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EPIGEN REPORTS QUARTER FINANCIAL RESULTS

 WELLESLEY, Mass., May 11 /PRNewswire/ -- Epigen, Inc., (EPN.EC-AMEX/ECM) a biopharmaceutical company organized to develop and commercialize cancer therapeutics, diagnostics, and imaging agents, today announced that revenues (interest income) were $19,112 and expenses were $600,462 for the first quarter ended March 31, 1993. The net loss for the period was $581,350 ($.18 per share). For the comparable period in 1992, revenues (interest income) were $40,609 with a net loss of $334,170 ($.10 per share). Weighted average shares outstanding were 3,280,309 for the quarter and 3,280,399 for the first quarter of 1992.
 James Mongiardo, president and chief executive officer of Epigen, Inc. said, "The net loss reflects an increase in product research activity as we move closer to clinical testing involving our first two products, the `COD Test' and in vivo imaging agent. Additionally, the company has accelerated its research and development activity for its therapeutic vaccine."
 The company filed its first U.S. Patent Application 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. Clinical trials for the COD Test are expected to begin in the summer of 1993. The COD Test is in vitro (outside the body) blood test that measures the level of HCA in the bloodstream. It is designed to measure the effectiveness of cancer treatment.
 Simultaneously, the company is developing an in vivo (inside the body) imaging agent designed to identify both tumors and metastases 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 third quarter of 1993 for Phase I/II safety and dosimetry trials.
 The company is also engaged in research devoted to the development of a cancer vaccine using anti-idiotypic monoclonal antibodies as a means of activating an immune system response to treat malignant tumors.
 Ronald L. Van Heertum, M.D., Professor of Clinical Radiology, Columbia Presbyterian Medical Center, New York, and a member of Epigen's Scientific Advisory Board, will make a presentation on Epigen's imaging agent at the company's annual meeting to be held at the Ritz-Carlton Boston at 10 a.m. on Tuesday, May 18. Joining Dr. Van Heertum will be another member of Epigen's Scientific Advisory Board, Soldano Ferrone, M.D., Ph.D., professor and chairman of the department of microbiology and immunology, New York Medical Center, who will speak on the development of the company's "anti-id" cancer vaccine.
 EPIGEN, INC.
 Condensed Statements of Operations
 Three Months Ended March 31, 1993 1992
 Revenues (interest income) $ 19,112 $ 40,609
 Net loss 581,350 (334,170)
 Net loss per common share (.18) (.10)
 Weighted average common shares outstanding 3,280,309 3,280,399
 -0- 5/11/93
 /CONTACT: James F. Mongiardo, president of Epigen, Inc., 617-237-9102, or William Doyle of Strategic Marketing Systems, 212-230-2177, for Epigen, Inc./


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

TM-LD -- NY004 -- 6863 05/11/93 08:50 EDT
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Date:May 11, 1993
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