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EPITOPE ANNOUNCES FINANCING FOR AGRITOPE UNIT

 EPITOPE ANNOUNCES FINANCING FOR AGRITOPE UNIT
 BEAVERTON, Ore., June 30 /PRNewswire/ -- Epitope Inc. (AMEX: EPT)


today announced that its wholly owned subsidiary, Agritope Inc., has completed the private placement of $ 5.495 million of 4-percent convertible notes due 1997 from European institutional investors. American Equities Overseas (U.K.) Ltd. acted as placement agent for the issue.
 "We have made excellent progress in developing our grape biotechnology and ethylene control programs. It is now time for Agritope to have its own financing," said Adolph J. Ferro, president and chief executive officer. He noted that the placement is the first step in Epitope's strategy to develop Agritope into an independent entity.
 In the event of an initial public offering of Agritope common stock, the notes will be automatically converted into shares of Agritope common stock at 90 percent of the offering price. At the option of the holder, until July 1, 1993, the notes are convertible into Epitope Inc. common stock at the lower of $19.53 per share or the fair market value of Epitope common stock on date of exercise (but not less than $5 per share). Thereafter, the holders may elect conversion at a price of $19.53 per share of Epitope common stock.
 Agritope produces and markets disease-free micropropagated plants in its grape biotechnology program and has developed technology to improve the post-harvest shelf life in fruits, flowers and vegetables. Using its proprietary ethylene control gene, Agritope has succeeded in producing tomatoes with enhanced storage qualities and is actively engaged in related research on broccoli, cauliflower, raspberries and carnations. Agritope is also involved in development of a floral preservative and is currently conducting a test market of packaged fresh flowers with a longer bloom life.
 -0- 6/30/92
 /CONTACT: Mary Hagen of Epitope, 503-641-6115; or Shari Annes of Annes Associates, 415-726-5400, for Epitope/
 (EPT) CO: Epitope Inc.; Agritope Inc. ST: Oregon IN: MTC SU: FNC


SM-JH -- SE006 -- 5131 06/30/92 11:11 EDT
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Publication:PR Newswire
Date:Jun 30, 1992
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