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AIR METHODS CORP. ANNOUNCES OUT-LICENSING OF BIOTECHNOLOGY PRODUCTS DEVELOPED BY PREDECESSOR FIRM

 ImuVert Family of Healthcare Products to be Licensed
 to Various Pharmaceutical Development Corporations
 for Potential Worldwide Commercialization
 DENVER, Jan. 14 /PRNewswire/ -- Air Methods Corp. (NASDAQ-NMS: AIRM), the nation's largest exclusive provider of air medical services and systems, today announced it has secured two important, long-term licensing relationships regarding the possible commercial development and potential marketing of various biotechnology products acquired in connection with the company's 1991 merger with Cell Technology Inc. These licensing relationships could have a positive impact upon the company, based upon licensing fees and potential future royalty payments which may flow from the possible commercialization of ImuVert by these pharmaceutical development companies in various worldwide markets. Further, Air Methods will not be required to commit any significant capital, resources or time in order to realize any potential benefits which may accrue to it from these licensing transactions announced today.
 In this connection, the company noted that the ImuVert family of products, previously developed by Cell Technology, has been licensed to two pharmaceutical development corporations, Phylomed Inc. and Oncotech Inc. These two commercial licensing relationships illustrate the company's ongoing deployment of its previously developed biotechnology products to independent third parties, each of which have agreed to attempt to develop and commercialize ImuVert in specific U.S. and international health care markets. Substantial additional capital, resources and time may be required to be committed by each of these pharmaceutical firms to enable them to successfully commercialize ImuVert in these various markets.
 Each of these pharmaceutical development licensees will be required to pay royalties to Air Methods upon the successful commercialization of ImuVert in their respective human and animal markets for which these licenses have now been granted. The anticipated further commercial development of these biotechnology products could allow the company to receive additional cash flow and operating profit based upon the commercial development of ImuVert by these licensing companies. In addition, the continued utilization and development of this ImuVert technology may enhance the company's potential ability to maximize its use of the $22 million net operating loss carry-forward generated by research and development expenditures incurred to develop ImuVert by Cell Technology prior to its 1991 merger with Air Methods.
 In this connection, Phylomed Inc. has been granted a worldwide license by Air Methods to develop ImuVert for use in the animal veterinarial marketplace. Phylomed intends to commercialize the ImuVert products as anti-cancer, anti-viral and general health care agents for use in food-producing animals and general livestock. Phylomed Inc., a privately held corporation headquartered in Plantation, Fla., has developed a wide variety of skin care and health care medicinal products.
 Oncotech Inc., headquartered in Irvine, Calif., is a leader in molecular oncology and the application of in-vitro technologies to identify drug resistance and response. This firm has also pioneered in the development of human anti-cancer diagnostic testing agents. Oncotech, a privately held company, currently maintains an ongoing important licensing relationship with Air Methods regarding ImuVert. Today's announcement contemplates the expansion of this licensing relationship with Oncotech outside the United States to foreign countries, including Asia and Europe, into which the ImuVert products may be developed and ultimately commercialized.
 Air Methods Corp. is the largest exclusive provider of state-of-the- art emergency air medical transportation systems and services to hospitals in North America. Air Methods now serves 57 hospitals in 14 states under 23 dedicated, long-term operating agreements throughout the United States and will shortly begin providing similar emergency air medical services throughout Mexico, as previously announced. The company utilizes only Instrument Flight Rule (IFR)-certified pilots and aircraft, including 30 helicopters and 14 airplanes, to perform these services. In addition, Air Methods offers completely integrated airborne medical systems for administering intensive care to patients while flying to a trauma center or a tertiary care facility, either from outlying hospitals or the scene of an accident.
 -0- 1/14/94
 /CONTACT: W. Terrance Schreier, chairman and CEO; 303-790-0587; or Malcolm McGuire, CCRI, 800-828-0406/
 (AIRM)


CO: Air Methods Corp.; Cell Technology Inc.; Phylomed Inc.;
 Oncotech Inc. ST: Colorado, California, Florida IN: AIR MTC SU: LIC


JM-LS -- LA005 -- 2030 01/14/94 08:01 EST
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Publication:PR Newswire
Date:Jan 14, 1994
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