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QUEST BIOTECHNOLOGY, INC. REPORTS RESULTS OF ITS FIRST QUARTER ENDED JAN. 31, 1993

 DETROIT, March 23 /PRNewswire/ -- Quest BioTechnology, Inc. (QBIO) today announced results for its first quarter ended Jan. 31, 1993. Quest recognized net income for the first quarter of fiscal 1993 compared to the recognition of a net loss for the corresponding quarter of fiscal 1992. "The net income was attained as a result of an increase in operating revenues attributable to increased sublicense and license fee activity pertaining to the use of Quest's technologies," said Eugene I. Schuster, chairman and president of Quest.
 QUEST BIOTECHNOLOGY, INC.
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 For the Quarter Ended Jan. 31,
 (Unaudited)
 1993 1992
 Operating revenues $175,000 $100,000
 Operating expenses $120,499 $116,882
 Operating income (loss) $54,501 ($16,882)
 Net income (loss) $54,182 ($19,143)
 Net income (loss) per share
 of common stock $0.02 ($0.01)
 Weighted average No. of
 common shares outstanding 2,391,079 2,391,079
 Quest BioTechnology, Inc. is a biotechnology company organized to acquire, develop and commercialize human health care products and processes and to acquire ownership interests in entities which own such products and processes. PolyCell, Inc. and Quest Blood Substitute, Inc. are subsidiaries of Quest.
 -0- 3/23/93
 /CONTACT: Yvonne L. Marschner-Bova, director, Investor Relations, Quest BioTechnology, Inc., 313-873-0200/


CO: Quest BioTechnology, Inc. ST: Michigan IN: MTC SU: ERN

ML -- DE016 -- 8693 03/23/93 13:06 EST
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Date:Mar 23, 1993
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