOMS TO HOLD A PRESS CONFERENCE TODAY AT 2 P.M. IN PHILADELPHIA
Topics:


Related Articles
WASHINGTON U. RESEARCHERS, CYTOTHERAPEUTICS REPORT DIABETES RESEARCH ADVANCE IN SCIENCE; ISLET CELL IMPLANTS UNDER SKIN CONTROL GLUCOSE LEVEL
CYTOTHERAPEUTICS ANNOUNCES INITIAL PUBLIC OFFERING OF 2.25 MILLION SHARES OF COMMON STOCK AT $11 PER SHARE
CYTOTHERAPEUTICS NAMES E. EDWARD BAETGE DIRECTOR OF NEUROSCIENCE
CYTOTHERAPEUTICS REPORTS SECOND QUARTER RESULTS
CYTOTHERAPEUTICS ANNOUNCES THIRD QUARTER RESULTS
CYTOTHERAPEUTICS ANNOUNCES 1992 FINANCIAL RESULTS
CYTOTHERAPEUTICS ANNOUNCES BROAD U.S. PATENT COVERING THE USE OF MULTIPLE CELL TYPES IN THERAPEUTIC IMPLANTS
CYTOTHERAPEUTICS ANNOUNCES FIRST QUARTER 1993 RESULTS
CYTOTHERAPEUTICS REPORTS YEAR END RESULTS
CYTOTHERAPEUTICS REPORTS FIRST QUARTER RESULTS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters