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IGENE BIOTECHNOLOGY ENTERS INTO AGREEMENT WITH BURNS PHILP FOOD

 COLUMBIA, Md., April 16 /PRNewswire/ -- IGENE Biotechnology, Inc., today announced that Burns Philp Food Inc., San Francisco, has entered into an exclusive technology license agreement to manufacture AstaXin, IGENE's natural yeast product used in the diet of farm raised salmonid fish to produce the characteristic pink flesh of wild salmon.
 Burns Philp has purchased 200,000 shares of IGENE Common Stock at 75 cents per share as the two companies enter a joint evaluation period for additional testing of the technology, manufacturing process, and market for AstaXin before a commitment is made for a dedicated production plant. Following satisfactory completion of the 10-week evaluation period, Burns Philp would purchase additional stock, receive warrants for a significant equity investment, and become the exclusive worldwide licensee of IGENE's patented technology.
 -0- 4/16/93
 /NOTE: AstaXin is a registered trademark./
 /CONTACT: Stephen F. Hiu of IGENE Biotechnology, 410-997-2599/


CO: IGENE Biotechnology, Inc.; Burns Philp Food Inc. ST: Maryland, California IN: SU:

TW-KD -- DC020 -- 6817 04/16/93 14:03 EDT
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Publication:PR Newswire
Date:Apr 16, 1993
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