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ETHICAL HOLDINGS REPORTS FISCAL 1993 THIRD QUARTER RESULTS

 GODMANCHESTER, England, July 15 /PRNewswire/ -- Ethical Holdings plc (NASDAQ: ETHCY) today reported its third quarter operating results for fiscal 1993.
 For the three months ended May 31, 1993, the company posted a net loss of 1,280,546 pounds sterling representing (16 pence) per share. In the corresponding period of fiscal 1992, the company posted a net income of 810,807 pounds, equal to 12 pence per share. Revenues for the quarter were 389,229 pounds compared with 1,856,608 pounds a year previously.
 For the nine months ended May 31, 1993, the company posted a net loss of 2,460,950 pounds, equal to (32 pence) per share. In the corresponding period of fiscal 1992, the company posted a net loss of 403,696 pounds, equal to (6 pence) per share. Revenues for the period were 1,340,884 pounds, as compared with 2,674,485 pounds in the same period of fiscal 1992.
 These figures follow the precedent set in previous years when little licensing income was received in the first three quarters, with the exception of 1992, when an unusually large proportion was received in the third quarter. Service income has decreased, in line with the company's stated policy, and development expenditure, reflected in direct costs and R and D costs, has increased substantially, whereas SG and A costs have slightly decreased.
 Dr. Geoffrey Guy, chairman and chief executive officer of Ethical Holdings plc, commented "The increased R and D expenditure reflects the increased workload for new agreements currently under negotiation. It has been another very satisfactory quarter in development terms. The company's combined estrogen/progestogen patch has now moved into Phase III trials in the U.K., taking advantage of the company's large-scale osteoporosis screening program, a registration application was made in France for once-daily nifedipine, a number of existing license agreements were extended to include new territories, producing additional payments, the Medicines Control Agency has also granted a manufacturer's license for the transdermal facility."
 Ethical Holdings plc is a pharmaceutical development company, specializing in pharmaceutical products using the company's proprietary drug delivery systems, including controlled release tablets, transdermal patches and topical formulations. The company also has an ancillary phytomedicine business that develops drugs derived from plants.
 ETHICAL HOLDINGS PLC
 Selected Financial Data
 (Unaudited, U.S. GAAP)
 Three Months Ended May 31 1992 1993 1993
 pounds pounds dollars
 Statement of Operations Data:
 Revenues:
 Licensing and development fees 1,632,567 245,000 382,886
 Royalties and product sales 133,036 124,756 194,969
 Services 91,005 19,473 30,432
 Total revenues 1,856,608 389,229 608,287
 Operating expenses:
 Direct costs 307,291 555,173 867,624
 Research, development and
 laboratory expenses 230,764 577,973 903,256
 Selling, general and
 administrative expenses 544,069 535,929 837,550
 Total operating expenses 1,082,124 1,669,075 2,608,430
 Operating income (loss): 774,485 (1,279,846)(2,000,143)
 Interest expense (net) 13,948 700 1,094
 Income (loss) from continued
 operations before
 income tax and minority
 interests: 760,537 (1,280,546)(2,001,237)
 Income taxes -- -- --
 Income (loss) from continued
 operations before
 minority interests: 760,537 (1,280,546)(2,001,237)
 Minority interests (13,907) -- --
 Income (loss) from
 continuing operations: 774,443 (1,280,546)(2,001,237)
 Discontinued operations
 (after tax): 36,364 0 0
 Net income (loss): 810,807 (1,280,546)(2,001,237)
 Earnings per share data:
 Proforma shares used in
 circulation 6,905,903 8,196,501 8,196,501
 Continuing operations 0.11 (0.16) (0.24)
 Net income (loss) 0.12 (0.16) (0.24)
 Nine Months Ended May 31 1992 1993 1993
 pounds pounds dollars
 Statement of Operations Data:
 Revenues:
 Licensing and development fees 2,003,562 863,841 1,350,011
 Royalties and product sales 319,658 301,522 471,219
 Services 351,265 175,521 274,304
 Total revenues 2,674,485 1,340,884 2,095,534
 Operating expenses:
 Direct costs 847,985 1,061,218 1,658,471
 Research, development and
 laboratory expenses 906,106 1,386,794 2,167,282
 Selling, general and
 administrative expenses 1,374,190 1,344,745 2,101,567
 Total operating expenses 3,128,281 3,792,757 5,927,321
 Operating income (loss): (453,796) (2,451,873)(3,831,787)
 Interest expense (net) 39,237 42,864 66,988
 Income (loss) from continued
 operations before
 income tax and minority
 interests: (493,033) (2,494,737)(3,898,775)
 Income taxes -- (9,256) (14,465)
 Income (loss) from continued
 operations before
 minority interests: (493,033) (2,485,481)(3,884,310)
 Minority interests (4,283) -- --
 Income (loss) from
 continuing operations: (488,750) (2,485,481)(3,884,310)
 Discontinued operation
 (after tax): 85,054 24,531 38,337
 Net income (loss): (403,696) (2,460,950)(3,845,973)
 Earnings per share data:
 Proforma shares used in
 circulation 6,840,646 7,761,794 7,761,794
 Continuing operations (0.07) (0.32) (0.50)
 Net income (loss) (0.06) (0.32) (0.50)
 SELECTED BALANCE SHEET DATA
 5/31/93 5/31/93
 pounds dollars
 Working capital 7,612,438 10,970,284
 Total assets 11,201,382 16,142,312
 Long-term obligations 134,895 194,397
 Shareholder' equity 9,531,318 13,735,582
 Exchange rate: 1 pound - 1.5628 dollars as at May 31.
 -0- 7/15/93
 /CONTACT: Andrew Rowe of Ethical Holdings plc, 44-480-431-303/
 (ETHCY)


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

WB-MG -- NY080 -- 2185 07/15/93 16:31 EDT
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