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EPITOPE REPORTS SECOND-QUARTER OPERATING RESULTS

 BEAVERTON, Ore., April 29 /PRNewswire/ -- Epitope Inc. (AMEX: EPT) today reported a second-quarter net loss of $4.6 million (53 cents per share) and revenues of $880,000 as compared to a loss of $1.8 million (22 cents per share) and revenues of $893,000 for the second quarter of fiscal 1992.
 The loss for the quarter includes a previously announced $1.4-million charge for settlement of a class action lawsuit. The charge to income is comprised of the fair market value of the warrants to be issued by the company in connection with the settlement, less insurance proceeds. All cash required for the settlement was provided by the company's insurance carrier. Under terms of the settlement the company will issue warrants entitling eligible members of the class to purchase 700,000 shares of its common stock at a price of $17-1/8 per share for a period of 103 days after issuance. If all of the warrants are exercised, the company will receive proceeds of approximately $12 million.
 Product revenues were $829,000 for the quarter, an increase of 8 percent over the second quarter of fiscal 1992. The increase was due to higher sales of the company's EPIblot(R) AIDS confirmatory test (up 47 percent as compared to the second quarter of fiscal 1992) and sales of the company's newest product, Fresche Blossoms(TM) packaged fresh flowers, which accounted for $110,000 of product sales in the second quarter.
 Research and development expenses of $1.7 million for the quarter were up 34 percent from the second quarter of fiscal 1992, principally as a result of increased levels of activity in the grape plant micropropagation program and the ethylene-control programs to increase post-harvest shelf lives of fruits, vegetables and flowers. Research and development also includes expenditures for clinical trials and FDA submissions which were previously capitalized and amortized against product sales. This change in accounting policy had the effect of increasing the net loss for the second quarter and six months of fiscal 1993 by $196,000 (2 cents per share) and $211,000 (2 cents per share), respectively. Prior-year financial statements have been revised to reflect the new policy.
 Selling, general and administrative expenses in the quarter increased from the second quarter of fiscal 1992 by $964,000 to $1.7 million. The increase is the result of expansion of the Epitope medical products marketing organization, the addition of the company's Fresche Blossoms operation and expanded activities in the grape micropropagation programs.
 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)
 Operating Highlights:
 Three Months Six Months
 Period Ended March 31: 1993 1992 1993 1992
 Revenues $ 880 $ 893 $ 1,616 $ 1,469
 Net loss (4,621) (1,846) (7,723) (3,553)
 Net loss per share (0.53) (0.22) (0.88) (0.42)
 Selected Balance Sheet Data:
 March 31, March 31,
 1993 1992
 Cash and marketable securities $10,676 $ 7,647
 Working capital 11,262 8,598
 Convertible notes 4,760 --
 Shareholders' equity 10,134 11,243
 -0- 4/29/93
 /CONTACT: Mary Hagen of Epitope, 503-641-6115/
 (EPT)


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

LM-GT -- SE003 -- 2529 04/29/93 10:10 EDT
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Publication:PR Newswire
Date:Apr 29, 1993
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