**Exhibit99.1**

**FACTORSTHAT MAY AFFECT RESULTS**

**Risks Relating To BioTransplant'sFinancial Results and Need For Financing**

             ***We will require substantialadditional financing in the near term, which may be difficult to obtain and maydilute your ownership interest in us.***

             We anticipate that our existing funds, including the$17.9 million of funds raised in our June 2001 private equity offering, will besufficient to fund our operating and capital requirements as currently plannedthrough the second quarter of 2002. We expect to use rather than generate fundsfrom operations for the foreseeable future. In particular, we will requiresubstantial funds to conduct research and development, including preclinicaltesting and clinical trials of our AlloMune System, and to manufacture andmarket any products that are approved for commercial sale. If we cannot raisemore funds, we could be required to reduce our capital expenditures, scale backour research and product developments, reduce our workforce and/or license to othersproducts or technologies we would otherwise seek to commercialize ourselves.

             We may seek additional funding through collaborativearrangements, borrowing money and by the sale of additional equity securities.Any sales of additional equity securities are likely to result in furtherdilution to our then existing stockholders. Further, if we issue additionalequity securities, the new equity securities may have rights, preferences orprivileges senior to those of existing holders of our common stock. We may alsoborrow money from conventional lenders, possibly at high interest rates, whichwill increase the risk of your holdings. Despite our efforts, additionalfunding may not be available to us at all or only on terms that areunacceptable to us. We also could be required to seek funds througharrangements with collaborative partners or others that may require us torelinquish rights to our technologies, product candidates or products which wewould otherwise pursue on our own.

             Even if we are able to raise additional funds in atimely manner, our future capital requirements will vary depending on manyfactors, including the following:
| • | continued  progress in our research and development programs, as well as the magnitude  of these programs;                                                                                                                         |
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| • | the  resources required to successfully complete our clinical trials;                                                                                                                                                              |
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| • | the  time and costs involved in obtaining regulatory approvals;                                                                                                                                                                    |
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| • | the  cost of manufacturing and commercialization activities;                                                                                                                                                                       |
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| • | the  cost of any additional facilities requirements;                                                                                                                                                                               |
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| • | the  timing, receipt and amount of milestone and other payments from collaborative  partners;                                                                                                                                      |
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| • | the  timing, receipt and amount of sales and royalties from our potential products  in the market; and                                                                                                                             |
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| • | the  costs involved in preparing, filing, prosecuting, maintaining and enforcing  patent claims and other patent–related costs, including litigation  costs and the costs of obtaining any required licenses to technologies. |

             ***We have incurred substantial losses,expect to continue to incur additional losses and will not be successful untilwe reverse this trend.***

             We have incurred losses in each year since our date oforganization. We expect to incur operating losses for the foreseeable future.

             To date, we have not successfully commercialized andsold the types of products we are currently developing. The products that weare developing will require additional research and development, extensivepreclinical studies and clinical trials and regulatory approval before they canbe sold commercially. In particular, we may need to successfully developseveral new technologies in order to complete development of our AlloMuneSystem. If we do not successfully develop and commercialize any products, wewill never become profitable.

             To date, we havegenerated substantially all of our revenues from payments from ourcollaborative partners. In 2000, we generated $4,563,475, or 100% of our totalrevenue, from our collaboration with Novartis, which was terminated inOctober 2000 in connection with the formation of our joint venture withNovartis. We have not received any revenues from the sale of products. Weanticipate that it may be a number of years, if ever, before we will receivesignificant revenues from product sales or royalties.

**Risks Related to Our Business, Industryand Strategy**

             ***There are uncertainties as to theeffectiveness of our technological approaches and, as a result, we may not beable to successfully develop and commercialize any products.***

             Our future success depends on the successful developmentof our ImmunoCognance technology. The MEDI-507 antibody product underdevelopment and the prototype AlloMune System have been tested in relativelyfew patients and we may not be able to demonstrate the clinical benefits ofthese products in a larger patient population. Furthermore, the technology thatwe have exclusively licensed to our joint venture with Novartis Pharma AG isbased upon the transplantation of organs from swine into humans. To ourknowledge, transplantation of swine organs has never been tested in humans. Asa consequence, we are not sure whether any of our or our collaborators'potential products will be effective in treating any of the disorders we havetargeted. In addition, these products may prove to have undesirable orunintended side effects, toxicities or other characteristics that may preventor limit their commercial use. If our technological approach is not successfulor accepted, then neither we nor our collaborators will be able to develop orcommercialize these products.

             ***We are dependent on MedImmune andNovartis to develop, manufacture and sell technologies exclusively licensed byus, and if these parties are not successful, then we will not achievesignificant revenues based on these technologies.***

             We have a collaborative agreement with MedImmune underwhich we have provided MedImmune with the exclusive worldwide right to developand commercialize products derived from the BTI-322 and MEDI-507 antibodies. Inaddition, our joint venture, Immerge BioTherapeutics, has exclusively licensedto Novartis the right to develop and commercialize any products derived fromImmerge's research program in xenotransplantation, which refers to thetransplantation of cells, tissues and organs from one species to another. Undereach of these collaborative agreements, we have the right to receive royaltieson product sales. Our ability to achieve royalty revenue under thesearrangements is heavily dependent on the efforts and activities of MedImmuneand Novartis. Our arrangements with MedImmune and, through our joint venture,with Novartis allow them significant discretion in determining the efforts andresources that they will apply to the development and commercialization ofproducts based upon our technologies. Accordingly, we are unable to control whetheror not products based upon our technologies will be scientifically orcommercially successful.

             The risks that we face in connection with our agreementswith MedImmune and Novartis include the following:

| • | These  agreements are subject to termination on short notice. Specifically,  MedImmune may terminate the agreement with us, and Novartis has the right to  terminate the agreement with the joint venture, on 60 days' notice as a  result of an uncured material breach by us or the joint venture, as the case  may be. If either MedImmune or Novartis terminates its collaboration with us,  or the joint venture, in the case of Novartis, it may be difficult for us to  attract a new partner to develop and commercialize products based on our  technologies and may adversely affect the perception of us in the business  and financial communities. |
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| • | If  MedImmune or Novartis were to breach or terminate its agreement with us, or  the joint venture, in the case of Novartis, reduce its funding or otherwise  fail to conduct the collaboration successfully, we could be required to  devote additional internal resources to the program that is the subject of  the collaboration, scale back or terminate the program or seek an alternative  partner. |
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| • | MedImmune  and Novartis may pursue higher priority programs or change the focus of their  research and/or development programs, which could affect either party's  commitment to us.                                                                                                                                                                                                                       |
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| • | After  a product has been approved for marketing, any reductions in marketing or  sales efforts or a discontinuation of marketing or sales of that product by  MedImmune or Novartis would reduce our revenues, which will be based on a  percentage of net sales.                                                                                                                                         |

             ***The market may not be receptive toour products upon their introduction, which will prevent us from being profitable.***

             The commercial success of our products when and if theyare approved for marketing will depend upon their acceptance by the medicalcommunity and third-party payors as clinically useful, cost effective and safe.All of the products that we are developing are based upon new technologies ortherapeutic approaches. As a result, it may be more difficult for us toconvince the medical community and third-party payors to accept and use ourproducts.

             Other factors that we believe will materially affect marketacceptance of our products include:

| • | the  timing of our receipt of marketing approvals and the countries in which  approvals are obtained; |
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| • | the  safety, efficacy and ease of administration of our products;                                     |
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| • | the  success of our physician education programs; and                                                 |
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| • | the  availability of government and third-party payor reimbursement of our  products.                 |

             ***The progress of thexenotransplantation research program of our joint venture could be delayed bydisruptions in its supply of miniature swine.***

             Our joint venture's xenotransplantation research programis based upon the transplantation of tissues and organs from swine into humans.Charles River Laboratories has been supplying miniature swine for our researchprograms since our inception in 1991 and is currently the only supplier of theminiature swine organs that the joint venture uses in its research. Althoughthe miniature swine from which the joint venture with Novartis will receiveorgans are located at several different facilities, a disease epidemic or othercatastrophe could destroy all or a portion of the miniature swine herd, whichwould interrupt or significantly delay the joint venture's research. We believethere is presently only one other suitable supplier of miniature swine forresearch purposes such as ours. If Charles River Laboratories terminates orbreaches its agreement with the joint venture, the joint venture may not havethe resources or capabilities to maintain the miniature swine herds itself andmay experience difficulties in establishing a supply arrangement with analternative source of miniature swine on acceptable terms, if at all. If thejoint venture fails to procure a third-party source of miniature swine or isunable to maintain its own herd, the joint venture could be required to delayor curtail its research efforts with respect to the xenotransplantationprogram.

             ***Xenotransplantation involves riskswhich have resulted in additional FDA oversight and which in the future mayresult in additional regulation.***

             Xenotransplantation poses a risk that viruses or otheranimal pathogens may be unintentionally transmitted to a human patient. TheUnited States Food and Drug Administration will require testing to determinewhether infectious agents, including specific viruses referred to as porcineendogenous retroviruses, also known as PERV, are present in patients who havereceived cells, tissues or organs from miniature swine. While porcineendogenous retroviruses have not been shown to cause any disease in pigs, it isnot known what effect, if any, these retroviruses may have on humans.

             Other companies arecurrently conducting clinical trials involving the transplantation of pig cellsinto humans. The FDA requires lifelong monitoring of these transplantrecipients. If porcine endogenous retroviruses or any other virus or infectiousagent is detected in tests or samples from these transplant recipients, the FDAmay require Novartis to halt its clinical trials and perform additional teststo assess the risk of infection to potential patients. This could result indelays in the successful development and commercialization of anyxenotransplantation products.

             The FDA has proposed, but not yet established,definitive regulatory guidelines for xenotransplantation. We and Novartis may notbe able to comply with any final guidelines the FDA may issue.

**Risks Relating To Clinical AndRegulatory Matters**

             ***If our clinical trials are notsuccessful or are not completed on a timely basis, we will not be able todevelop and commercialize any related products and, therefore, we will notachieve profitability.***

             To obtain regulatory approvals for the commercial saleof our future products, we and our collaborative partners will need to completeextensive clinical trials in humans to demonstrate the safety and efficacy ofthe products. We have had limited experience in conducting clinical trials.

             Prior to commencing new clinical trials, we must submitinvestigational new drug and/or investigational device exemption applicationsto the FDA. Even if we receive authorization from the FDA to commence clinicaltrials, we or our collaborative partners may not be able to successfullycomplete these trials within an acceptable timeframe, if at all. How quickly weand our collaborative partners complete clinical trials is dependent in partupon the rate of enrollment of patients. Patient enrollment is a function ofmany factors, including the size of the patient population, the proximity ofpatients to clinical sites, the eligibility criteria for the study and theexistence of competitive clinical trials. In particular, the patient populationfor a number of our potential products is small. If we experience delays inpatient enrollment, we may incur additional costs and delay our research anddevelopment programs.

             Furthermore, we, our collaborative partners or the FDAmay suspend our clinical trials at any time on various grounds, including afinding that the patients in the trials are being exposed to unacceptablehealth risks. Finally, our clinical trials, if completed, may not show thepotential product to be safe or effective, thereby preventing regulatoryapproval.

             ***We are dependent on ourcollaborative partners to conduct clinical trials on our MEDI–507 andxenotransplantation products and, therefore, we are not in control of thetiming of these clinical trials.***

             We are dependent upon MedImmune to conduct clinicaltrials with respect to MEDI-507 and will be dependent upon Novartis to conductclinical trials for the development of xenotransplantation products, if any,that arise out of our joint venture's research program. We may become dependentupon other third parties to conduct future clinical trials of our AlloMuneSystem. As a result, we will have less control over these clinical trials thanif we were conducting the trials directly. Consequently, these trials may notbegin or be completed on a schedule that is acceptable to us.

             ***The approval process is costly andlengthy and we may not obtain and maintain the regulatory approvals required tosuccessfully market and sell our products.***

             We must obtain regulatory approval for our ongoingdevelopment activities and before marketing or selling any of our products. Wemay not receive regulatory approvals to conduct clinical trials of our productsor to manufacture or market our products. In addition, regulatory agencies maynot grant such approvals on a timely basis or may revoke previously grantedapprovals or impose fines, suspensions, product recalls and other sanctions ifwe fail to comply with applicable regulatory requirements.

             The process of obtaining FDA and other requiredregulatory approvals is expensive and typically takes a number of years,depending on the complexity and novelty of the product. Any delay in obtainingor failure to obtain required clearance or approval of a product by theappropriate regulatory authorities, would materially adversely affect ourability to generate revenues from the affected product. We have limitedexperience in filing and prosecuting the applications required to gainregulatory approval.

             There is limitedregulatory precedent for the approval of products based upon the technologiesthat we are employing to develop products. The AlloMune System is based on newtechnologies and/or new therapeutic approaches that have not been extensivelytested in humans. Accordingly, the regulatory requirements governing thisproduct may be more rigorous than for conventional products. In addition, theFDA has not yet established final or comprehensive guidelines forxenotransplantation. As a result, we may experience a longer regulatory processin connection with any products that we or our collaborators seek to developbased on these new technologies and/or new therapeutic approaches.

             We also are subject to numerous foreign regulatoryrequirements governing the design and conduct of the clinical trials and themanufacturing and marketing of our future products. The approval procedurevaries among countries. The time required to obtain foreign approvals oftendiffers from that required to obtain FDA approvals. Moreover, approval by theFDA does not ensure approval by regulatory authorities in other countries.

             All of these regulatory risks also are applicable todevelopment, manufacturing and marketing undertaken by our key collaborators,MedImmune and Novartis, and any other future collaborators who may seek todevelop, market and sell products based upon our technologies.

**Risks Relating To Intellectual Property**

             ***We may not be able to obtain patentprotection for our discoveries and we may infringe patent rights of thirdparties.***

             Our success depends in significant part on our abilityto:

| • | obtain  patents;                                                       |
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| • | protect  trade secrets;                                                |
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| • | operate  without infringing upon the proprietary rights of others; and |
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| • | prevent  others from infringing on our proprietary rights.             |

             The validity and permissible scope of claims covered inpatents relating to our technology involve important unresolved legalprinciples. Furthermore, there is substantial uncertainty as to whether humanclinical data will be required for issuance of patents for human therapeutics.If human clinical data are required, our ability to obtain patent protectioncould be delayed or otherwise adversely affected.

             Patents may not issue from any patent applications thatwe own or license. If patents do issue, the claims allowed may not besufficiently broad to protect our technology. In addition, issued patents thatwe own or license may be challenged, invalidated or circumvented. Our patentsalso may not afford us protection against competitors with similar technology.Because patent applications in the United States are maintained in secrecyuntil patents issue, third parties may have filed or maintained patentapplications for technology used by us or covered by our pending patentapplications without our being aware of these applications.

             We may not hold proprietary rights to all of the patentsrelated to our proposed products or services. These patents may be owned orcontrolled by third parties. As a result, we or our collaborative partners maybe required to obtain licenses under third–party patents to market ourproposed products or services. If licenses are not available on acceptableterms, we or our collaborative partners will not be able to market theseproducts or services.

             ***If we lose important license rights, we may be unable tosuccessfully develop and commercialize our products and achieve profitability.***

             We are a party to technology in-licenses with theCatholic University of Louvain and the Alberta Research Council. We expect toenter into additional licenses in the future. These in-licenses relate toimportant technologies that may be necessary for the development andcommercialization of our products. These licenses impose variouscommercialization, indemnification, royalty, insurance and other obligations onus. Although we currently meet the requirements imposed by the licenses, if wefail to comply with these requirements in the future, the licensors will havethe right to terminate these licenses or make the licenses non-exclusive, whichcould affect our ability to exploit important technologies that are requiredfor successful development of our products.

**Risks Relating To Product Manufacturing,Marketing And Sales**

             ***We have no sales and marketingexperience and may depend significantly on third parties who may notsuccessfully commercialize our products.***

             We have no sales, marketing and distribution experience.We plan to rely significantly on sales, marketing and distribution arrangementswith third parties, including our collaborative partners. For example, we havegranted MedImmune exclusive marketing rights to the MEDI-507 product underdevelopment and have granted Novartis exclusive worldwide rights to develop andmarket products based upon our xenotransplantation technologies. We may have toenter into additional marketing arrangements in the future and we may not beable to enter into these additional arrangements on terms which are favorableto us, if at all. In addition, we may have limited or no control over thesales, marketing and distribution activities of these third parties. Our futurerevenues will be materially dependent upon the success of the efforts of thesethird parties.

             We may seek to independently market products that arenot already subject to marketing agreements with other parties, including ourhigh density microparticle products, which are our nearest-term products underdevelopment. If we determine to perform sales, marketing and distributionfunctions ourselves, we could face a number of additional risks, including:

| • | we  may not be able to attract and build a significant marketing staff or sales  force;                                                              |
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| • | the  cost of establishing a marketing staff or sales force may not be justifiable  in light of the revenues generated by any particular product; and |
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| • | our  direct sales and marketing efforts may not be successful.                                                                                       |

             ***We have limited manufacturingcapabilities and will depend on third-party manufacturers who may notsuccessfully manufacture our products.***

             We have limited manufacturing experience. To continue todevelop products, apply for regulatory approvals and, ultimately, commercializeany products, we will need to develop, contract for or otherwise arrange forthe necessary manufacturing capabilities.

             We currently rely upon MedImmune to produce material forpreclinical and clinical testing purposes and expect to continue to do so inthe future. In addition, if we receive the necessary regulatory approvals forour products, we also expect to rely upon third parties, including ourcollaborative partners, to produce materials required for commercialproduction. There are a limited number of manufacturers capable ofmanufacturing these products that are able to comply with the FDA's regulationsfor good manufacturing practices. If we are unable to manufacture our ownproducts or arrange for third-party manufacturing of our products, or unable todo so on commercially reasonable terms, we may not be able to completedevelopment of or market our products.

             To the extent thatwe enter into manufacturing arrangements with third parties, we will bedependent upon these third parties to perform their obligations in a timelymanner. If third-party manufacturers with whom we contract fail to performtheir obligations, we may be adversely affected in a number of ways, including:

| • | we  may not be able to initiate or continue clinical trials of products that are  under development; |
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| • | we  may be delayed in submitting applications for regulatory approvals for its  products; and        |
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| • | ultimately,  we may not be able to meet commercial demands for its products.                         |

**Risks Relating to the Eligix Merger**

             ***The merger with Eligix may not besuccessfully completed and, even if it is completed, we may face challenges inintegrating Eligix into BioTransplant and, as a result, may not realize theexpected benefits of the anticipated merger.***

             In December 2000, we entered into a definitive agreementto acquire Eligix through a merger. The merger is subject to the satisfactionof closing conditions, including approval by BioTransplant's and Eligix'stockholders, and may not be successfully completed. The merger involves theintegration of two different companies that have previously operatedindependently. Even if successfully completed, integrating Eligix' operations,technologies and personnel with those of BioTransplant will be a complexprocess. We may not be able to complete the integration rapidly. After theintegration, the combined company may not achieve the expected benefits of themerger. The diversion of the attention of our management and any difficultiesencountered in the process of combining our companies could lead tounanticipated liabilities and costs and cause the disruption of, or a loss ofmomentum in, the business activities of the combined company. Further, theprocess of combining our companies could negatively affect employee morale andthe ability of the combined company to retain some of its key employees afterthe merger. As a consequence, we may not successfully integrate Eligix orprofitably manage the combined company. In addition, following the transaction,the combined company may not achieve revenues, net income or loss levels,efficiencies or synergies that justify the merger, and the merger may notresult in increased earnings for the combined company in any future period.

             ***Significant merger-related chargesagainst earnings will increase our losses in the quarter in which we consummatethe merger and during the post-merger integration period and, additionally, wemay also incur significant charges if the merger is not consummated.***

             We expect to incur charges of approximately$3.7 million in connection with the consummation of the merger, includingcharges of approximately $1.375 million expected to be incurred by Eligix.The charges include legal, accounting and financial advisory fees and otherintegration costs. These costs may be higher than we anticipate. In addition,we may incur other additional unanticipated merger costs. For example, if themerger agreement is terminated by Eligix as a result of our failure to performor comply in all material respects with the agreements and covenants under themerger agreement, we will be required to pay Eligix $2.0 million in cash.Some of these nonrecurring costs will be charged to operations in the fiscalquarter in which the merger is consummated or terminated, as the case may be,while others will be expensed as incurred during the post-merger integrationperiod.

             ***The loss of key Eligix orBioTransplant personnel could make it difficult to complete existing projectsand undertake new projects.***

             The success of the combined company depends on ourability to identify, hire and retain our employees, and a significant componentof the value of the merger is in the know-how and experience of the Eligix andBioTransplant employees that we expect to employ following the merger. None ofthe employees of Eligix or BioTransplant will be bound by a long-term agreementwith the combined company or be covered by key-man life insurance after themerger. If key Eligix or BioTransplant employees were to leave after themerger, we may be unable to integrate Eligix' delivery systems into our productofferings, complete existing Eligix projects or undertake new projects.

             Under the terms ofEligix' stock incentive plan, the vesting of stock options to purchase anaggregate of approximately 864,999 shares of Eligix stock held by Eligixemployees automatically accelerates as a result of the merger. In addition,options to purchase an aggregate of 2,749,100 shares of Eligix common stockissued on May 25, 2000, which were exercisable in full on the date ofissuance but subject to a right of repurchase by Eligix, will no longer besubject to the repurchase right in the event of a merger. These options havesubstantial value to the Eligix employees. Because a substantial number ofoptions will vest in full and be immediately exercisable after the merger,Eligix employees will not be incentivized through these stock options to remainemployed after the merger as a condition to the continued vesting of theiroptions. Consequently, we face the risk that Eligix employees will leavefollowing the merger. In addition, BioTransplant employees had vested optionsas of February 28, 2001 to purchase an aggregate of approximately 923,000shares of BioTransplant common stock and, thus, may not be incentivized throughstock options to remain employed following the merger.

             ***We may incur significantseverance-related costs after the merger if Eligix management members leave forgood reason or we terminate them without cause.***

             Each of the twelve management members of Eligix will beentitled to receive severance-related payments if he or she leaves for goodreason or is terminated without cause after the merger. Consequently, we mayincur significant severance-related costs, including:

| • | cash  severance payments of up to an aggregate of approximately $1,173,000 if all  twelve Eligix management members leave; and                                                                                                                                                               |
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| • | the  acceleration in full of the vesting of the 990,000 shares of BioTransplant  common stock to be issued under the Eligix management equity incentive plan,  which shares had a value of $5,445,000 based on the closing price of  BioTransplant's common stock on February 28, 2001. |

**Risks Relating To Our Common Stock**

             ***Our stock price is highly volatile,which could cause you to lose part or all of your investment.***

             The market price of our common stock is highly volatile.For example, during the past three years, our stock price fluctuated from a lowsale price of $1.00 in the quarter ended December 31, 1998 to a high saleprice of $23.00 in the quarter ended March 31, 2000. Prices for our commonstock will be determined in the market place and may be influenced by manyfactors, including variations in our financial results and investors' perceptionsof us, as well as their perceptions of general economic, industry and marketconditions. Broad market fluctuations may adversely affect the market price ofour common stock and may cause a rapid and substantial decline in the value ofyour investment in our common stock.