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EPIGEN REPORTS 1992 FINANCIAL RESULTS

 WELLESLEY, Mass., March 30 /PRNewswire/ -- Epigen, Inc. (AMEX: ECM), a biopharmaceutical company organized to develop and commercialize cancer therapeutics, diagnostics and imaging agents, today announced financial results for the fiscal period ended Dec. 31, 1992. There were revenues (interest income) of $126,096 and expenses were $1,612,609. The net loss for the period was $1,486,513 (45 cents per share). There were no revenues in the previous year and the net loss was $1,365,962 ($1.11 per share). Weighted average shares outstanding were 3,280,251 for the year ended 1992 and 1,230,596 for the year ended 1991.
 "Epigen is well on track to develop and commercialize its carcinoma products," said James Mongiardo, president and chief executive officer of Epigen, Inc. "Our first U.S. Patent Application was filed in February 1993 to cover the proprietary Human Carcinoma Antigen (HCA), HCA antibodies, HCA immunoassays and methods of imaging and therapy for carcinomas."
 Epigen's first three products are covered under the patent filing. The initial product is the "COD Test" which is designed to measure the effectiveness of cancer treatment. The COD test is an in vitro (outside the body) blood test to measure the level of HCA in the bloodstream. Company research has shown that HCA is shed into the bloodstream, and that there is a correlation between the amount of HCA present and tumor burden. Clinical trials for the COD Test are expected to begin in the first half of 1993.
 Simultaneously, Epigen is developing an in vivo (inside the body) imaging agent designed to identify the tumor site with a radioactive label so its location can be plotted by scintographic imaging. The company expects to file an Investigational New Drug (IND) application in the second quarter of 1993 and start Phase I/II safety and dosimetry trials in the third quarter.
 Epigen's third product, a cancer vaccine, uses proprietary anti- idiotypic monoclonal antibodies to act like purified HCA and activate an immune system response to treat malignant tumors.
 -0- 3/30/93
 /CONTACT: James Mongiardo, president and CEO of Epigen, Inc., 617-237-9102, or William Doyle of Strategic Marketing Systems, Inc., 212-230-2177, for Epigen, Inc./
 (ECM)


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

TS-TM -- NY005 -- 0872 03/30/93 08:50 EST
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Publication:PR Newswire
Date:Mar 30, 1993
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