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IMUTEC REPORTS FIRST QUARTER RESULTS

 IMUTEC REPORTS FIRST QUARTER RESULTS
 TORONTO, Oct. 30 /PRNewswire/ -- IMUTEC Corporation announced today


its financial results for the first quarter ended Aug. 31, 1992.
 IMUTEC incurred net research and development expenses of $759,196 for the first quarter compared with $210,431 for the same quarter last year. The increase in research and development expenses was primarily attributable to the expansion of Phase II clinical trials and the advancement of scientific programs related to the development of VIRULIZIN(TM), a potential new drug for the treatment of cancer.
 Research and development expenses also included the costs associated with the development of an Investigational New Drug(IND) application for clinical trials with VIRULIZIN(TM) in the United States and Europe and the filing of an IND for a clinical trial with a new drug as a treatment for Kaposi's Sarcoma in HIV-infected patients in Canada. These clinical trials will begin in 1993.
 Net loss for this period was $690,151, or $0.04 per share compared with a net loss of $209,186, or $O.O2 per share, for the comparable period a year ago.
 Working capital of $4.5 million at Aug. 31, 1992 compared to $1.1 million at Aug. 31, 1991. This increase is mainly due to the proceeds from the private placements of equity securities in October, 1991 and January, 1992.
 On Oct. 30, 1992 IMUTEC received net proceeds of $5.0 million as a result of the successful exercise of 2.7 million warrants. Working capital at October 30, 1992 exceeds $9.0 million.
 During the next few years IMUTEC will devote substantially all of financial and human resources to the advancement of scientific and clinical programs related to the marketing approval of VIRULIZIN(TM). In addition, during 1993 the company will initiate discussions with multinational pharmaceutical-companies for developmental, marketing and distribution agreements for VIRULIZIN(TM).
 IMUTEC is a biotechnology company using a proprietary technology to develop and commercialize naturally derived immunologic pharmaceuticals for use in the treatment of diseases. To date, IMUTEC has applied its technology to produce VIRULIZIN(TM), a potential new drug for the treatment of cancer.
 VIRULIZIN(TM) is currently undergoing thirteen Phase II clinical trials at eight North American hospitals on the following types of cancer: pancreatic, malignant melanoma, kidney, stomach, and recurrent rectum and colon.
 -0- 10/30/92
 /CONTACT: David W. Cooke, director of corporate development of IMUTEC, 416-724-1100, Voice Mail Extension 227; 1-800-561-9400; or Fax 416-724-1167/
 (IMUTF) CO: IMUTEC Corporation ST: Ontario IN: MTC SU: ERN


SH -- NY027 -- 7024 10/30/92 10:03 EST
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Date:Oct 30, 1992
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