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GV MEDICAL REPORTS SECOND QUARTER RESULTS; ANNOUNCES NEW RESEARCH DIRECTION

 GV MEDICAL REPORTS SECOND QUARTER RESULTS;
 ANNOUNCES NEW RESEARCH DIRECTION
 MINNEAPOLIS, Aug. 10 /PRNewswire/ -- GV Medical, Inc. (NASDAQ:GVMI) today reported revenue of $60,448 for the quarter ended June 30, 1992, a decline from last year's $242,379. Revenue in the 1992 quarter came exclusively from the sale of catheters and other disposable items, while 1991 revenue included sale of one of the company's laser systems. The company recorded a loss for the quarter of $1,027,237, equal to 11 cents per share, compared with last year's loss of $985,206, or 19 cents per share.
 Daryl F. Yurek, chairman of the board, said the company has decided to target its research efforts in the short term toward the development of a new laser diagnostic system.
 "With our limited resources, we felt we should direct our effort toward the product with the greatest potential for rapid commercialization," Yurek said. "The clinical trials of the laser angiosurgery (LAS) system, on which we had been working with the Massachusetts Institute of Technology (MIT) and the Cleveland Clinic, have been suspended, and we do not currently expect that the authorized series of 30 procedures will be completed this year. We also have not renewed our research contract with MIT, which expired in April. We have, however, retained exclusive rights to the technology in the cardiovascular area and plan to incorporate the diagnostic features of the system into the diagnostic product now under development."
 For the six months, GV Medical reported revenue of $177,342, compared with $502,755 in the first half of last year. The net loss was $1,939,697, or 23 cents per share, compared with last year's $1,874,364, equal to 36 cents per share.
 GV Medical is based in Minneapolis. The company's developmental LAS system incorporates both diagnostic and therapeutic features to remove plaque from blocked coronary arteries. The company's existing LASTAC(R) laser system is awaiting approval from the U.S. Food and Drug Administration for use in coronary arteries and already has been approved for use in peripheral arteries.
 GV Medical, Inc. Results
 (Unaudited)
 Three months ended Six months ended
 6/30/92 6/30/91 6/30/92 6/30/91
 Revenue $60,448 $242,379 $177,342 $502,755
 Cost of products sold $21,500 $155,386 $81,976 $280,854
 Expenses:
 Research and
 development 526,824 640,184 1,052,625 1,253,688
 Selling, general and
 administrative 716,850 579,806 1,181,417 1,045,365
 Less interest and
 other income (177,489) (147,791) (198,979) (202,788)
 Total expenses 1,066,815 1,072,199 2,035,063 2,096,265
 Net loss $(1,027,237) $(985,206) $(1,939,697) $(1,874,364)
 Net loss per share $ (0.11) $ (0.19) $ (0.23) $ (0.36)
 Weighted average
 common shares 9,258,192 5,218,875 8,525,050 5,201,456
 -0- 8/10/92
 /CONTACT: Tom Ahmann of GV Medical, Inc. 612-559-4000, or Curt Swenson of Swenson Falker Eilertsen Inc., 612-371-0000, for GV Medical/
 (GVMI) CO: GV Medical, Inc. ST: Minnesota IN: MTC SU: ERN


MA -- MN018 -- 8714 08/10/92 17:38 EDT
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Date:Aug 10, 1992
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