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QUEST BIOTECHNOLOGY REPORTS RESULTS OF ITS FOURTH QUARTER AND YEAR ENDED OCT. 31, 1992

 DETROIT, Feb. 18 /PRNewswire/ -- Quest BioTechnology, Inc. (QBIO) today announced results for its fourth quarter and fiscal year ended Oct. 31, 1992. Net loss decreased substantially during fiscal 1992 due to the recognition during fiscal 1991 of Quest's equity in the loss of an affiliated company, amounting to $2,469,500 and, to a lesser extent, increased operating revenue and lower operating expenses.
 As of Oct. 31, 1991, Quest had written off its entire investment in the affiliated company. These factors also resulted in the recognition of net income in the amount of $4,690 during the fourth quarter of fiscal 1992.
 QUEST BIOTECHNOLOGY, INC.
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 For the Three Months For the Year
 Ended Oct. 31, Ended Oct. 31,
 (Unaudited) (Audited)
 1992 1991 1992 1991
 Operating revenues $80,000 $5,000 $412,500 $237,500
 Operating income/
 (loss) $4,747 ($158,721) $1,537 ($630,157)
 Other expense, net ($57) ($1,278,939) ($4,046) ($2,540,610)
 Net income/(loss) $4,690 ($1,437,660) ($2,509) ($3,170,767)
 Net income/(loss)
 per share of
 common stock --- ($0.61) --- ($1.33)
 Weighted average number
 of common shares
 outstanding 2,391,079 2,391,079 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. Quest has two subsidiaries, PolyCell, Inc. and Quest Blood Substitute, Inc.
 -0- 2/18/93
 /CONTACT: Yvonne L. Marschner-Bova, director, Investor Relations, Quest BioTechnology, Inc., 313-873-0200/


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

JG -- DE022 -- 8049 02/18/93 16:00 EST
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Date:Feb 18, 1993
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