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SOMATIX REPORTS SECOND QUARTER RESULTS

 ALAMEDA, Calif., Feb. 12 /PRNewswire/ -- Somatix Therapy Corp. (NASDAQ: SOMA) today reported a loss of $3,901,000, or $0.30 per share, for the second fiscal quarter ended Dec. 31, 1992, compared to a loss for the same period last year of $2,405,000, or $0.31 per share. The company posted no revenues for the second fiscal quarter, versus $14,000 last year, having discontinued its contract manufacturing operation in November 1991.
 Operating costs and expenses were $4,147,000 during the quarter, up from $2,470,000 during the same period the previous year. The change reflected a planned increase in staffing as well as expenses associated with on-going pre-clinical studies, planned clinical trials, and several expenses related to a facilities improvement program. Other income of $246,000 for the second fiscal quarter was primarily interest income, versus $51,000 for the same period the previous year. The difference was due primarily to higher cash balances available for investment.
 According to David W. Carter, Somatix's president and chief executive officer, "During the first six months of this year, we recognized certain one-time expenses associated with converting the manufacturing facility into research laboratories, relocating the administrative staff and moving new key members of the R&D management team to California."
 Somatix Therapy Corp. is a scientific leader in the emerging field of gene therapy. The Company is focused on the genetic modification of selected human cells to enable the production and delivery of therapeutic substances within the patient's body. Somatix believes that this approach, which requires gene transfer technology, will provide a safe and effective means of delivering many therapeutic substances. Somatix has programs in cancer, central nervous system diseases and hemophilia.
 SOMATIX THERAPY CORP.
 CONSOLIDATED STATEMENT OF OPERATIONS
 Second Quarter Ended December 31,
 1992 1991
 Contract Manufacturing Revenues $ -- $ 14,000
 Operating Costs and Expenses 4,147,000 2,470,000
 Operating Loss (4,147,000) (2,456,000)
 Other Income, Net 246,000 51,000
 Net Loss $(3,901,000) $(2,405,000)
 Net Loss Per Share $ (0.30) $ (0.31)
 Shares Used in Calculation of
 Net Loss Per Share(A) 13,156,061 7,661,533
 Six Months Ended December 31,
 1992 1991
 Contract Manufacturing Revenues $ --- $ 69,000
 Operating Costs and Expenses 8,025,000 4,959,000
 Operating Loss (8,025,000) (4,890,000)
 Other Income, Net 562,000 162,000
 Net Loss $ (7,463,000) $ (4,728,000)
 Net Loss Per Share $ (0.57) $ (0.62)
 Shares Used in Calculation of
 Net Loss Per Share(A) 13,147,140 7,648,126
 (A) The increase in shares between the two periods reflects the January 1992 acquisition of GeneSys and the March 1992 public equity offering.
 CONDENSED CONSOLIDATED BALANCE SHEET
 ASSETS
 December 31, June 30,
 1992 1992
 (unaudited)
 Current Assets:
 Cash, Cash Equivalents and
 Marketable Securities $14,463,000 $22,096,000
 Other Current Assets 1,370,000 441,000
 Total Current Assets 15,833,000 22,537,000
 Marketable Securities,
 Long-term 10,923,000 11,907,000
 Restricted cash 325,000 1,266,000
 Net Equipment and Improvements 4,551,000 3,045,000
 Long-term Assets 149,000 ---
 Total $31,781,000 $38,755,000
 LIABILITIES AND STOCKHOLDERS' EQUITY
 December 31, June 30,
 1992 1992
 (unaudited)
 Current Liabilities $ 2,007,000 $ 1,915,000
 Capital Lease Obligations 304,000 330,000
 Stockholders' Equity 29,470,000 36,510,000
 Total $31,781,000 $38,755,000
 -0- 2/12/93
 /CONTACT: Julie Wood of Somatix Therapy, 510-748-3082/
 (SOMA)


CO: Somatix Therapy Corp. ST: California IN: MTC SU: ERN

TM -- SF005 -- 6163 02/12/93 12:40 EST
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Date:Feb 12, 1993
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