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CAMBRIDGE BIOTECH CORPORATION ANNOUNCES SECOND QUARTER RESULTS

 WORCESTER, Mass., Aug. 5 /PRNewswire/ -- Cambridge Biotech Corporation (NASDAQ: CBCX) today reported results for its second quarter ended June 30, 1993. The company reported quarterly revenues of $6,100,000 compared to $10,936,000 for the same period a year ago, or a decrease of 44 percent. Cambridge reported a second quarter loss of $5,999,000, or 26 cents per share, compared to a second quarter 1992 gain of $804,000 or 4 cents per share.
 For the year to date, Cambridge reported total revenues of $18,789,000, compared to $20,771,000 for the first six months of 1992, a decrease of 10 percent. Costs and expenses of $23,281,000 increased 18 percent over those of $19,689,000 for the same time period last year. These increases, which were in the areas of product development and sales and marketing, reflect management's previously stated goal to commit resources for longer-term value.
 Commenting on the results, Patrick J. Leonard, president and chief executive officer of Cambridge Biotech Corporation, said, "On the surface these results are disappointing, but not too much should be read into one quarter's performance. These results are not an indication of any fundamental change in our company's underlying technology or in our relationships with our strategic partners. The strength of our base technology in biopharmaceuticals continues to be reinforced worldwide, both in the scientific and business community. In the Diagnostics Division, our short-term efforts are focused on bringing the division to profitability, and much progress is being made towards this goal. The full positive impact of these efforts should be increasingly reflected in our future results."
 In the Biopharmaceutical Division, revenues for the quarter were $702,000, compared with $4,903,000 in the second quarter of 1992 and $7,675,000 in the first quarter of 1993. These revenues reflect the nature of licensing and progress payments, which may vary widely from quarter to quarter.
 In the Diagnostics Division, products sales were $5,398,000, up from $5,013,000 in the previous quarter, and cost of sales was reduced by 2 percent. These improvements represent the first benefits of the restructuring effort begun in late 1992. The transfer of technology in order to consolidate manufacturing in Worcester, Mass., and Galway, Ireland is well underway.
 CAMBRIDGE BIOTECH CORPORATION
 Statements of Operations
 (Unaudited)
 For The For The
 Three Months Ended Six Months Ended
 June 30 June 30
 1993 1992 1993 1992
 Revenues $6,100,000 $10,936,000 $18,789,000 $20,771,000
 Cost and
 expenses 12,328,000 10,132,000 23,281,000 19,689,000
 Net income (loss) (5,999,000) 804,000 (4,020,000) 1,410,000
 Net income(loss)
 per weighted average
 shares: ($0.26) $0.04 ($0.17) $0.06
 Weighted average
 shares
 outstanding: 23,368,000 22,144,000 23,300,000 22,120,000
 Cambridge Biotech Corporation is a leading diagnostics and therapeutics company involved in infectious diseases. The company is developing vaccines, adjuvants and diagnostics for humans and animals.
 -0- 8/5/93
 /CONTACT: Alyson Button Stone, coordinator of investor relations for Cambridge Biotech Corporation, 508-797-5777, ext. 541/
 (CBCX)


CO: Cambridge Biotech Corporation ST: Massachusetts IN: MTC SU: ERN

CM -- NE001 -- 9684 08/05/93 08:29 EDT
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Date:Aug 5, 1993
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