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BIOCHEM PHARMA ANNOUNCES SECOND QUARTER FINANCIAL RESULTS

 LAVAL, Quebec, Sept. 20 /PRNewswire/ -- BioChem Pharma Inc. (NASDAQ: BCHXF; MSE/TSE: BCH) today announced that they posted revenues of $10.4 million for the quarter ended July 31, 1993, compared with $8.3 million for the corresponding period a year ago, a 25 percent increase due mainly to significant growth in sales of its diagnostics products. The net loss for the quarter, including the share in the loss of the affiliated company of $1.5 million, was $2.8 million, or $0.06 per share, compared with $2.6 million, also $0.06 per share, for the year- ago period. The company maintained its commitment to research and development, spending $3 million during the quarter. (All figures are in Canadian dollars. The current exchange rate is C$1.00 equals US$0.76.)
 BioChem Pharma's revenues totaled $19 million for the first six months of the fiscal year, compared with $18 million at the same date last year, while the net loss reached $5.3 million, or $0.11 per share, compared with $7.6 million, or $0.19 per share. This result includes the share in the loss of the affiliated company, North American Vaccine, Inc. (NAVA), which was $2.9 million for the six-month period, as compared to $2 million for the corresponding period last-year. This result also reflects research and development spending of about $6 million for the six-month period.
 The company remains financially solid with total assets of $146 million at July 31, 1993, compared with $114.5 million a year earlier. The main reasons for this growth are increased cash and short-term investments, as well as the acquisition of assets related to the construction of BioChem Pharma's new facilities.
 The company also increased its working capital to $66.4 million at July 31 this year, from $42 million at the same date a year ago. Shareholders' equity increased from $88.3 million to $109.4 million over the same period, mainly due to issue of common shares following the exercise of options, primarily held by Glaxo Canada Inc.
 BioChem is a pharmaceutical company dedicated to the research, development and commercialization of innovative products for the detection, prevention and treatment of human diseases. The company's shares are traded on the Montreal and Toronto stock exchanges (BCH) and on NASDAQ (BCHXF).
 BIOCHEM PHARMA INC.
 Consolidated Statement of Earnings
 (In thousands of Canadian dollars,
 except per share information - Unaudited)
 Periods ended Quarters Six Months
 July 31 1993 1992 1993 1992
 Revenues:
 Sales $7,898 $6,632 $13,440 $14,399
 Royalties 624 -- 1,620 2
 R&D contracts 1,175 1,080 2,357 2,216
 Interest and other revenue 734 591 1,647 1,424
 Total revenues 10,431 8,303 19,064 18,041
 Expenses:
 Cost of goods sold 3,576 3,068 6,379 8,241
 Selling and administrative 3,968 2,915 7,142 5,544
 R&D - net of tax credits 2,981 3,145 6,093 6,078
 Other 375 198 880 537
 Total expenses 10,900 9,326 20,494 20,400
 Loss before following items (469) (1,023) (1,430) (2,359)
 Cost related to cancelled
 share issue -- -- -- (2,500)
 Total (469) (1,023) (1,430) (4,859)
 Income taxes (594) (243) (771) (332)
 Total (1,063) (1,266) (2,201) (5,191)
 Minority interest in
 earnings of subsidiaries (193) (260) (168) (398)
 Share of loss of the
 affiliated company (1,501) (1,042) (2,887) (1,965)
 Net loss (2,757) (2,568) (5,256) (7,554)
 Loss per common share $(0.06) $(0.06) $(0.11) $(0.19)
 Weighted average number
 of common shares
 outstanding 46,181,239 40,355,582 46,112,122 39,754,966
 BIOCHEM PHARMA INC.
 Condensed Consolidated Balance Sheet
 (In thousands of Canadian dollars - Unaudited)
 7/31/93 7/31/92
 Current assets $86,407 $61,541
 Investment in
 affiliated company 18,086 22,450
 Capital assets 31,088 17,577
 Other assets 10,449 12,951
 Total assets 146,030 114,519
 Current liabilities $20,008 $19,605
 Long-term debt 13,039 4,072
 Other liability 676 689
 Minority interest 2,939 1,852
 Shareholders' equity 109,368 88,301
 Total liabilities and
 shareholders' equity $146,030 $114,519
 BIOCHEM PHARMA INC.
 Consolidated Statement of Changes In Financial Position
 (In thousands of Canadian dollars - Unaudited)
 Periods ended Quarters Six Months
 July 31 1993 1992 1993 1992
 Operating actives
 Net loss $(2,757) $(2,568) $(5,256) $(7,554)
 Items not affecting cash
 Depreciation and
 amortization 766 725 1,490 1,406
 Share of loss of
 affiliated company 1,501 1,042 2,887 1,965
 Minority interest in the
 earnings of subsidiaries 193 260 168 398
 Gain on disposal of
 capital assets (7) -- (7) --
 Other items 42 76 85 (6)
 Total (262) (465) (633) (3,791)
 Changes in non-cash operating
 working capital items (4,005) (3,811) (7,054) (1,936)
 Total (4,267) (4,276) (7,687) (5,727)
 Financing activities
 Issue of common share 355 10,609 590 11,054
 Increase in long-term debt 6,924 359 11,120 527
 Repayment of long-term debt (309) (240) (1,202) (4,394)
 Total 6,970 10,728 10,508 7,187
 Investing activities
 Acquisition of investments -- (1,244) -- (1,244)
 Acquisition of
 capital assets (5,755) (2,462) (8,265) (3,53 ?
 Disposal of capital assets 110 109 294 141
 Deferred charges -- (11) (1) (22)
 Foreign currency translation
 adjustment (516) 506 (497) 529
 Other items -- (7) -- (7)
 Total (6,161) (3,109) (8,469) (4,136)
 Increase/(decrease) in cash (3,458) (3,343) (5,648) (2,676)
 Cash position at beginning 53,807 28,189 55,997 34,208
 Cash position at end $50,349 $31,532 $50,349 $31,532
 -0- 9/20/93
 /CONTACT: Jean-Yves Duthel, vice president, public relations of BioChem Pharma Inc., 514-681-1744, or cellular, 514-949-3714, or Kate de Santis of Dewe Rogerson, Inc., 212-688-6840/
 (BCHXF)


CO: BioChem Pharma, Inc. ST: Quebec IN: MTC SU: ERN

PS-SM -- NY012 -- 3468 09/20/93 08:29 EDT
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Date:Sep 20, 1993
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