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EPIGEN REPORTS THIRD QUARTER FINANCIAL RESULTS; PROGRESS ON COD TEST AND IN VIVO IMAGING AGENT

 WELLESLEY, Mass., Nov. 11 /PRNewswire/ -- Epigen, Inc., (AMEX: EPN.EC) a biopharmaceutical company organized to develop and commercialize cancer diagnostics, imaging agents and therapeutics, today announced financial results for the nine-month fiscal period ended Sept. 30, 1993. The net loss for the period was $1,782,942 (55 cents per share) compared to a net loss of $1,062,796 (32 cents per share) for the same period of the previous year.
 James Mongiardo, CEO of Epigen, said, "There has been a significant increase in our product development accomplishments as we move closer to clinical testing involving our first two products, the COD Test and the in vivo imaging agent." The COD Test is an in vitro (outside the body) blood test designed to monitor breast cancer patients. The in vivo (inside the body) imaging agent is designed to identify both tumors and metastases with a radioactive label so its location can be plotted by scintographic imaging.
 During the third quarter, data on the performance of the COD Test was presented by Dr. John Codington, Harvard Medical School and a Scientific Advisory Board member, at the XII International Symposium on Glycoconjugates in Kracow, Poland. This data was derived from a double blind study using a polyclonal antibody radioactive immunoassay of the plasma of 87 women with breast disease, which demonstrates a correlation between tumor burden and the concentration of Human Carcinoma Antigen ("HCA") in the blood. Data also was presented by Dr. Codington which demonstrates that for monoclonal antibody enzyme immunoassays under optimized conditions, it now appears possible to detect with the COD Test all carcinomas with a specificity of greater than 80 percent. It is expected that the COD Test will be used initially to monitor breast cancer patients. Clinical trials of the COD Test are expected to begin early next year.
 Substantial progress has been made in the development of the in vivo imaging agent. A very efficient linking methodology has been completed to attach a radioactive label to the in vivo imaging agent monoclonal antibody. Biodistribution and toxicology studies have started. The cGMP production run to manufacture monoclonal antibody for the Phase I/II clinical trials has begun. It is expected that an Investigational New Drug Application ("IND") will be filed for this product early next year.
 Epigen, Inc.
 Condensed Statements of Operations
 Three Months Nine Months
 Ended Sept. 30, Ended Sept. 30,
 1993 1992 1993 1992
 Revenues (interest
 income) $9,929 $24,024 $45,282 $96,962
 Net loss $(665,142) $(367,191) $(1,782,942) $(1,062,796)
 Net loss per
 common share (20 cents) (11 cents) (55 cents) (32 cents)
 Weighted average
 common shares
 outstanding 3,253,614 3,280,309 3,262,415 3,280,339
 -0- 11/11/93
 /CONTACT: James F. Mongiardo, president of Epigen, 617-237-9102/
 (EPN.EC)


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

DJ-JL -- NE005 -- 3071 11/11/93 08:44 EST
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Publication:PR Newswire
Date:Nov 11, 1993
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