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AFFINITY BIOTECH REPORTS FIRST QUARTER RESULTS

 BOOTHWYN, Pa., June 17 /PRNewswire/ -- Affinity Biotech, Inc. (NASDAQ: AFBI) today announced its financial results for the first quarter ended March 31, 1993.
 For the first three months of the year, the company's contract revenues decreased to $48,750 from $102,500 for the same period in 1992. Operating expenses for the quarter were $1,038,977 compared to $495,219 for the comparable period. Affinity posted a net loss of $916,069, or $0.17 per share, for the first quarter which compares to a net loss of $469,758, or $0.10 per share for the corresponding period in 1992.
 "Affinity continues to dedicate increasing resources to research and development," said Alan Dickason, Ph.D., president and CEO of Affinity. "This commitment reflects the progress Affinity has been making on the development of our oral protein drug delivery system."
 Affinity anticipates completing its first human clinical trials -- testing of a suppository formulation of calcitonin for the treatment of osteoporosis -- during the third quarter of this year. Human trials on Affinity's oral calcitonin formulation are expected to begin in late 1993 or early 1994
 Based in Boothwyn, Affinity Biotech focuses on the development of oral drug delivery systems for proteins and other therapeutic agents, taste masking of therapeutic agents, the development of synthetic blood and other microemulsion-based pharmaceutical products.
 AFFINITY BIOTECH, INC.
 Selected Financial Data
 $ in thousands (except loss per share)
 Summary of Operations
 Three months ended March 31, 1993 1992
 Contract revenues $ 49 $ 103
 Net loss (916) (470)
 Net loss per share $(.17) $(.10)
 Balance Sheets
 March 31 Dec. 31
 1993 1992
 Cash, cash equivalents and investments $9,362 $10,256
 Total assets 10,090 10,256
 Total liabilities 420 378
 Stockholder's equity 9,670 10,586
 -0- 6/17/93
 /CONTACT: Wayne B. Weisman, executive vice president of Affinity Biotech, Inc., 215-497-0500, or Anthony J. Russo, Ph.D., of Noonan/Russo Communications, 212-979-9180 for Affinity Biotech/
 (AFBI)


CO: Affinity Biotech, Inc. ST: Pennsylvania IN: MTC SU: ERN

SH-MG -- NY050 -- 3066 06/17/93 12:04 EDT
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Publication:PR Newswire
Date:Jun 17, 1993
Words:339
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