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 WEST PALM BEACH, Fla., Aug. 16 /PRNewswire/ -- InnoVet, Inc. (AMEX: IVT.EC) today announced sales of $5,381,547 for the first half of 1993, compared to $5,134,331 for the first half of 1992.
 Sales for the second quarter of 1993 were $2,775,113 compared to $3,154,835 in the second quarter of 1992. Sales in the first quarter of 1993 were $2,606,434 vs. $1,979,496 in the first quarter of 1992. The first quarter 1992 figure represents only partial period sales for the Specialty Feed Companies which were acquired during that quarter.
 The company reported a net loss for the first half of 1993 of $1,809,349 or 10 cents per share. In 1992, the first half loss was $676,541 or 7 cents per share.
 Net loss for the second quarter of 1993 was $1,016,851 or 6 cents per share, compared to a loss of $404,245 or 4 cents per share in 1992.
 Expenses for the first half of 1993 include $549,000 in noncash charges for items such as depreciation, amortization and foreign currency exchange losses. The company did not experience these expenses for the comparable period in 1992.
 "Over the past 18 months we have made significant progress in building the foundations for a successful company," said InnoVet President Dr. Jesse W. Houdeshell. "We are in the late stages of transition from a development stage company to an expanding business.
 "Considerable management effort and financial resources have been devoted to developing InnoVet's technologies into commercially viable products and to staffing and reorganizing the company and its acquisitions into a parent company and four wholly owned operating subsidiaries," Houdeshell said.
 Houdeshell said InnoVet is focusing on profit improvement at the subsidiary level, completion of research projects, new product introductions, development of worldwide distribution channels, and cost containment. "We have an immediate goal of overall profitability," he said.
 In the first half of 1993, InnoVet completed a major private stock placement in Europe and acquired Cambridge Veterinary Sciences, Ltd. (CVS), a British-based veterinary diagnostics and bionutritional company. Several CVS products are expected to be introduced into the U.S. market during the next six months. CVS is developing a promising technology for the rapid detection of drug, pesticide and herbicide residues in foodstuffs. When developed, this automated technology will enter a market estimated at $100 million to $150 million. The technology recently earned a "SMART" grant (Small Firms Merit Award for Research and Technology) from the U.K. government.
 On July 15, 1993, InnoVet's common stock began trading on the American Stock Exchange in the Emerging Company Marketplace.
 InnoVet is a biotechnology company engaged in research, development and marketing of innovative pharmaceutical, biological, diagnostic and nutritional products. These products include an immune stimulant, several proprietary drug delivery technologies and a new venture to enter the livestock sex cell separation market. InnoVet's products and technologies are targeted primarily for the animal health care market, but some may also have significant applications in human health and nutrition.
 Consolidated Condensed Statements of Operations
 Periods ended Three months Six months
 June 30 1993 1992 1993 1992
 Sales $2,775,113 $3,154,835 $5,381,547 $5,134,331
 Cost of goods sold 2,104,919 2,384,180 4,162,822 3,874,360
 Gross profit 670,194 770,655 1,218,725 1,259,971
 Selling, general and
 expenses 1,655,890 1,151,122 2,945,458 1,899,515
 Interest expense 90,575 52,351 187,079 85,238
 Other income 59,420 28,573 104,463 48,241
 Net loss (1,016,851) (404,245) (1,809,349) (676,541)
 Net loss per share $(.06) $(.04) $(.10) $(.07)
 -0- 8/16/93
 /CONTACT: Scott Cielewich of InnoVet, 407-687-8088, or David Crosson of INFOCUS, 609-683-9055, for InnoVet/

CO: InnoVet, Inc. ST: Florida IN: MTC SU: ERN

MK-MP -- PH005 -- 2967 08/16/93 10:08 EDT
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Publication:PR Newswire
Date:Aug 16, 1993

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