SECURITIES AND EXCHANGE COMMISSION
                                   Washington, D.C.

             Litigation Release No. 16074 / March 2, 1999

             SEC v. Stevan A. Birnbaum, Civil Action No. 99-02209ER 
             (AJX)(C.D. Cal. March 2, 1999)

                  The Securities and Exchange Commission today filed an
             injunctive action against Stevan A. Birnbaum in the U.S.
             District Court for the Central District of California.  The
             complaint alleges that Birnbaum engaged in insider trading
             in advance of a July 1995 announcement that Sandoz, Ltd. was
             making a cash tender offer for the securities of Genetic
             Therapy, Inc.  Without admitting or denying the allegations
             of the complaint, Birnbaum consented to the entry of a final
             judgment permanently enjoining him from violating Sections
             10(b) and 14(e) of the Securities Exchange Act of 1934 and
             Rules 10b-5 and 14e-3 thereunder.  The final judgment
             requires Birnbaum to pay a total of $307,720, including
             disgorgement, prejudgment interest and a civil penalty.

                  The complaint alleges that when Sandoz and GTI were
             engaged in nonpublic preliminary merger negotiations,
             Birnbaum received material nonpublic information regarding
             the negotiations from a GTI board member on a confidential
             basis.  Between May 30, 1995 and July 7, 1995, only days
             before the public announcement of Sandoz's tender offer for
             GTI's securities, Birnbaum purchased GTI stock for his
             personal account, and in his children's trust accounts.
             Birnbaum received unlawful trading profits of $83,528 for
             these transactions.  In addition, Birnbaum recommended GTI
             to his fiancee and a private investment partnership in which
             Birnbaum held a 8.5% interest.  Birnbaum's recommendations
             resulted in profits of $92,548.  In settling this matter,
             Birnbaum has agreed to disgorge his own profits, the profits
             of his fiancee and the partnership, and to pay prejudgment
             interest of $48,116 and a civil penalty of $83,528.