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 BOSTON, Aug. 2 /PRNewswire/ -- Endogen, Inc. (NASDAQ: ENDG) announced today that its revenues for the fiscal year ended May 31, 1993 increased 38 percent, to a record $2,557,995, compared with revenues of $1,846,003 in the comparable prior fiscal year. Net income for the fiscal year was $132,492 vs. a net loss of $174,815 a year ago. Net income per share for the fiscal year was 2 cents per share compared with (29 cents) per share for the year ended May 31, 1992.
 "This has been a landmark year for Endogen," remarked Owen A. Dempsey, president and CEO. "Revenues were at a record level for the fourth quarter and for the year. We have witnessed strong demand from customers for Endogen's cytokine immunoassay kits as well as our specialty reagent product line."
 In addition to its product related activities, Endogen emerged as a public company in March through the acquisition of all of the outstanding stock of Diagnostics Holding Corp. in exchange for approximately 1.2 million shares of Endogen common stock. As a result of the transaction, Endogen increased its cash reserves by $3.075 million, the amount held by Diagnostics Holding Corp. at the time of the acquisition.
 Dempsey continued, "The process of strengthening Endogen's capabilities began as soon as we completed the financing, with the addition of Dr. Thomas Miller as senior director of Research and Development." Previously, Dr. Miller held senior positions in diagnostic assay development at Matritech, Inc. and Ciba-Corning Diagnostics. Dr. Miller joined Endogen in April 1993 with overall responsibility for the leadership of scientific and product development activities at the company. "We are pleased to announce this significant hire, as well as the year-end financial results, to our shareholders who have been so supportive of Endogen throughout this landmark year."
 Endogen, Inc. is a leading developer, manufacturer and supplier of specialty research products and immuno-assay test kits to the growing biomedical research market. The company's products are used by researchers who are investigating cytokines, adhesion molecules, and other components of the immune system. Endogen markets three prinicpal products lines worldwide, consisting of over 120 research products and 19 immuno-assay kits.
 Condensed Statement of Operations (audited)
 Year Ended May 31,
 1992 1993
 Product sales $1,846,003 $2,557,995
 Costs and operating
 Cost of sales 676,100 769,369
 Selling & marketing 411,442 536,792
 General & administrative 529,677 607,099
 Research & development 397,562 513,064
 Total 2,014,781 2,426,324
 Income (loss) from
 operations (168,778) 131,671
 Interest income --- 15,163
 Interest expense (6,037) (14,342)
 Net income (loss) (174,815) 132,492
 Accretion of redeemable
 convertible preferred
 stock to redemption value (111,413) (88,511)
 Net income (loss) applicable
 to common shares $(286,228) $43,981
 Net income (loss)
 per share (29 cents) 2 cents
 Weighted average common
 shares outstanding 988,467 1,990,051
 Consolidated Balance Sheet (audited)
 Cash and cash equivalents $33,473 $2,583,738
 Accounts receivable, net 353,903 404,384
 Other current assets 405,098 542,920
 Property, plant and
 equipment, net 160,980 253,811
 Other assets 130,375 219,100
 Total $1,083,829 $4,003,953
 Current liabilities $394,822 $566,299
 Long-term debt 31,150 82,501
 Stockholders' equity 657,857 3,355,153
 Total $1,083,829 $4,003,953
 -0- 8/2/93
 /CONTACT: Owen A. Dempsey, president and CEO of Endogen, 617-439-3250/

CO: Endogen, Inc. ST: Massachusetts IN: MTC SU: ERN

DJ -- NE019 -- 8593 08/02/93 18:21 EDT
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Publication:PR Newswire
Date:Aug 2, 1993

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