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BIOSYS REPORTS THIRD QUARTER RESULTS

 BIOSYS REPORTS THIRD QUARTER RESULTS
 PALO ALTO, Calif., Oct. 28 /PRNewswire/ -- biosys (NASDAQ: BIOS)


today announced its financial results for the third quarter, ended Sept. 30, 1992.
 Total revenues for the third quarter of 1992 increased to $1,488,000 from $369,000 for the same period in 1991. Revenues for the nine months ended Sept. 30, 1992, were $3,342,000 versus $990,000 for the same period in 1991. Net loss for the third quarter was $645,000, or 9 cents per share, compared to the loss of $1,407,000 or 29 cents per share, for the same quarter in 1991. Net loss of $2,646,000 or 39 cents per share, for the nine months ended Sept. 30, 1992, decreased from $3,744,000, or 76 cents per share, for the same period in 1991.
 A significant addition to biosys' technological base and commercial potential was announced just after the end of the third quarter on Oct. 6, 1992, when biosys and Sandoz Agro Inc. signed an agreement for joint development of insect-specific baculovirus insecticides. Sandoz is one of the world's largest agrochemical companies and has been a leader in the commercialization of biological insecticide products. Baculoviruses are environmentally safe insecticides used to control caterpillar pests of such major crops as cotton, soybeans and vegetables, which together represent a market opportunity of approximately $1 billion. Sandoz has an exclusive license from the United States Department of Agriculture to commercialize the "celery looper" strain which is the first baculovirus to be patented in the United States.
 Management believes that biosys' technology for in vitro production and formulation of nematodes is applicable to viruses, and this experience formed the basis for the agreement with Sandoz who will share equally with biosys in the commercial development expenditures over the next two years, as well as provide assistance for securing EPA registration of the products. If development efforts are successful and introduction occurs, Sandoz will be the exclusive marketer of the products worldwide and biosys will be the exclusive manufacturer.
 "We are pleased with the increase in overall revenue which reflects demand for our products in the agricultural markets as well as a very successful season for our retail consumer business," said Dr. Venkat S. Sohoni, president and chief executive officer of biosys. "In addition, the recently signed agreement for the joint development of baculovirus products with Sandoz Agro Inc. provides biosys with a significant opportunity to expand our product family of biopesticides."
 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., United States. The BioSafe consumer product is available through retail distribution in the United States by the ORTHO Consumer Products Division, Chevron Chemical Co., as part of their Orthoganics(R) product line.
 biosys is a leader in the development and commercialization of biological pesticides products for the control of a wide range of insect pests. Using advanced science and technology, the company develops and manufactures biological controls that are highly effective in large- scale commercial usage. biosys holds patents for the manufacture of beneficial nematodes in liquid fermentation and their formulation for commercial use. biosys shares are traded on NASDAQ-NMS with ticker symbol BIOS.
 BIOSYS
 CONDENSED CONSOLIDATED
 STATEMENTS OF OPERATIONS
 (Amounts in thousands except per share data)
 (unaudited)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 Revenues: 1992 1991 1992 1991
 Product sales $ 656 $ 369 $ 1,646 $ 960
 Contract revenues 832 --- 1,696 30
 Total revenues 1,488 369 3,342 990
 Cost and expenses:
 Cost of product sales 777 689 2,269 1,634
 Operating expenses 1,607 1,117 4,256 3,145
 Total cost and
 expenses 2,384 1,806 6,525 4,779
 Loss from operations (896) (1,437) (3,183) (3,789)
 Interest and other income
 (expense), net 251 30 537 45
 Net loss $ (645) $(1,407) $(2,646) $(3,744)
 Net loss per common
 share $ (0.09) $ (0.29) $ (0.39) $ (0.76)
 Weighted average common
 shares and equivalents
 outstanding 7,397 4,909 6,711 4,909
 BIOSYS
 Condensed Consolidated Balance Sheets
 (Amounts in thousands)
 Sept. 30, Dec. 31,
 1992 1991
 (unaudited)
 Assets:
 Cash, cash equivalents and
 short-term investments $ 28,785 $ 4,269
 Other current assets 1,243 304
 Property and equipment, net 1,309 1,066
 Other assets 85 55
 Total assets $ 31,422 $ 5,694
 Liabilities & shareholders' equity (deficit):
 Current liabilities $ 595 $ 688
 Deferred revenue 304 ---
 Long-term capitalized lease
 obligations 140 375
 Mandatorily redeemable
 convertible preferred
 stock --- 5,465
 Shareholders' equity (deficit) 30,383 (834)
 Total liabilities & shareholders'
 equity (deficit) $ 31,422 $ 5,694
 -0- 10/28/92
 /CONTACT: Dr. Venkat S. Sohoni, president and chief executive officer, or Bruce G. Fielding Jr., senior vice president and chief financial officer, 415-856-9500, both of biosys/
 (BIOS) CO: biosys ST: California IN: MTC SU: ERN


SA-GT -- SJ008 -- 6023 10/28/92 12:55 EST
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Date:Oct 28, 1992
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