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EDITEK ANNOUNCES INCREASED REVENUES, STRONGER CASH POSITION AND SIGNIFICANT ACHIEVEMENTS FOR FISCAL YEAR 1992

 BURLINGTON, N.C., April 1 /PRNewswire/ -- EDITEK, Inc. (AMEX: EDI.EC) reported today revenues of $2,989,165 for 1992, an increase of $258,137 or 9 percent compared to 1991.
 The net loss for 1992 was $1,291,605 or $0.35 per share compared to $846,895 or $0.31 per share in 1991. Significantly, cash and cash equivalents were $1,815,846 as of Dec. 31, 1992 compared to only $7,997 at Dec. 31, 1991. The Company's stronger balance sheet resulted in its first clean opinion as a going concern from the Company's accounting firm in four years.
 James D. Skinner, president and C.E.O., stated that 1992 was a watershed year for EDITEK. "Among our significant achievements during 1992 and to date, are the following:
 FINANCINGS
 EDITEK completed financings totaling in excess of $3,400,000 as a result of three private placements of approximately $2.6 million and the conversion of outstanding warrants for net proceeds of approximately $810,000.
 PATENTS
 -- Patent No. 5,141,875, Rotary Fluid Manipulator which describes, among other things, the methodology for the performance of one-step assays, one of the fastest growing segments of the on-site testing market, issued Aug. 25, 1992.
 -- The Multi-Layered Test Card patent was allowed June 17, 1992.
 PRODUCTS
 -- VERDICT One-Step Drugs of Abuse products were developed and introduced.
 -- Six tests developed for the United States Department of Defense including two RECON One-Step Assays and four multiple step EZ-SCREEN assays:
 RECON One-Step Botulinum Toxins A and B Tests
 RECON One-Step Staphylococcal Enterotoxin B Test
 EZ-SCREEN Botulinum Toxins A and B Tests
 EZ-SCREEN B. anthracis Test
 EZ-SCREEN Staphylococcal Enterotoxin B Test
 EZ-SCREEN Ricin Toxin Test
 -- PREDICT One-Step clinical diagnostic tests currently in development include:
 PREDICT One-Step Chlamydia Test
 PREDICT Veterinary Diagnostic Tests (for Farnam Companies)
 PREDICT One-Step hCG Test for Pregnancy (urine)
 PREDICT One-Step hCG Test for Pregnancy (whole blood)
 -- Two conventional biodiagnostic product development programs in collaboration with the USDA are nearing completion.
 CORPORATE PARTNERING
 -- diAGnostix, Inc., a 50/50 joint venture of EDITEK and Rhone- Poulenc Diagnostics, Ltd. has been created to address the agridiagnostic and food safety testing market in North America.
 -- Rhone-Poulenc Diagnostics, Ltd. appointed as the EDITEK agridiagnostic and food safety testing distributor on an exclusive basis throughout Europe and certain African countries and on a non-exclusive basis in a number of Far East and Pacific Rim countries.
 CORPORATE
 -- Company name changed to EDITEK, Inc. to more accurately describe the breadth of the Company's endeavors in on-site testing markets for agridiagnostics, drugs of abuse testing, clinical diagnostics, veterinary diagnostics and Department of Defense applications in addition to environmental testing.
 -- EDITEK listed on the American Stock Exchange Emerging Company Marketplace under the trading symbol EDI.EC.
 -- Creation of a new, automated/semi-automated, one-step diagnostic test manufacturing and product assembly operation.
 1992 was a year of significant accomplishments for EDITEK. The Company is financially stable and well positioned to take advantage of its breadth of patented technology for a wide variety of applications. It is unfortunate that significant amounts of our scarce funding must be expended preserving and protecting our proprietary and patented technology. However, these intellectual properties are among our most valuable assets and will be vigorously protected. The Board, management and employees of EDITEK continue our dedication to product development, manufacturing and product introductions that will increase revenues such that our Company will achieve profitability."
 EDITEK, Inc. is an emerging, biodiagnostic company with patented technology for the performance of rapid, on-site assays including one-step assays. The Company currently sells products for the human/clinical, drugs of abuse and agridiagnostics/food safety testing markets. EDITEK also has research, development and supply agreements with Farnam Companies and the United States Department of Defense for veterinary diagnostics and tests for biological substances respectively.
 EDITEK, INC.
 STATEMENT OF OPERATIONS
 Year Ended Dec. 31,
 1992 1991
 Revenues $ 2,989,165 $ 2,731,028
 Costs and Expenses 4,280,770 3,577,923
 Net Loss $(1,291,605) $( 846,895)
 Loss Per Share of Common Stock $(.35) $(.31)
 Weighted Average of Shares of
 Common Stock Outstanding 3,730,148 2,757,197
 Quarter Ended Dec. 31,
 1992 1991
 Revenues $ 700,708 $ 573,887
 Costs and Expenses 1,206,686 1,049,506
 Net Loss $( 505,978) $( 475,619)
 Loss Per Share of Common Stock $(.11) $(.15)
 Weighted Average of Shares of
 Common Stock Outstanding 4,737,617 3,193,339
 -0- 4/1/93
 /CONTACT: Peter Heath, Vice President Finance and Chief Financial Officer, EDITEK, Inc., 919-226-6311/
 (EDI)


CO: EDITEK, Inc. ST: North Carolina IN: CHM SU: ERN

MM-SB -- CH005 -- 1906 04/01/93 09:35 EST
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Date:Apr 1, 1993
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