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BIO-IMAGING TECHNOLOGIES, INC. ANNOUNCES THIRD QUARTER AND NINE-MONTH 1993 RESULTS

    WEST TRENTON, N.J., Aug. 5 /PRNewswire/ -- Bio-Imaging Technologies, Inc. (NASDAQ Small Cap Market: BITI), a company that provides medical imaging-related research and consulting services to pharmaceutical, biotechnology and medical device companies, announced today revenues and operating results for the third quarter and nine-month period ended June 30, 1993.
    Project revenue for the nine months ended June 30, 1993, increased by approximately $1,242,000 to $1,985,000 compared with project revenue for the same period of fiscal 1992.  Project revenue for the third quarter increased by approximately $302,000 to $611,000 compared with project revenue for the same period of fiscal 1992.  Revenues for the nine months ended June 30, 1993, were derived from an expanded client base of sixteen pharmaceutical and biotechnology companies.  Revenues for the same period in 1992 were derived substantially from five clients.  Project revenue increases for the three and nine-month periods of 1993 were lower than anticipated due to continued client-imposed delays in three major clinical development programs.  The company's plan to resume and complete these projects remains in place.
    The decrease in the gross profit margin percentage during the three and nine months ended June 30, 1993, compared to the same periods of fiscal year 1992 was due primarily to the client-imposed delay of certain existing projects, which continued to accrue project costs without corresponding receipt of revenue.  In addition, the mix of project revenue during the periods yielded lower margins.
    The company's total operating expenses were approximately $3,143,000 during the nine months ended June 30, 1993, and $1,031,000 during the corresponding period in fiscal 1992, an increase of approximately $2,112,000.  The company's total operating expenses were approximately $976,000 for the three months ended June 30, 1993, and $456,000 during the corresponding period in fiscal 1992, an increase of approximately $520,000.  These increases during the periods of fiscal year 1993 resulted primarily from the hiring of additional personnel, an increase in business development activities to support the company's growing client base, and internal research and development projects.
    The company reported a net loss of approximately $1,147,000 or $.42 per share for the nine months ended June 30, 1993 and $821,000 or $.47 for the same period of fiscal year 1992.  A net loss of approximately $370,000 or $.14 per share was reported for the three months ended June 30, 1993, and $666,000 or $.37 for the same period of fiscal year 1992.
    William J. Fitzpatrick, president and COO of Bio-Imaging Technologies, said, "During the  third quarter, we concentrated on building our client base and reducing overhead.  Our expanded selling efforts have resulted in a marked increase in the number and total value of outstanding proposals which we hope to bring to contract. As evidenced by recent announcements of two new clients, and the formal introduction of our Bio/ImageBase digital image management
products, we are pushing aggressively to grow our business.   As the Company gains more clients, more active projects, and a broader service base,  we believe the Company will be be less susceptible to project delays and other unanticipated occurrences which are inevitable in the drug development process.  We have also implemented several cost containment measures and restructured our capital equipment commitments in an effort to decrease overhead and improve our cash position without impairing our core imaging business.  Our goal now is to continue to improve our financial performance in the fourth quarter and thereafter."
    Bio-Imaging Technologies of West Trenton, applies advanced technologies such as magnetic resonance imaging, radionuclide imaging and computer-assisted image analysis to visualize and measure drug and medical device effects during the clinical development and pre-clinical testing process.  The company's technology can help to accelerate the development and regulatory review of new therapeutic and diagnostic agents and devices by providing more precise analyses from a smaller number of study subjects.  The company applies its medical image processing and digital image management expertise to provide core imaging laboratory services and to develop image-based regulatory submissions.
                  BIO-IMAGING TECHNOLOGIES, INC. AND SUBSIDIARY
                      Consolidated Statements of Operations
                                      (Unaudited)
    Periods ended            Three Months               Nine Months
    June 30                1993       1992           1993        1992
    Project revenue    $ 610,735   $ 309,090    $ 1,984,950  $ 742,872
    Project costs        334,855     125,898      1,194,977    221,941
    Gross profit         275,880     183,192        789,973    520,931
    General and
     administrative
     expenses            598,931     314,721      1,550,576    773,511
    Research and
     development
     expenses             41,880      15,000        397,503     35,462
    Loss from
     operations         (364,93)    (146,529)    (1,158,106)  (288,042)
    Interest income
     (expense)-net       (5,116)    (394,449)        11,473   (407,625)
    Financing costs         ---     (125,000)           ---   (125,000)
    Net loss          ($370,047)   ($665,978)   ($1,146,633) ($820,667)
    Net loss per
     common share         ($.14)       ($.37)         ($.42)     ($.47)
    Weighted average number
     of common shares
     outstanding      2,702,673    1,780,711      2,702,673  1,742,060
    /delval/
    -0-             08/05/93
    CONTACT:  William L. Robbins, director-business development, or Robert J. Phillips, controller, of Bio-Imaging Technologies, 609-883-2000
    (BITI) CO:  BIO-IMAGING TECHNOLOGIES, INC. IN:  CPR SU:  ERN ST:  NJ


-- PH001 -- X028 08/05/93
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Date:Aug 5, 1993
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