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ESCAGENETICS CORP. ANNOUNCES THIRD QUARTER AND FISCAL YEAR-TO-DATE RESULTS

 ESCAGENETICS CORP. ANNOUNCES THIRD QUARTER AND FISCAL
 YEAR-TO-DATE RESULTS
 SAN CARLOS, Calif., Feb. 21 /PRNewswire/ -- ESCAgenetics Corp. (AMEX: ESN), a company which applies plant biotechnology to develop improved food crops, planting materials and plant-derived food ingredients and pharmaceuticals, announced today its financial results for the third fiscal quarter and fiscal year-to-date which ended Dec. 31, 1991.
 The net loss for the third quarter ended Dec. 31, 1991 was $(1,245,000) or $(.31) per share compared to $(1,055,000) or $(.28) per share for the third quarter ended Dec. 31, 1990. The net loss for the nine months ended Dec. 31, 1991 was $(2,600,000) or $(.68) per share compared to $(3,167,000) or $(.86) per share for the nine months ended Dec. 31, 1990.
 Revenues decreased to $37,000 compared to $761,000 for the three- month period ended Dec. 31, 1991 and 1990. Revenues for the nine months ended Dec. 31, 1991 decreased to $1,423,000 from $2,266,000 for the comparable period in 1990 while expenses decreased to $4,123,000 from $5,756,000. 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 increased to $803,000 and $2,219,000, respectively, for the three-month and nine-month periods ended Dec. 31, 1991, from $714,000 and $1,957,000, respectively, in the comparable prior year periods. The increase results from efforts associated with phytopharmaceuticals and true potato seed research and development.
 General and administrative expenses increased to $483,000 and $1,644,000, respectively, for the three-month and nine-month periods ended Dec. 31, 1991 from $409,000 and $1,315,000 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 Dec. 31,
 1991 1990
 (Unaudited) (Unaudited)
 Revenues:
 Contract completion $ -- $ --
 Contract revenues -- 758,154
 Sale of product 6,395 --
 Other income 30,568 3,154
 Total 36,963 761,308
 Costs and expenses:
 Contract costs -- 526,109
 Cost of product sales 6,675 --
 Research and
 development 802,885 713,625
 General and admin. 483,458 408,867
 Equity in loss of
 Joint Venture -- 251,139
 Total costs and
 expenses 1,293,018 1,899,740
 Loss from
 operations (1,256,055) (1,138,432)
 Interest income 31,443 83,166
 Net Loss $(1,244,612) $(1,055,266)
 Net loss per
 common share $ (.31) $ (.28)
 Weighted average
 number of common
 shares outstanding 3,899,328 3,709,367
 Nine Months Ended Dec. 31,
 1991 1990
 (Unaudited) (Unaudited)
 Revenues:
 Contract completion $1,075,000 $ --
 Contract revenues 108,427 2,261,061
 Sale of product 176,906 --
 Other income 62,902 4,557
 Total 1,423,235 2,265,618
 Costs and expenses:
 Contract costs 99,602 1,735,287
 Cost of product sales 159,791 --
 Research and
 development 2,218,890 1,957,391
 General and admin. 1,644,440 1,315,286
 Equity in loss of
 Joint Venture -- 747,811
 Total costs and
 expenses 4,122,723 5,755,775
 Loss from
 operations (2,699,488) (3,490,157)
 Interest income 99,597 322,939
 Net Loss $(2,599,891) $(3,167,218)
 Net loss per
 common share $ (.68) $ (.86)
 Weighted average
 number of common
 shares outstanding 3,829,161 3,702,677
 -0- 2/21/92
 /CONTACT: William J. Koenig of ESCAgenetics, 415-595-5335/
 (ESN) CO: ESCAgenetics Corp. ST: California IN: MTC SU: ERN


JL -- SF002 -- 1242 02/21/92 08:03 EST
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Date:Feb 21, 1992
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