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ETHICAL HOLDINGS PLC REPORTS SECOND QUARTER OPERATING RESULTS

 GODMANCHESTER, U.K., May 11 /PRNewswire/ -- Ethical Holdings plc (NASDAQ: ETHCY) today reported its second quarter operating results for fiscal 1993.
 For the three months ended Feb. 28, 1993, the company posted a net loss of 511,149 pounds sterling, representing 0.08 pounds per share. In the corresponding period of fiscal 1992, the company posted a net loss of 635,659 pounds, equal to 0.10 pounds per share. Revenues for the quarter were 554,379 pounds compared with 420,239 pounds a year previously.
 For the six months ended Feb. 28, 1993, Ethical posted a net loss of 1,180,404 pounds, equal to 0.18 pounds per share. In the corresponding period of fiscal 1992, the company posted a net loss of 1,275,492 pounds, equal to 0.20 pounds per share. Revenues for the period were 951,655 pounds, as compared with 817,877 pounds in the same period of fiscal 1992. For the fiscal year to Aug. 31, 1992, Ethical reported revenues of 4,427,887 pounds and net income of 191,259 pounds, representing 0.03 pounds per share.
 Dr. Geoffrey Guy, chairman and chief executive of Ethical Holdings, commented, "The results are in line with our expectations for the quarter. During the period, Ethical continued to make good progress on all its development projects. We made our submission for once-daily nifedipine in the U.K., a major new transdermal patch co-development project with a European multinational was begun, and the first test runs at our new transdermal patch manufacturing installation took place."
 Ethical Holdings plc is a pharmaceutical development company, specializing in pharmaceutical products using the company's proprietary drug delivery systems, including controlled release tables, transdermal patches and topical formulations. The company also has an ancillary phytomedicine business, Phytopharm Ltd., that develops drugs derived from plants. Ethical has a total of 23 products under development, three of which have been approved for marketing in eight countries. A further five products have been submitted for regulatory approval in one or more countries.
 Ethical Holding plc completed its initial public offering of 2,875,000 American Depository Shares in April 1993. The company intends to use the proceeds of the offering, approximately US$15 million, to redeem preference shares, repay indebtedness and to finance the construction of new laboratories, to acquire businessses, technologies, products or assets complementary to its business, and to fund ongoing research and development.
 ETHICAL HOLDINGS PLC
 Selected Financial Data (U.S. GAAP)
 Statement of Operations Data
 Three Months ended Feb. 28 1992 1993 1993
 Pounds Pounds US$
 Revenues:
 Licensing and development fees 141,862 417,868 602,190
 Royalties and product sales 114,367 48,404 69,755
 Services 164,010 88,107 126,971
 Total revenues 420,239 554,379 798,916
 Operating expenses:
 Direct costs 273,964 196,512 283,193
 Research, development and
 laboratory expenses 334,968 420,394 605,830
 Selling, general and
 administrative expenses 451,830 428,685 617,778
 Total expenses 1,060,761 1,045,591 1,506,801
 Operating loss (640,522) (491,212) (707,886)
 Interest expense (net) 21,993 19,937 28,731
 Loss from continuing operations
 before taxes and minority
 interests (662,515) (511,149) (736,617)
 Income taxes -- -- --
 Loss from continuing operations
 before minority interests (662,515) (511,149) (736,617)
 Minority interests (1,188) -- --
 Loss from continuing operations (661,327) (511,149) (736,617)
 Discontinued operation (after tax) 25,668 -- --
 Net loss (635,659) (511,149) (736,617)
 Earnings per share data:
 Continuing operations (0.10) (0.08) (0.11)
 Net loss (0.10) (0.08) (0.11)
 Shares used in calculation 6,484,374 6,768,137 6,768,137
 Six Months ended Feb. 28 1992 1993 1993
 Pounds Pounds US$
 Revenues:
 Licensing and development fees 370,995 618,841 891,812
 Royalties and product sales 186,622 176,766 254,737
 Services 260,260 156,048 224,881
 Total revenues 817,877 951,655 1,371,430
 Operating expenses:
 Direct costs 601,641 506,045 781,555
 Research, development and
 laboratory expenses 675,343 808,821 1,165,592
 Selling, general and
 administrative expenses 830,121 808,821 1,122,974
 Total expenses 2,107,105 2,123,682 3,070,121
 Operating loss (1,289,228) (1,172,027) (1,698,691)
 Interest expense (net) 39,237 42,164 60,763
 Loss from continuing operations
 before taxes and minority
 interests (1,328,465) (1,214,191) (1,759,453)
 Income taxes -- (9,256) --
 Loss from continuing operations
 before minority interests (1,328,465) (1,204,935) (1,759,453)
 Minority interests (4,283) -- --
 Loss from continuing operations (1,324,182) (1,204,935) (1,759,453)
 Discontinued operation (after tax) 48,690 24,531 35,352
 Net loss (1,275,492) (1,180,404) (1,724,102)
 Earnings per share data:
 Continuing operations (0.20) (0.18) (0.26)
 Net loss (0.20) (0.18) (0.25)
 Shares used in calculation 6,484,374 6,768,137 6,768,137
 Selected Balance Sheet Data
 2/28/93 2/28/93
 Pounds US$
 Working capital 491,410 708,171
 Total assets 3,421,785 4,931,133
 Long-term obligations 2,137,937 3,080,981
 Stockholders' equity 42,939 61,879
 Exchange rate: 1 pound equals US$1.4411.
 -0- 5/11/93
 /CONTACT: Andrew Rowe of Ethical Holdings, in the U.K., +44-480-431303/
 (ETHCY)


CO: Ethical Holdings plc ST: IN: MTC SU: ERN

GK -- NY090 -- 7231 05/11/93 16:31 EDT
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Date:May 11, 1993
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