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ESCAGENETICS ANNOUNCES FOURTH QUARTER AND FISCAL YEAR RESULTS

 ESCAGENETICS ANNOUNCES FOURTH QUARTER AND FISCAL YEAR RESULTS
 SAN CARLOS, Calif., May 12 /PRNewswire/ -- ESCAgenetics Corp. (AMEX: ESN), a San Carlos-based company which applies plant biotechnology to develop plant-derived pharmaceuticals and food ingredients as well as improved food crops and planting materials announced today its financial results for the fourth fiscal quarter and fiscal year which ended March 31, 1992.
 The net loss for the fourth quarter ended March 31, 1992 was $(1,019,000), $(.22) per share compared to $(1,023,000), $(.28) per share for the fourth quarter ended March 31, 1991. The net loss for the 12 months ended March 31, 1992 was $(3,619,000), $(.90) per share compared to $(4,190,000), $(1.13) per share for the 12 months ended March 31, 1991.
 Revenues were $259,000 for both three month periods ended March 31, 1992 and 1991. Revenues for the 12 months ended March 31, 1992 decreased to $1,662,000 from $2,514,000 for the comparable period in 1991 and expenses decreased to $5,456,000 from $7,094,000. The decrease in revenue was principally due to the elimination of research funding from the TPS Joint Venture and the expiration of research contracts.
 Research and development expenses decreased to $788,000 and $3,106,000, respectively, for the three-month and 12-month periods ended March 31, 1992, from $998,000 and $4,690,000, respectively, in the comparable prior year periods. The decrease results from efforts associated with cost reductions.
 General and adminstrative expenses increased to $426,000 and $2,070,000, respectively, for the three-month and 12-month periods ended March 31, 1992 from $355,000 and $1,670,000 in the comparable prior year periods.
 On Feb. 19, 1992, the company announced the completion of a $6.75 million private financing from the sale of unregistered common stock.
 ESCAGENETICS CORP.
 Consolidated Statements of Operations
 Three Months Ended Year Ended
 March 31, March 31,
 1992 1991 1992 1991
 (unaudited) (unaudited)
 Revenues: $259,154 $259,181 $1,662,091 $2,514,296
 Costs and expenses:
 Research and
 development 787,680 997,534 3,106,172 4,690,212
 Cost and product
 sales 120,406 -- 280,197 --
 Equity in loss of
 Joint Venture -- (13,867) -- 733,944
 General and
 administrative 425,675 355,026 2,070,115 1,670,312
 Total costs and
 expenses 1,333,761 1,338,693 5,456,484 7,094,468
 Loss from
 operations (1,074,607) (1,079,512) (3,794,393) (4,580,172)
 Interest and
 other income 55,738 56,476 175,633 389,918
 Net loss $(1,018,869) $(1,023,036) $(3,618,760) $(4,190,254)
 Net loss per
 common share $(.22) $(.28) $(.90) $(1.13)
 Weighted average
 number of
 common shares
 outstanding 4,544,887 3,715,410 4,008,093 3,705,861
 Consolidated Balance Sheet at March 31, 1992
 Assets:
 Cash and cash equivalents $3,057,437
 Short-term investments 3,899,326
 Other current assets 574,820
 Total current assets 7,531,583
 Property & equipment, net 638,165
 Other assets 9,884
 Total assets $8,179,632
 Liabilities:
 Current liabilities $708,041
 Total stockholders' equity 7,471,591
 Total liabilities and
 stockholders' equity $8,179,632
 -0- 5/12/92
 /CONTACT: William J. Koenig of ESCAgenetics, 415-595-5335/
 (ESN) CO: ESCAgenetics Corp. ST: California IN: MTC SU: ERN


MM-MC -- SF002 -- 8925 05/12/92 08:05 EDT
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Date:May 12, 1992
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