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ESCAGENETICS ANNOUNCES FIRST QUARTER FINANCIAL RESULTS

 SAN CARLOS, Calif., July 23 /PRNewswire/ -- ESCAgenetics Corp. (AMEX: ESN), a San Carlos-based company which applies plant biotechnology to develop plant-derived pharmaceuticals and food ingredients as well as improved food crops and planting materials, announced today its financial results for the first fiscal quarter ended June 30, 1993.
 The net loss for the first quarter ended June 30, 1993, was $1,602,595, or 32 cents per share, compared to $1,035,000, or 21 cents per share for the first quarter ended June 30, 1992.
 Revenues decreased to $214,000 from $396,000 for the comparable period ended June 30, 1992.
 Research and development expenses increased to $1,349,438 for the three-month period ended June 30, 1993, from $931,000 in the comparable prior-year period. The increase results from the scale-up of Taxol, an anti-cancer drug, and the company's efforts in the phytopharmaceuticals programs.
 General and administrative expenses increased to $479,000 for the three-month period ended June 30, 1993, from $316,000 in the comparable prior-year period.
 On July 1, 1993, the company issued a convertible debenture for $1,000,000, payable or convertible on Dec. 31, 1993, to an international banking corporation. The proceeds will be used for working capital while the company is pursuing additional equity financing.
 ESCAGENETICS CORP.
 Consolidated Statements of Operations
 (Unaudited)
 Three Months Ended June 30,
 1993 1992
 Revenues:
 Grant revenue $ 113,131 $ 112,390
 Contract revenues 50,800 ---
 Product sales 49,790 283,273
 Total 213,721 395,663
 Costs and expenses:
 Research and development 1,349,438 930,728
 Cost of product sales --- 254,485
 General and administrative 478,609 316,021
 Total costs and expenses 1,828,047 1,501,234
 Loss from operations (1,614,326) (1,105,571)
 Interest and other income 11,731 70,579
 Net loss $(1,602,595) $(1,034,992)
 Net loss per share $ (0.32) $ (0.21)
 Weighted average number of
 shares outstanding during
 the period 4,953,568 4,888,287
 -0- 7/23/93
 /CONTACT: William J. Koenig, executive vice president of ESCAgenetics, 415-595-5335/
 (ESN)


CO: ESCAgenetics Corp. ST: California IN: MTC SU: ERN

GT-LH -- SF006 -- 5298 07/23/93 16:30 EDT
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Publication:PR Newswire
Date:Jul 23, 1993
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