AFFINITY BIOTECH ANNOUNCES FIRST QUARTER RESULTS
AFFINITY BIOTECH ANNOUNCES FIRST QUARTER RESULTS BOOTHWYN, Pa., June 9 /PRNewswire/ -- Affinity Biotech, Inc.
(NASDAQ: AFBI) today announced results for its 1992 first quarter.
For the three months ended March 31, 1992, the company posted a net loss of $469,758 as compared to a net loss of $355,461 for the same period in 1991. The company's net loss per share was $0.10 for the first quarter of 1992, identical to the $0.10 per share net loss for the corresponding period in 1991. The increase in the company's net loss resulted primarily from an increase in research and development expenses. Alan F. Dickason, president and chief executive officer of Affinity, said: "The early months of 1992 were marked by several major achievements. In February, Affinity signed collaborative research and license agreements with SmithKline Beecham Corporation (NYSE: SKB) on Affinity's oral delivery system for proteins and peptides. The company also entered into a separate agreement with SmithKline Beecham for taste-masked formulations of a class of widely prescribed drugs. Affinity's increase in contract revenues during the first quarter of 1992 over 1991's first quarter was primarily attributable to payments received under these agreements with SmithKline Beecham. In April, Affinity raised $13 million through an initial public offering." Affinity Biotech is engaged in the development of oral drug delivery systems for proteins and other therapeutic agents. The company is also developing synthetic blood, and it has taste-masking technology for liquid and chewable drugs such as antibiotics and analgesics. Affinity has several studies underway with companies to explore the application of its proprietary technologies. /delval/ -0- 6/9/92 /CONTACT: Wayne B. Weisman, executive vp of Affinity Biotech, 215-497-0500/ (AFBI SKB) CO: Affinity Biotech, Inc.; SmithKline Beecham Corporation ST: Pennsylvania IN: MTC SU: ERN
MJ-LJ -- PH006 -- 8224 06/09/92 09:00 EDT
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|Date:||Jun 9, 1992|
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