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AFFINITY BIOTECH, INC. REPORTS THIRD QUARTER RESULTS

 BOOTHWYN, Pa., Nov. 19 ~PRNewswire~ -- Affinity Biotech, Inc. (NASDAQ: AFBI) today announced results for its third quarter.
 For the three months ended Sept. 30, 1992, the company's contract revenues increased to $209,250 from $36,500 for the same period in 1991. Operating expenses for the quarter were $732,953 compared to $296,045 for the 1991 third quarter. The company posted a net loss of $356,747, or $0.07 per share, for the 1992 third quarter, compared to a net loss of $309,188, or $0.07 per share, for the corresponding period in 1991.
 The company's results reflect a continuing increase in its research and development activities. "During and after the third quarter we continued to make progress in our microemulsion drug delivery research and development program. In addition to our ongoing collaborative research with SmithKline Beecham Corporation and our feasibility study with Genetech, Inc., we expect to begin feasibility studies on our drug delivery system with other pharmaceutical~biotechnology companies, including Bio-Technology General (Israel) Ltd., before the end of the year," said Wayne B. Weisman, executive vice president of Affinity. The company is also currently engaged in a feasibility study with another pharmaceutical company to apply Affinity's unique microemulsion technology to topical drugs.
 In the taste-masking area, human bioequivalence trials on Affinity's proprietary taste-masked liquid formulation of acetaminophen are expected to begin by January 1993. As previously announced, the company entered into an agreement with Whitehall Laboratories during the third quarter under which Whitehall obtained an option to license Affinity's chewable formulation of a widely-used OTC pharmaceutical.
 Following the close of the third quarter, Susan T. Nielsen, Ph.D., joined Affinity's management team as director of Pharmacology. Dr. Nielson, who previously spent several years at Wyeth-Ayerst, is supervising the company's animal studies of its microemulsion drug delivery formulations. She has more than 10 years experience in laboratory and research management.
 Based in Boothwyn, Affinity Biotech focuses on the development of oral drug delivery systems for proteins and other therapeutic agents, taste masking of therapeutic agents, the development of synthetic blood and other microemulsion-based pharmaceutical products.
 AFFINITY BIOTECH, INC.
 Statement of Operations
 (Dollars on thousand - except loss per share)
 Periods ended Three months Nine months
 Sept. 30 1992 1991 1992 1991
 Contract revenues $209 $37 $409 $80
 Net loss (357) (309) (1,315) (993)
 Net loss per share (.07) (.07) (.25) (.26)
 Weighted average
 shares outstanding 5,408 3,519 4,842 3,316
 AFFINITY BIOTECH, INC.
 Balance Sheet
 (Dollars on thousand - except loss per share)
 9~30~92 12~31~91
 Cash, cash equivalents
 and investments $10,898 $237
 Total assets 11,555 508
 Total liabilities 230 2,252
 Stockholders' equity
 (deficit) 11,325 (2,137)
 -0- 11~19~92
 ~CONTACT: Laura Steininger, controller of Affinity Biotech, Inc., 215-497-0500; or Anthony J. Russo, Ph.D., of Noonan~Russo Communications, 212-979-9180, for Affinity Biotech, Inc.~
 (AFBI)


CO: Affinity Biotech, Inc. ST: Pennsylvania IN: MTC SU: ERN

AH-LR -- NY022 -- 2763 11~19~92 10:12 EST
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Publication:PR Newswire
Date:Nov 19, 1992
Words:498
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