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CAMBRIDGE BIOTECH WILL REPORT LOSS FOR FOURTH QUARTER

 WORCESTER, Mass., March 3 /PRNewswire/ -- Cambridge Biotech Corporation (NASDAQ: CBCX) announced today that it will report a substantial loss in the fourth quarter. The company attributed the earnings shortfall from previous expectations primarily to delays in concluding certain agreements relative to licensing technology. The company had previously reported a substantial restructuring charge in the third quarter, and the fourth quarter results will therefore lead to a larger overall loss in 1992.
 Peter P. Hartman, Cambridge Biotech vice president of finance, commented: "This is essentially a timing issue. We expect most of the shortfall from forecasted fourth quarter revenues to be realized during the next few months."
 "While we are naturally disappointed," said Patrick J. Leonard, the company's chief executive officer, "it should be emphasized that this is not a reflection on the programs of the company, nor on the fundamental strength of our external alliances."
 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.
 -0- 3/3/93
 /CONTACT: Peter P. Hartman, vice president-finance and chief financial officer of Cambridge Biotech Corp., 508-797-5777/
 (CBCX)


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

CH -- NE004 -- 2353 03/03/93 10:08 EST
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Publication:PR Newswire
Date:Mar 3, 1993
Words:211
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