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CRYOMEDICAL SCIENCES ANNOUNCES FISCAL YEAR 1992 BUSINESS AND FINANCIAL RESULTS

 CRYOMEDICAL SCIENCES ANNOUNCES FISCAL YEAR 1992 BUSINESS
 AND FINANCIAL RESULTS
 ROCKVILLE, Md., Sept. 28 /PRNewswire/ -- Cryomedical Sciences, Inc. (NASDAQ: CMSI), a development stage biomedical company, announced today that it sustained losses of $4,749,982 for the fiscal year ended June 30, 1992, as compared to losses of $2,580,924 for the prior fiscal year. The higher losses in the more recent period reflect the company's increased level of research, development and operating activities in the year just ended and the commencement of manufacturing operations during the final quarter. The company has had no operating revenues from inception through June 30, 1992; its sole source of revenue has been from interest income.
 At June 30, 1992, the company had cash, cash equivalents and short-term investments totaling $12,080,559 and working capital of $11,627,345. The company's cash and working capital positions improved substantially from June 30, 1991, due to the receipt of net proceeds of $10,996,625 during the year ended June 30, 1992, from the exercise of all remaining Redeemable Class B Warrants.
 Cryomedical Sciences, Inc., is engaged in the research, development, manufacturing and marketing of products in the field of hypothermic (low temperature) medicine. In June 1992, Cryomedical introduced the CMS AccuProbe System, a cryosurgical device designed to utilize temperatures near -190 degrees C to treat inoperable cancer of the liver, prostate, pancreas and other organs. CMS received 510(k) marketing clearance from the FDA for this device in April 1991, and since October 1991, over 120 prostate and 30 liver cancer patients have been treated using the device. In March 1992, CMS announced that it had received orders for 10 AccuProbe Systems, and the first AccuProbe System was shipped in June 1992. This system was accepted by the customer and the sale recorded in August 1992. The backlog of orders at June 30, 1992, totaled $1,021,500.
 Cryomedical is also developing blood substitute solutions which may permit "bloodless" surgery in the future and improve organ preservation capabilities and transplantation techniques. The company's common stock is traded on NASDAQ: CMSI.
 CRYOMEDICAL SCIENCES, INC., AND SUBSIDIARY
 Consolidated Statements of Operations Data
 Year Ended
 June 30,
 1992 1991
 Net Revenue $277,304 $194,620
 Net Loss $(4,749,982) $(2,580,924)
 Net Loss Per Share $(0.26) $(0.18)
 Weighted Average Common
 Shares Outstanding 18,537,586 14,746,226
 -0- 9/28/92
 /NOTE: AccuProbe is a trademark./
 /CONTACT: Theodore D. Pennington of Cryomedical Sciences, 301-417-7070/
 (CMSI) CO: Cryomedical Sciences, Inc. ST: Maryland IN: MTC SU: ERN


DC -- DC027 -- 4079 09/28/92 16:36 EDT
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Date:Sep 28, 1992
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