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CYTOTHERAPEUTICS REPORTS SECOND QUARTER RESULTS

 PROVIDENCE, R.I., July 27 /PRNewswire/ -- CytoTherapeutics, Inc. (NASDAQ: CTII) today reported a net loss for the second quarter of 1993 of $3,751,000, or 43 cents per share, compared to a net loss of $2,298,000, or 29 cents per share, in the second quarter of 1992. Revenues for the second quarter of 1993, comprised of research contract revenue and interest income were $321,000, compared with $432,000 in the comparable period of 1992. The net loss for the first six months of 1993 was $7,144,000 or 91 cents per share, compared with a net loss of $4,289,000, or 61 cents per share, for the same period in 1992. Revenues for both the six months ended June 30, 1993 and 1992, were $674,000. Cash and investments totaled $20,051,000 as of June 30, 1993.
 "During the second quarter we initiated our first human clinical trial in Switzerland with our CereCRIB(tm) implant for severe, chronic pain. In support of that trial and other key development programs in central nervous system diseases, we have increased our scientific personnel, equipment and facilities," announced Thomas G. Wiggans president and chief operating officer. "We are committed to providing the resources that will enable us to bring our unique therapeutic delivery products forward to commercialization," he added.
 "Also during the quarter, we continued to strengthen our management team. Daniel Geffken, formerly vice president of finance and administration for the Andersen Group, Inc., was elected chief financial officer. In addition, Marjorie Christie, Ph.D., has joined us as director of regulatory affairs. Previously, Dr. Christie was director of biotech regulatory affairs at Johnson & Johnson's R.W. Johnson Pharmaceutical Research Institute. Donald Conklin, president of Schering-Plough Pharmaceuticals, was elected to our board of directors. Their expertise will be critical in financing, regulatory management and ultimate commercial development of our delivery products for cell and gene therapy," Wiggans said.
 CytoTherapeutics is a leader in the research and development of implantable delivery systems for biologically active and gene therapy products for the treatment of central nervous system (CNS) diseases and other chronic disorders. The company's CNS products in development include its CereCRIB implant for the treatment of severe, chronic pain, and its NeuroCRIB(tm) implant for the treatment of Parkinson's disease. CytoTherapeutics is also developing its EndoCRIB(tm) implant for the treatment of Type I diabetes.
 CYTOTHERAPEUTICS, INC.
 STATEMENTS OF OPERATIONS
 (unaudited)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Revenues:
 Research contracts
 and grants $75,000 $96,666 $150,000 $186,666
 Investment income 245,681 334,893 524,471 487,763
 Total 320,681 431,559 674,471 674,429
 Costs and expenses:
 Research and
 development 2,915,975 1,978,625 5,673,311 3,529,397
 General and
 administrative 1,058,463 708,437 1,946,690 1,352,988
 Interest expense 97,398 42,424 198,887 80,954
 Total 4,071,836 2,729,486 7,818,888 4,963,339
 Net loss $(3,751,155)$(2,297,927)$(7,144,417)$(4,288,910)
 Net loss per share (48 cents) (29 cents) (91 cents) (61 cents)
 Weighted average
 shares used in
 computing net
 loss per share 7,868,523 7,804,771 7,856,739 7,053,358
 CYTOTHERAPEUTICS, INC.
 BALANCE SHEETS
 June 30, 1993 Dec. 31, 1992
 (unaudited) (audited)
 Assets:
 Current assets:
 Cash and short-term
 investments $15,511 $10,881
 Other current assets 616 647
 Total current assets 16,127 11,528
 Investments 4,540 16,327
 Property, plant and
 equipment, net 5,887 6,211
 Other assets 1,309 1,172
 Total Assets $27,863 $35,238
 Liabilities and stockholders'
 equity:
 Current liabilities:
 Accounts payable and accrued
 expenses $1,279 $1,492
 Current maturities of
 capitalized lease obligations 573 609
 Current maturities of
 long-term debt 40 38
 Total current liabilities 1,892 2,139
 Capitalized lease obligations,
 less current maturities 3,514 3,653
 Long-term debt, less current
 maturities 219 243
 Stockholders' equity:
 Common stock 79 78
 Additional paid-in capital 54,564 51,298
 Deferred compensation (768) (905)
 Accumulated deficit (31,637) (21,268)
 Total stockholders' equity 22,236 29,203
 Total liabilities and
 stockholders' equity $27,863 $35,238
 -0- 7/27/93
 /CONTACT: Daniel E. Geffken, chief financial officer, 401-272-3310, ext. 2126, or Elizabeth A. Razee, communications coordinator, 401-272- 3310, ext. 2132, both of CytoTherapeutics/
 (CTII)


CO: CytoTherapeutics, Inc. ST: Rhode Island IN: HEA SU: ERN

DD-CM -- NE011 -- 6298 07/27/93 14:00 EDT
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