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AFFINITY BIOTECH REPORTS SECOND QUARTER RESULTS

 BOOTHWYN, Pa., Sept. 15 /PRNewswire/ -- Affinity Biotech, Inc. (NASDAQ: AFBI), today announced its financial results for the second quarter ended June 30, 1993.
 The company's contract revenues for the first three months of the year were $13,500, compared to $97,000 for the corresponding period in 1992. Operating expenses were $1,230,583 compared to $665,405 for the corresponding period in 1992. For the first six months of the year, the company's contract revenues were $62,250, compared to $199,500 for the same period in 1992. Operating expenses were $2,269,560 compared to $1,160,624 for the comparable period. Affinity posted a net loss of $2,064,580, or $0.38 per share, for the first six months which compares to a net loss of $958,717, or $0.19 per share for the corresponding period in 1992.
 "Our increase in the net loss per share reflects our heightened commitment to moving our product programs forward," said Alan Dickason, president and CEO of Affinity Biotech. "We continue to feel encouraged by the meaningful progress our team of formulation experts is making in the application of our delivery system to a broadening array of drugs. These advancements have, in turn, been confirmed through new or augmented agreements with various pharmaceutical partners."
 The first six months of 1993 were marked by some very important events for Affinity. In the area of drug delivery, the company has added new feasibility study partners to a group that now includes Eli Lilly and Company, Bio-Technology General (Israel) Ltd., Ferring AB (Sweden) and other pharmaceutical companies. In an initial feasibility study with one pharmaceutical company, scientists at Affinity formulated the company's proprietary compound in Affinity's drug delivery system. Tests of the formulation by the pharmaceutical company showed that the bioavailability achieved from Affinity's formulation -- the level of the compound measured in blood samples taken after the administration of the drug as formulated in the Affinity system -- exceeded what the pharmaceutical company had targeted as its goal for the formulation. The two companies will now proceed to collaborate on feasibility studies on other drug compounds.
 Based in Boothwyn, Affinity Biotech focuses on the development of oral drug delivery systems for proteins, peptides and other therapeutic agents, the formulation of taste masked liquid and chewable drugs, and the development of other pharmaceutical products utilizing Affinity's expertise in surface chemistry.
 AFFINITY BIOTECH, INC.
 Selected Financial Data
 (Dollars in thousands, except loss per share)
 Summary of Operations
 Periods ended Three Months Six Months
 June 30 1993 1992 1993 1992
 Contract revenues $ 14 $ 97 $ 62 $ 200
 Net loss $(1,149) $(489) $(2,065) $(959)
 Net loss per share $ (.21) $(.09) $(.38) $(.19)
 Balance Sheets
 6/30/93 12/31/92
 Cash, cash equivalents and
 investments $8,065 $10,256
 Total assets 8,966 10,965
 Total liabilities 444 378
 Stockholders' equity $8,522 $10,586
 -0- 9/15/93
 /CONTACT: Wayne B. Weisman, executive vice president of Affinity Biotech, 215-497-0500; or Anthony J. Russo, Ph.D., of Noonan/Russo Communications, 212-696-4455/
 (AFBI)


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

GK-OS -- NY042 -- 2240 09/15/93 12:29 EDT
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Publication:PR Newswire
Date:Sep 15, 1993
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