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ESCAGENETICS ANNOUNCES SECOND QUARTER FINANCIAL RESULTS

 ESCAGENETICS ANNOUNCES SECOND QUARTER FINANCIAL RESULTS
 SAN CARLOS, Calif., Nov. 5 /PRNewswire/ -- ESCAgenetics Corporation


(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 second fiscal quarter ended Sept. 30, 1992.
 The net loss for the second quarter ended Sept. 30, 1992, was $(1,413,000) or 29 cents per share compared to $(196,000) or 5 cents per share for the second quarter ended Sept. 30, 1992. The net loss for the six months ended Sept. 30, 1992, was $(2,448,000), 50 cents per share compared to $(1,375,000), 36 cents per share for the six months ended Sept. 30, 1991.
 Revenues decreased by $1,196,000 and $828,000 during the three months and six months ended Sept. 30, 1992, as compared with the same periods of the prior year. The decrease is primarily attributable to the sale of technology of $1,075,000 in the prior period, offset by an increase from the sale of corn inventory and a grant from the National Cancer Institute in the first quarter ended June 30, 1992, and an overall decline in contract revenue.
 Proprietary research and development expenses increased to $1,054,000 and $1,985,000, respectively, for the three-month and six-month periods ended Sept. 30, 1992, from $826,000 and $1,516,000, respectively, in the comparable prior year periods, primarily due to efforts in the company's Taxol, phytopharmaceutical and hybrid true potato seed programs.
 General and administrative expenses decreased to $405,000 and $721,000, respectively, in the three-month and six-month periods ended Sept. 30, 1992, from $609,000 and $1,161,000, respectively, in the comparable prior year, primarily due to a decrease in legal expenses, other services and valuation reserves for corn inventory.
 ESCAGENETICS CORP.
 CONSOLIDATED STATEMENTS OF OPERATIONS
 THREE MONTHS SIX MONTHS
 ENDED SEPT. 30, ENDED SEPT. 30,
 1992 1991 1992 1991
 (Unaudited)(Unaudited) (Unaudited) (Unaudited)
 Revenues:
 Sale of technology $ --- $1,075,000 $ --- $1,075,000
 Grant revenue --- --- 112,390 ---
 Contract revenues --- 81,229 --- 108,427
 Product sales 130,296 170,511 413,569 170,511
 Total 130,296 1,326,740 525,959 1,353,938
 Costs and expenses:
 Research and development (contract
 costs in 1991 were
 $73,413 and $99,602
 for the three-month
 and six-month
 periods) 1,054,183 826,046 1,984,911 1,515,607
 Cost of product
 sales 136,511 153,116 390,996 153,116
 General and
 administrative 405,148 608,858 721,169 1,160,982
 Total costs and
 expenses 1,595,842 1,588,020 3,097,076 2,829,705
 Loss from
 operations (1,465,546) (261,280) (2,571,117) (1,475,767)
 Interest and other
 income 52,181 65,034 122,760 100,488
 Net loss $(1,413,365) $(196,246) $(2,448,357) $(1,375,279)
 Net loss per
 share $ (0.29) $ (0.05) $ (0.50) $ (0.36)
 Weighted average number of
 shares outstanding during
 the period 4,897,579 3,869,280 4,892,933 3,794,078
 -0- 11/5/92
 /CONTACT: William J. Koenig of ESCAgenetics, 415-595-5335/
 (ESN) CO: ESCAgenetics Corp. ST: California IN: MTC SU: ERN


SG-DV -- SF008 -- 7883 11/05/92 16:03 EST
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Date:Nov 5, 1992
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