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 BEAVERTON, Ore., Aug. 9 /PRNewswire/ -- Epitope Inc. (AMEX: EPT) today reported a third quarter net loss of $3.3 million (38 cents per share) on revenues of $994,000 as compared to a loss of $1.8 million (21 cents per share) on revenues of $790,000 in the third quarter of fiscal 1992.
 Product revenues increased 32 percent as compared to the third quarter of 1992. The increase was principally due to sales of the company's newest product, Fresche Blossoms packaged fresh flowers, which were $262,000 for the quarter. In addition to expanding the number of grocery outlets offering the company's fresh flowers on a daily basis, the company completed a successful Mothers' Day promotion with a major mass merchandiser. The remaining product revenues were from sales of the company's FDA approved AIDS confirmatory test, EPIblot(R), and its OraSure(R) oral specimen collection device which is being sold for limited insurance testing purposes and to certain foreign countries pending FDA approval for marketing in the United States. During the quarter, the company expanded its marketing arrangements for OraSure, entering into agreements with Bangkok R.I.A. Co. Ltd., a Thailand diagnostic distributor, manufacturer and clinical laboratory operator, and with GIB Laboratories, a U.S. insurance testing laboratory.
 Research and development expenses amounted to $1.8 million, an increase of 38 percent as compared to the third quarter of 1992. The increase was primarily due to increased agricultural research in the company's grape micropropagation and packaged fresh flower programs as well as several projects which are aimed at improving the post-harvest shelf life of fruits and vegetables utilizing the company's proprietary ethylene control gene.
 The company closed the quarter with cash reserves of $8.0 million. Following the close of the quarter, cash reserves were increased in July by $3.3 million with net proceeds from the exercise of warrants to purchase common stock and by the sale of additional warrants to purchase 375,000 shares of the company's stock at a price of $20 per share.
 A tabulation of results follows (in thousands, except per share data):
 Three Months Ended Nine Months Ended
 June 30 1993 1992 1993 1992
 Operating highlights:
 Revenues $ 994 $ 790 $ 2,611 $ 2,259
 Net loss (3,329) (1,842) (11,052) (5,394)
 Net loss per share (0.38) (0.21) (1.26) (0.63)
 June 30 1993 1992
 Selected balance sheet data:
 Cash and marketable securities $ 7,970 $11,728
 Working capital 8,262 11,889
 Convertible notes 4,740 5,495
 Shareholders' equity 7,267 9,699
 Epitope Inc. is an Oregon biotechnology company which develops and markets products for the detection of AIDS and other indications and, through its agricultural units, superior new plants and related products.
 -0- 8/9/93
 /CONTACT: Mary Hagen of Epitope Inc., 503-641-6115/

CO: Epitope Inc. ST: Oregon IN: MTC SU: ERN

JH-AL -- SE001 -- 0610 08/09/93 08:50 EDT
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Publication:PR Newswire
Date:Aug 9, 1993

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