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EPITOPE REPORTS FIRST-QUARTER RESULTS

 BEAVERTON, Ore., Feb. 12 /PRNewswire/ -- Epitope Inc. (AMEX: EPT) today reported revenues of $736,000 and a loss of $3.1 million (35 cents per share) for the quarter ended Dec. 31, 1992. These results compare to revenues of $576,000 and a loss of $1.7 million (20 cents per share) for the first quarter of fiscal 1992.
 Product revenues were up 42 percent due to increased shipments of the company's EPIblot(R) AIDS confirmatory test. Revenues from Epitope's OraSure(R) oral specimen device declined as the device continued to be sold for limited purposes while the FDA reviews the company's Premarket Approval application. The company also launched its Fresche Blossoms packaged fresh flowers during the quarter, realizing net sales at $18,000. At the present time, Fresche Blossoms products are being sold in over 200 Minneapolis-area retail outlets.
 Research and development expenses increased $500,000, as compared to the first quarter of fiscal 1992, to $1.6 million due to increased levels of activity in the grape plant micropropagation and packaged fresh flower programs. Selling, general and administrative expenses increased $777,000 to $1.5 million for the current quarter. The company incurred additional expenses for its expanded marketing efforts, legal fees for the company's defense of class action litigation filed in June 1992 and for increased compensation expense.
 As of Dec. 31, 1992, the company had $12.4 million of cash and marketable securities on hand. Late in the quarter, the company received $6.0 million of proceeds from sale of warrants to purchase the company's common stock. An additional $1.2 million of proceeds was received in January 1993.
 Epitope Inc. is an Oregon corporation utilizing biotechnology to develop diagnostic products for the detection of AIDS and other indications and, through its agricultural unit, Agritope Inc., superior new plant varieties.
 A tabulation of results follows.
 EPITOPE INC.
 (In thousands, except per-share data)
 Three Months
 Ended Dec. 31: 1992 1991
 Operating Highlights:
 Revenues $ 736 $ 576
 Net loss (3,087) (1,706)
 Net loss per share ( 0.35) ( 0.20)
 Selected Balance Sheet Data:
 Working capital $12,112 $ 9,481
 Assets 19,162 13,426
 Convertible notes 4,835 --
 Shareholders' equity 12,399 12,940
 -0- 2/12/93
 /CONTACT: Mary Hagen of Epitope, 503-641-6115/
 (EPT)


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

SW-LM -- SE012 -- 6371 02/12/93 19:16 EST
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Publication:PR Newswire
Date:Feb 12, 1993
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