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CAMBRIDGE BIOTECH REPORTS 1992 RESULTS

 WORCESTER, Mass, March 12 /PRNewswire/ -- Elaborating on Cambridge Biotech Corporation's (NASDAQ: CBCX) announcement of March 3, 1993, the company today reported results for the year ended Dec. 31, 1992. Total revenues for 1992 were $38,138,000 versus $28,981,000 for 1991, an increase of approximately 32 percent. The year ended in a loss of $11,518,000, or $0.52 per share. As previously announced, these results were substantially due to a restructuring charge of $6,500,000 and a delay in concluding certain agreements relative to licensing technology. These results compare to a net profit of $348,000, or $0.02 per share, for 1991.
 The overall improvement in both product sales and alliance fees in 1992 over 1991 resulted in increases of 29 percent and 36 percent, respectively. The total costs before restructuring increased 44 percent and were adversely affected by the write-off of a significant amount of receivable.
 Commenting on the year's results, President and CEO Dr. Patrick J. Leonard said, "The company remains confident of its programs and the fundamental strength of our external alliances. We are particularly pleased with the acceptance by major pharmaceutical partners of the company's Stimulon (TM) adjuvant product with agreements that extend into the future."
 Cambridge Biotech Corporation is a leading diagnostics and vaccine company primarily involved in infectious diseases. The company is developing vaccines, adjuvants, and diagnostics for humans and animals.
 CAMBRIDGE BIOTECH CORPORATION
 Statements of Operations
 (unaudited)
 (in thousands except per-share data)
 For the 3 Months For the Year
 Ended December 31, Ended December 31,
 1992 1991 1992 1991
 Revenue: $5,272 $8,837 $38,138 $28,981
 Cost & Expenses: $12,597 $8,460 $44,004 $30,562
 Interest Income/
 Other (Net): $96 $1,548 $837 $1,929
 Minority Interest: ($11) -- ($11) --
 Net Income (Loss)
 Before
 Restructuring: ($7,218) $1,925 ($5,018) $348
 Restructuring Charge: -- -- $6,500 --
 Net Income
 (Loss): ($7,218) $1,925(a) ($11,518) $348(a)
 Net Income (Loss)
 Per Weighted
 Average Share: ($0.32) $0.09 ($0.52) $0.02
 Weighted Average
 Shares
 Outstanding: 22,535 20,983 22,237 18,543
 NOTE(a): Reflects a one-time gain of $1.4 million, or $0.07 per share from the sale of a non-strategic asset in the fourth quarter (DBL stock).
 -0- 3/12/93
 CONTACT: Peter P. Hartman, Cambridge Biotech Corporation, Vice President-Finance and Chief Financial Officer, 508/797-5777
 (CBCX)


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

TM -- NE008 -- 5601 03/12/93 15:11 EST
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Publication:PR Newswire
Date:Mar 12, 1993
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