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BIOSYS REPORTS FIRST QUARTER RESULTS

 BIOSYS REPORTS FIRST QUARTER RESULTS
 PALO ALTO, Calif., May 12 /PRNewswire/ -- biosys (NASDAQ: BIOS)


today announced its financial results for the first quarter of fiscal 1992, ended March 31, 1992.
 Total revenues for the first quarter of fiscal 1992 increased to $391,000 from $271,000 for the same period in 1991. Net loss for the quarter was $1,059,000, or $.20 per share, compared to the loss of $1,060,000, or $.22 per share for the same quarter in 1991.
 "The increase in revenues reflects growing demand for our biopesticide products and the introduction of our products in new geographic areas," said Venkat S. Sohoni, president and CEO of biosys.
 A key development in the quarter was the international marketing agreement made with CIBA-GEIGY Ltd. of Basle, Switzerland, which grants exclusive worldwide marketing rights to biosys' products for all agricultural and horticultural markets excluding the United States, and the turf market in Japan. In addition, CIBA-GEIGY will provide a total of $5 million of research and development funding through 1993 to support development of the biosys beneficial nematode technology, the worm-like microorganism that constitutes the active ingredient in the company's bioinsecticides.
 The first quarter also saw the first successful nematode production runs at the Archer-Daniels-Midland toll manufacturing facility in Decatur, Ill., with production commencing approximately six weeks ahead of schedule.
 biosys' products are marketed in the United States and Europe under the brand names BioSafe(R) Lawn and Garden Insect Control, Sanoplant and Boden-Nutzlinge for use by the homeowner; BioVector(R) and BioSafe-N(R), biological insecticides for a broad range of agricultural applications, and Exhibit(R) Biological Larvicide for control of turf and ornamental insect pests which is marketed by CIBA- GEIGY Corp., U.S. The BioSafe consumer product is available through retail distribution this year in the United States by the Ortho Consumer Products Division, Chevron Chemical Co., as part of the Orthoganics(R) product line.
 biosys is a leader in the development and commercialization of reliable biological products for the control of a wide range of insect pests. Using advanced science and technology, the company develops and manufactures bioinsecticides that have been highly effective in commercial usage. biosys holds patents for the manufacture of beneficial nematodes in liquid fermentation and their formulation for commercial use.
 biosys
 Condensed Consolidated Balance Sheets
 (Amounts in thousands)
 March 31, Dec. 31,
 1992 1991
 (unaudited)
 Assets:
 Cash, cash equivalents, and
 short-term investments $31,094 $4,269
 Other current assets 1,169 304
 Property and equipment, net 1,142 1,066
 Other assets 51 55
 Total assets $33,456 $5,694
 Liabilities & Shareholders'
 equity (deficit):
 Current liabilities $1,196 $688
 Long-term capitalized lease
 obligations 300 375
 Mandatorily redeemable
 convertible preferred stock -- 5,465
 Shareholders' equity (deficit) 31,960 (834)
 Total liabilities & shareholders'
 equity $33,456 $5,694
 biosys
 Condensed Consolidated Statements of Operations
 (Amounts in thousands except per share data)
 (Unaudited)
 Quarter ended
 March 31,
 1992 1991
 Revenues:
 Product sales $391 $241
 Contract revenues -- 30
 Total revenues 391 271
 Costs and expenses:
 Cost of product sales 482 326
 Operating expenses 1,015 992
 Total costs and expenses 1,497 1,318
 Loss from operations (1,106) (1,047)
 Interest and other income
 (expense), net 47 (13)
 Net loss $(1,059) $(1,060)
 Net loss per common share $(.20) $(.22)
 Weighted average common shares
 and equivalents outstanding 5,367 4,908
 -0- 5/12/92
 /CONTACT: Venkat S. Sohoni or Bruce G. Fielding, Jr., both of biosys, 415-856-9500/
 (BIOS) CO: biosys ST: California, Illinois IN: CHM SU: ERN


MM-RM -- SJ005 -- 9382 05/12/92 17:48 EDT
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Publication:PR Newswire
Date:May 12, 1992
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