Geron Corporation Reports 1999 FinancialResults.

Business Editors and Health/Medical Writers

MENLO PARK, Calif.--(BW HealthWire)--Feb. 18, 2000

Geron Corporation (Nasdaq:GERN) today reported financial results for the fourth quarter and year ended December 31, 1999.

For fiscal 1999, the company reported revenues of

$5.4 million and operating expenses of $49.5 million, compared to revenues of $6.8 million and operating expenses of $19.4 million in fiscal 1998. For fiscal 1999, the company had a net loss of $46.4 million or $(3.00) per share, compared to a net loss of $10.8 million or $(1.00) per share in fiscal 1998.

For the fourth quarter, the company reported revenues of $1.3 million and operating expenses of $6.6 million, compared to $1.5 million and $5.3 million, respectively, for the comparable period in 1998. Net loss for the quarter was $8.1 million or $(0.48) per share, compared to $3.8 million or $(0.31) per share in 1998.

Revenues reflected research support payments from collaborative partners, royalty revenues under various license and marketing agreements with diagnostic companies on sales of telomerase based diagnostic kits and shared profits from sales of cell-based research products under a product marketing agreement with Clontech Laboratories, Inc. Increased operating expenses for 1999 were mainly the result of the acquisition of Roslin Bio-Med, Ltd. in May 1999 and new research funded at the Roslin Institute. The acquisition was accounted for using the purchase method of accounting. The company's cash and investments totaled $42.9 million as of December 31, 1999.

Geron Corporation is a biopharmaceutical company focusing on discovering, developing and commercializing therapeutic and diagnostic products to treat cancer and other age-related chronic degenerative diseases. Geron's technology platform includes the discovery of small molecule inhibitors of telomerase for cancer therapy; telomere and telomerase-based research and diagnostic tools; telomerase activation to extend the replicative lifespan of normal cells; and complementary stem cell, gene therapy and nuclear transfer approaches to restore the function of degenerating organs.

To receive an index and copies of recent press releases, call Geron's News on Demand toll-free fax service, 1-800-782-3279. Additional information about the company can be obtained at http://www.geron.com.

                           GERON CORPORATION
            CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

                           THREE MONTHS ENDED     TWELVE MONTHS ENDED
                              DECEMBER 31,           DECEMBER 31,
(In thousands,               1999        1998        1999        1998
except share and             ----        ----        ----        ----
per share amounts)              Unaudited

Revenues from              $1,250      $1,494      $5,244      $6,706
 collaborative
 agreements
License fees and
 royalties                     45          15         168          91
                             ----        ----        ----        ----
Total revenues              1,295       1,509       5,412       6,797

Operating expenses:
 Research and development   4,598       4,347      20,571      15,619
 Acquired research
  technology                   --          --      23,403          --
 General and
  administrative            2,002         955       5,574       3,769
                             ----        ----        ----        ----
Total operating expenses    6,600       5,302      49,548      19,388
                             ----        ----        ----        ----
Loss from operations       (5,305)     (3,793)    (44,136)    (12,591)

Interest and other income     828         672       3,263       2,666
Interest and other expense (3,616)       (658)     (5,503)       (907)
                             ----        ----        ----        ----
Net loss                   (8,093)     (3,779)    (46,376)    (10,832)
Accretion of premium on
 redemption of redeemable
 preferred stock               --        (120)        (73)       (578)
                             ----        ----        ----        ----
Net loss applicable
 to common
 stockholders             $(8,093)    $(3,899)  $ (46,449) $  (11,410)
                             ====        ====        ====        ====
Basic and diluted
 net loss per share:       $(0.48)    $ (0.31)  $   (3.00) $    (1.00)
                             ====        ====        ====        ====
Shares used in
 calculation of
 basic and diluted
 net loss per share:   16,827,240  12,450,837  15,489,035  11,439,084
                             ====        ====        ====        ====



                 CONDENSED CONSOLIDATED BALANCE SHEETS

                                   DECEMBER 31,           DECEMBER 31,
(In thousands)                             1999                  1998
Current assets:
  Cash and cash equivalents                        $ 7,835     $16,360
  Short-term investments                            31,452       8,109
  Interest and other receivables                       743         661
  Other current assets                                 399         685
                                                   -------     -------
Total current assets                                40,429      25,815

Long-term investments                                3,636      15,954
Property and equipment, net                          3,783       2,336
Deposits and other assets                              576         351
Intangible assets                                   15,277          --
                                                   -------     -------
                                                   $63,701     $44,456
                                                   =======     =======

Current liabilities                                  7,948       3,554
Noncurrent liabilities                              29,527       8,101
Redeemable convertible preferred stock                  --       3,610
Stockholders' equity                                26,226      29,191
                                                   -------     -------
                                                   $63,701     $44,456
                                                   =======     =======