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 PROVIDENCE, R.I., Nov. 8 /PRNewswire/ -- CytoTherapeutics, Inc. (NASDAQ: CTII) today reported a net loss for the third quarter ended Sept. 30, 1993 of $3,669,000, or 46 cents per share, compared to a net loss of $2,475,000, or 32 cents per share, in the third quarter of 1992. Revenues for the third quarter of 1993, comprised of contract research revenue and investment income, were $242,000, compared with $352,000 in the comparable period in 1992. The net loss for the nine months ended Sept. 30, 1993 was $10,813,000, or $1.37 per share, compared with a net loss of $6,764,000, or 92 cents per share, for the same period in 1992. Revenues for the nine months ended Sept. 30, 1993 and 1992 were $917,000 and $1,027,000, respectively.
 "In September, we reached agreement on a financing totaling $18.75 million in a private placement of 2.5 million newly issued shares of common stock," said Thomas G. Wiggans, president and chief operating officer of the company. "The size of this financing was expanded significantly following reports of a series of positive research program developments, including the approval of an investigator IND for our diabetes implant, encouraging preliminary results from our human clinical trial for chronic pain and research findings on our ability to deliver growth factors in models of Parkinson's and Huntington's diseases."
 The company completed the financing on Oct. 6, 1993. Net proceeds to the company were approximately $17.4 million, increasing the company's cash and investments to approximately $34.7 million. Total common shares outstanding after closing were approximately 10.4 million.
 "We are extremely pleased with the progress achieved in our programs during the quarter, as demonstrated by the results of our pre-clinical studies and preliminary results of our human clinical trial. The research continues to highlight encapsulated cell therapy as an advantaged delivery method to replace critical substances required to treat neurological disorders. This recent financing will allow us to accelerate these research efforts," Wiggans added.
 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(TM) 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.
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Research contracts
 and grants $15,417 $47,916 $165,418 $234,582
 Investment income 226,839 304,395 751,310 792,158
 Total 242,256 352,311 916,728 1,026,740
 Costs and expenses:
 Research and
 development 2,669,638 2,011,998 8,257,289 5,541,395
 General and
 administrative 1,147,371 756,626 3,179,721 2,109,614
 Interest expense 93,789 58,930 292,676 139,884
 Total 3,910,798 2,827,554 11,729,687 7,790,893
 Net loss $(3,668,542)$(2,475,243)$(10,812,958)$(6,764,153)
 Net loss per share (46 cents) (32 cents) $(1.37) (92 cents)
 Weighted average
 shares used in
 computing net
 loss per share 7,903,818 7,809,838 7,872,605 7,316,351
 Sept. 30, 1993 Dec. 31, 1992
 (unaudited) (audited)
 Current assets:
 Cash and short-term
 investments $12,704 $10,881
 Other current assets 675 647
 Total current assets 13,379 11,528
 Investments 4,122 16,327
 Property, plant and
 equipment, net 5,801 6,211
 Other assets 1,597 1,172
 Total Assets $24,899 $35,238
 Liabilities and stockholders'
 Current liabilities:
 Accounts payable and accrued
 expenses $1,885 $1,492
 Current maturities of
 capitalized lease obligations 676 609
 Current maturities of
 long-term debt 40 38
 Total current liabilities 2,601 2,139
 Capitalized lease obln?s,
 less current maturities 3,433 3,653
 Long-term debt, less current
 maturities 209 243
 Stockholders' equity:
 Common stock 79 78
 Additional paid-in capital 51,358 51,298
 Deferred compensation (700) (905)
 Accumulated deficit (32,081) (21,268)
 Total stockholders' equity 18,656 29,203
 Total liabilities and
 stockholders' equity $24,899 $35,238
 -0- 11/8/93
 /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/

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

DJ-JL -- NE007 -- 1834 11/08/93 14:01 EST
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Publication:PR Newswire
Date:Nov 8, 1993

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