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CAMBRIDGE BIOTECH REPORTS 1991 RESULTS OF $0.02 PER SHARE FOR YEAR

 CAMBRIDGE BIOTECH REPORTS 1991 RESULTS OF $0.02 PER SHARE FOR YEAR
 WORCESTER, Mass., Feb. 28 /PRNewswire/ -- Cambridge Biotech Corporation (NASDAQ: CBCX) today reported the results for the year ending Dec. 31, 1991. Total revenues for 1991 were $28,981,144 versus $21,854,175 for 1990, an increase of approximately 33 percent. Net profit for the year was $347,851 or $0.02 per share, as compared to a loss of ($10,396,129) or ($0.61) per share for 1990.
 Fourth quarter 1991 results compare favorably with those of the same quarter a year ago, with fourth quarter 1991 revenues of $8,837,108 as compared to $5,767,587 for fourth quarter 1990, an increase of approximately 53 percent. Fourth quarter 1991 earnings per share were a combination of earnings from operations of $0.02 and the sale of a non- strategic asset (DBL stock), which contributed almost $1.4 million, or $0.07 per share. The total earnings per share of $0.09 compare favorably with the ($0.10) loss per share of the same quarter a year ago.
 Revenues from product sales increased 33 percent in 1991 over those of 1990, ending 1991 at $17,856,167 as compared to $13,446,817 for 1990. The increase is the result of an expanded diagnostic product portfolio, the establishment of a European manufacturing facility, and the extension of the Cambridge Biotech sales network into the European market. Research and development income also rose, from $8,407,358 in 1990 to $11,124,977 in 1991, as the result of new strategic alliances with biopharmaceutical partners and increased royalty revenues.
 Commenting on the year's results, President and CEO Dr. Patrick J. Leonard said, "The yearly results reflect a $7 million improvement in the company's revenues and more than $10 million in bottom line improvements. This was the result of efforts strategically targeted at fundamental improvements in business operations. For instance, cost containment programs, product line expansion, increased emphasis on our Stimulon(R) adjuvant programs, and a strengthened management team, all contributed to our 1991 results. More importantly, we expect that these initiatives will continue to benefit our operations going into the future." He added, "The achievement of profit from operations in the fourth quarter is a major milestone for this company."
 Cambridge Biotech Corporation is a leader in the development of recombinant technology and a major producer of viral diagnostic screening and confirmatory products. The company utilizes recombinant technology in the development and production of antigens. The company also develops adjuvants and monoclonal antibodies as the basis for diagnostic, vaccine and therapeutic products for humans and animals.
 -0- 2/28/92
 /CONTACT: Peter P. Hartman, vice president-finance and chief financial officer of Cambridge Biotech, 508-797-5777, or Mark Cohen of Cameron Associates, 212-644-9560, for Cambridge Biotech/
 (CBCX) CO: Cambridge Biotech Corporation ST: Massachusetts IN: MTC SU: ERN


PS-OS -- NY003 -- 3577 02/28/92 08:30 EST
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Date:Feb 28, 1992
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