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biosys REPORTS SECOND QUARTER RESULTS

 biosys REPORTS SECOND QUARTER RESULTS
 PALO ALTO, Calif., Aug. 12 /PRNewswire/ -- biosys (NASDAQ: BIOS)


today announced its financial results for the second quarter ended June 30, 1992.
 Total revenues for the second quarter of 1992 increased to $1,463,000 from $351,000 for the same period in 1991. Revenues for the six months ended June 30, 1992, were $1,854,000 versus $622,000 for the same period in 1991. Net loss for the second quarter was $942,000, or 13 cents per share, compared to the loss of $1,277,000, or 26 cents per share for the same quarter in 1991. Net loss of $2,001,000 for the six months ended June 30, 1992, decreased from $2,350,000, for the same period in 1991.
 "The increase in revenue reflects the growing demand for our products in both the professional fruit and vegetable markets as well as the retail consumer segment both in Europe and the United States," said Dr. Venkat S. Sohoni, president and chief executive officer of biosys. "The second quarter included the first contract research and development revenue from the CIBA-GEIGY international agreement signed in early April," he said.
 The second quarter also saw continued positive results at Archer Daniels Midland manufacturing operations in Decatur, Ill., where bulk nematodes (the active ingredient in the company's products) are produced. Several successful runs at the 80,000 liter fermenter scale have produced yields and efficacy that exceed planned levels.
 In addition, in July 1992, biosys and Archer Daniels Midland broadened their relationship by entering into a second agreement that provides biosys access to additional production fermentation capacity beyond its core nematode-based products. Thus, this agreement enables biosys to manufacture products from new technologies that may be developed internally in the future. In addition, the arrangement provides a manufacturing base which may be attractive to potential future production and/or technology partners.
 biosys' products are marketed in the United States and Europe under the brand names BioSafe(R) Lawn and Garden Insect Control, Sanoplant and Boden-Nutzlinge for use by the homeowner; BioVector(R) and BioSafe-N(R), biological insecticides for a broad range of agricultural applications; and Exhibit(R) Biological Larvicide for control of turf and ornamental insect pests which is marketed by CIBA-GEIGY Corp. U.S. The BioSafe consumer product is available through retail distribution this year in the United States by the Ortho Consumer Products Division, Chevron Chemical Co., as part of the Orthoganics(R) product line.
 biosys is a leader in the development and commercialization of reliable nematode-based biological products for the control of a wide range of insect pests. Using advanced science and technology, the company develops and manufactures bioinsecticides that have been highly effective in commercial usage. biosys holds patents for the manufacture of beneficial nematodes in liquid fermentation and their formulation for commercial use.
 biosys
 Condensed Consolidated Statements of Operations
 (Amounts in thousands except per share data)
 (unaudited)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 Revenues:
 Product sales $ 599 $ 351 $ 990 $ 592
 Contract revenues 864 -- 864 30
 Total revenues 1,463 351 1,854 622
 Cost and expenses:
 Cost of product sales 1,010 619 1,492 943
 Operating expenses 1,629 1,036 2,649 2,028
 Total cost and expenses 2,639 1,655 4,141 2,971
 Loss from operations (1,176) (1,304) (2,287) (2,349)
 Interest and other
 income (expense), net 234 27 286 (1)
 Net loss $ (942) $(1,277) $(2,001) $(2,350)
 Net loss per common share $ (.13) $ (.26) $ (.31) $ (.48)
 Weighted average common
 shares and equivalents
 outstanding 7,369 4,909 6,368 4,909
 Condensed Consolidated Balance Sheets
 (Amount in thousands)
 June 30, Dec. 31,
 1992 1991
 (unaudited)
 Assets:
 Cash, cash equivalents, and
 short-term investments $ 30,759 $ 4,269
 Other current assets 1,292 304
 Property and equipment, net 1,213 1,066
 Other assets 88 55
 Total assets $ 33,352 $ 5,694
 Liabilities & shareholders' equity (deficit):
 Current liabilities $ 974 $ 688
 Deferred revenue 1,136 --
 Long-term capitalized lease obligations 223 375
 Manditorily redeemable convertable
 preferred stock -- 5,465
 Shareholders' equity (deficit) 31,019 (834)
 Total liabilities & shareholders' equity $ 33,352 $ 5,694
 -0- 8/12/92
 /CONTACT: Dr. Venkat S. Sohoni or Bruce G. Fielding, Jr., both of biosys, 415-856-9500/
 (BIOS) CO: biosys ST: California IN: SU: ERN


TB-RM -- SJ001 -- 9406 08/12/92 19:44 EDT
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Date:Aug 12, 1992
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