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ECOGEN REPORTS THIRD QUARTER AND NINE MONTHS RESULTS; PRODUCT SALES JUMP 259 PERCENT; SALES OF CONDOR ALONE INCREASED MORE THAN EIGHT-FOLD

 LANGHORNE, Pa., Nov. 16 ~PRNewswire~ -- Ecogen Inc. (NASDAQ: EE CN) today reported its financial results for the third quarter and nine months ended Sept. 30, 1992.
 Total revenues for the quarter increased to $3,008,000 from $1,608,000 for the same period in 1991. Product sales increased 259 percent to $1,479,000 from $412,000 for the same period last year. Sales of Condor (R), Ecogen's Bacillus thuringiensis (Bt)-based bioinsecticide for vegetables, cotton and soybeans, increased more than eight-fold from the comparable quarter in 1991. Net loss for the current quarter was $6,238,000 or ($0.37) per share on 16,916,000 shares, compared to a net loss of $2,823,000 or ($0.20) per share on 14,346,000 shares in the third quarter of 1991. The current quarter includes a special charge of $2,642,000 or ($0.16) per share relating to the acquisition of the business assets of Scentry, Inc., a company with pheromone-based biopesticide technologies and $1,219,000, principally stock, or ($0.07) per share relating to research agreement expense. The current quarter also includes operating expenses, primarily research and development, of two recent acquisitions, Ecogen Israel and Ecogen Australia.
 Revenues for the nine months ended Sept. 30, 1992, were $6,855,000, exceeding revenues of $5,075,000 for the nine months ended Sept., 30, 1991. Net loss for the nine month period was $12,026,000 or ($0.71) per share on 16,851,000 shares, compared to $5,673,000 or ($0.43) per share on 13,145,000 shares. The current period includes special charges of $3,429,000 or ($0.20) per share for the Scentry and Ecogen Australia acquisitions and also includes an additional special charge of $1,219,000 or ($0.07) per share pertaining to research agreement expense, The comparable period in 1991 reflects similar charges of $1,595,000 or ($0.12) per share relating to purchased technology of Ecogen Israel and research agreement expense.
 "Ecogen remains committed not only to the research and development of novel biopesticides, but to the expansion of our product portfolio and our market position in both North America and Europe," said John E. Davies, chairman and chief executive officer. "Our strategy is certainly paying off. Shareholder equity is up 48 percent from a year ago, primarily from the private placements of equity securities. Our current cash position is much stronger despite our acquisitions and increased operating expenses this year. If you exclude the special charges, our operating loss for the first three quarters of 1992 is in line with expectations. On the whole, we have a much stronger company."
 Ecogen Inc. is an agricultural biotechnology company specializing in biological pest control. Ecogen has developed and is marketing a number of novel and proprietary biopesticides, including Cutlass (R) bioinsecticide for vegetables, and tree, nut and vine crops; Condor (R) bioinsecticide for vegetables, cotton, and soybeans; Foil (R) potato bioinsecticide; Otinem (R) bioinsecticide; and Collego (R) rice bioherbicide. The company recently expanded its product portfolio with the acquisition of Scentry, providing Ecogen with pheromone-based Bee- Scent (TM), Attract 'n Kill (TM), NoMate (R), and feeding stimulant- based Compel (R). The company is also developing products for corn, home~garden and ornamental use as well as biofungicides including products for the control of powdery mildew and post harvest rot diseases.
 (Cutlass, Condor, Foil, Collego, Otinem, Bee-Scent, Attract 'n Kill, NoMate and Compel are trademarks of Ecogen Inc.
 ECOGEN INC. AND SUBSIDIARIES
 Condensed Statements of Operations
 (Amounts in thousands except per share data)
 Periods ended Quarter Nine Months
 Sept. 30 1992 1991 1992 1991
 Revenues
 Contract revenues $970 $958 $3,110 $2,454
 Product sales 1,479 412 2,569 1,072
 License income 300 - 435 1,075
 Interest income 259 238 741 474
 Total revenues 3,008 1,608 6,855 5,075
 Costs and Expenses
 Cost of products sold 1,289 305 2,049 825
 Operating expenses 4,096 2,715 12,184 8,328
 Purchased technology 2,642 1,411 3,429 1,411
 Research agreement
 expense 1,219 - 1,219 184
 Total costs and expens. 9,246 4,431 18,881 10,748
 Net loss ($6,238) (2,823) ($12,026) ($5,673)
 Net loss per common share($0.37) ($0.20) ($0.71) ($0.43)
 Weighted average common
 shares outstanding 16,916 14,346 16,851 13,145
 Condensed Balance Sheet
 Sept. 30
 1992 1991
 Assets
 Cash, cash equivalents and
 temporary investments $18,189 $13,651
 Other current assets 5,459 3,510
 Furniture, equipment and
 leasehold improvements 1,517 1,114
 Other assets 1,455 424
 Total assets $26,620 $18,699
 Liabilities and Stockholders' Equity
 Notes payable, current $ - $500
 Other current liabilities and
 deferred revenue 4,077 3,688
 Obligation to issue common stock 998
 Stockholders' equity 21,545 14,511
 Total liabilities and
 stockholders' equity $26,620 $18,699
 -0- 11~16~92
 ~CONTACT: Peter B. Stevens, vice president and CFO of Ecogen Inc., 215-757-1590, Donald C. Weinberger of Strategic Growth International, 212-826-9622, or, Anthony J. Russo, Ph.D. of Noonan Russo Communications, Inc., 212-979-9180~
 (EECN)


CO: Ecogen Inc. ST: Pennsylvania IN: HEA SU: ERN

AH-WB -- NY067 -- 1344 11~16~92 13:47 EST
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