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AFFINITY BIOTECH REPORTS FOURTH QUARTER AND YEAR END RESULTS

 BOOTHWYN, Pa., Feb. 24 /PRNewswire/ -- Affinity Biotech, Inc. (NASDAQ: AFBI) today announced its financial results for the fourth quarter and year ended Dec. 31, 1992.
 For the year ended Dec. 31, 1992, contract revenues increased 232 percent to $553,250 from $166,570. Operating expenses were $2,896,546 in 1992 compared with $1,316,367 in 1991. The company's net loss totalled $2,061,861, or $.40 per share, for 1992 compared to $1,338,880, or $.33 per share, for 1991.
 For the three months ended Dec. 31, 1992, the company's contract revenues increased to $144,500 from $86,500 for the same period in 1991. Operating expenses for the quarter were $1,002,969 compared to $369,337 for the fourth quarter of 1991. The company posted a net loss of $746,397, or $0.14 per share, for the 1992 fourth quarter, compared to a net loss of $345,474, or $0.07 per share, for the corresponding period in 1991.
 After completing its initial public offering in April 1992, Affinity greatly increased its research and development capabilities. The company now has 33 employees, the majority of whom are dedicated full-time to developing Affinity's oral protein delivery system. The company also doubled its laboratory facilities in 1992.
 "Our growth has allowed us to be aggressive in seeking more pharmaceutical companies with proprietary drugs for our delivery system. This approach has resulted in some very promising potential alliances," said Wayne Weisman, Affinity's executive vice president. "A year ago, we were working on oral protein delivery with SmithKline Beecham Corporation and Genentech. Now Affinity is working to apply its drug delivery technology to the compounds of three more companies." Affinity is engaged in feasibility studies with Bio-Technology General (Israel) Ltd. (NASDAQ: BTGC) and a major U.S. pharmaceutical company. A feasibility study with another major U.S. pharmaceutical company is expected to begin by the second quarter of 1993.
 The company's program to develop oral and suppository calcitonin, an osteoporosis drug, has moved ahead in the last year. Affinity is completing necessary stability and capsule studies, and the company anticipates that human trials on its suppository and oral calcitonin formulations will occur in the second and third quarters of 1993.
 Affinity's taste-masking program includes a license agreement with SmithKline Beecham PLC (NYSE: SBE) on a proprietary product and an option agreement with the Whitehall Laboratories division of American Home Products Corporation (NYSE: AHP). The company recently undertook feasibility studies with two other major pharmaceutical companies to develop formulations of certain proprietary drugs. Affinity is also completing development on liquid and chewable formulations of two analgesics for which it will seek corporate partners.
 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.
 Selected Financial Data
 Summary of Operations
 (Dollars in thousands, except loss per share)
 Periods ended Three months Twelve months
 Dec. 31 1992 1991 1992 1991
 Contract revenues $ 145 $ 87 $ 553 $ 167
 Net loss (746) (345) (2,062) (1,338)
 Net loss per share (.14) (.07) (.40) (.33)
 BALANCE SHEETS
 12/31/92 12/31/91
 Cash, cash equivalents and
 investments $ 10,256 $ 237
 Total assets 10,965 508
 Total liabilities 378 2,252
 Stockholders' equity (deficit) 10,586 (2,137)
 -0- 2/24/93
 /CONTACT: Wayne B. Weisman, executive vice president of Affinity Biotech, Inc., 215-497-0500; or Anthony J. Russo, Ph.D., of Noonan/Russo Communications, 212-979-9180, for Affinity Biotech/
 (AFBI)


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

WB-OS -- NY029 -- 9916 02/24/93 12:34 EST
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Date:Feb 24, 1993
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