Diacrin Announces First Quarter Results

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Diacrin Announces First Quarter Results

CHARLESTOWN, Mass.--(BUSINESS WIRE)--May 7, 2002--Diacrin, Inc.
(NasdaqCRN) reported today financial results for the first quarter
ended March 31, 2002. Net loss for the quarter was $1.5 million, or
$.08 per share, compared to a net loss of $811,000, or $.05 per share,
for the quarter ended March 31, 2001. Diacrin ended the quarter with
cash and investments of $47.8 million.

"We have now completed patient accrual in our Phase 1 clinical
trial for spinal cord repair and continue to accrue patients in our
two Phase 1 clinical trials for cardiac repair," said Thomas H.
Fraser, Ph.D., President and CEO.

Diacrin is developing cell transplantation technology for treating
human diseases that are characterized by cell dysfunction or cell
death and for which current therapies are either inadequate or
nonexistent. Products under development include: porcine spinal cord
cells for spinal cord injury; porcine neural cells for stroke, focal
epilepsy and intractable pain; NeuroCell(TM)-PD for Parkinson's
disease; porcine liver cells for acute liver failure; human liver
cells for cirrhosis; and human muscle cells for cardiac disease.
DIACRIN, INC.
SELECTED FINANCIAL DATA

Three Months
Ended March 31,
2001 2002
REVENUES:
Research and development $ 383,062 $ 32,588
Investment income 908,858 456,613
Total revenues 1,291,920 489,201

OPERATING EXPENSES:
Research and development 1,450,067 1,622,336
General and administrative 425,502 357,195
Interest expense 5,183 1,264
Total operating expenses 1,880,752 1,980,795

EQUITY IN OPERATIONS OF JOINT VENTURE (222,430) (31,410)

NET LOSS $ (811,262) $ (1,523,004)

BASIC AND DILUTED
NET LOSS PER COMMON SHARE $ (.05) $ (.08)

SHARES USED IN COMPUTING BASIC AND
DILUTED NET LOSS PER COMMON SHARE 17,914,704 17,937,204



December 31, March 31,
2001 2002
Balance Sheet Data:
Cash, cash equivalents and investments $ 49,727,197 $ 47,804,314
Total assets 50,681,496 48,851,480
Stockholders' equity 49,146,150 47,623,146
CONTACT:
Diacrin, Inc.
Kevin Kerrigan
(617) 242-9100
SOURCE: Diacrin, Inc.
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05/07/2002 16:00 EASTERN