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QUEST BIOTECHNOLOGY, INC. REPORTS RESULTS OF ITS SECOND QUARTER AND SIX MONTHS ENDED APRIL 30, 1992

 QUEST BIOTECHNOLOGY, INC. REPORTS RESULTS OF ITS SECOND QUARTER
 AND SIX MONTHS ENDED APRIL 30, 1992
 DETROIT, June 19 /PRNewswire/ -- Quest BioTechnology, Inc. announced results of its operations for the second quarter and six months ended April 30, 1992.
 Operating revenues were attributable to sublicense fees received for the use of the company's patented technologies. Operating loss decreased significantly during the fiscal 1992 periods as a result of substantial reductions in general and administrative expenses. Net loss decreased during the 1992 periods due to the recognition during the fiscal 1991 period of Quest's equity in the loss of an affiliated company, AM Diagnostics, Inc., amounting to $119,491. As of Oct. 31, 1991, Quest had written off its entire investment in AM Diagnostics, Inc.
 Subsequent to quarter end, PolyCell, Inc., a subsidiary of Quest, signed a cross-license agreement with Hybritech Incorporated. Under the terms of this agreement, PolyCell and Hybritech will each receive a license to the other company's bispecific antibody patents.
 Effective immediately, Quest's common stock will no longer be included for quotation in the National Association of Securities Dealer's Automated Quotations System ("NASDAQ") as it failed to meet the new capital and surplus and total asset requirements of NASD. However, the common stock of Quest will be traded on the National Daily Quotation Survey ("pink sheets").
 QUEST BIOTECHNOLOGY, INC.
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 For the Three Months For the Six Months
 Ended April 30, Ended April 30,
 1992 1991 1992 1991
 Operating revenues $32,500 $32,500 $132,500 $232,500
 Operating expenses $113,310 $291,495 $230,192 $569,307
 Operating loss ($80,810) ($258,995) ($97,692) ($336,807)
 Net loss ($81,827) ($871,898) ($100,970) ($1,094,823)
 Net loss per share
 of common stock ($0.03) ($0.36) ($0.04) ($0.46)
 Weighted average no.
 of common shares
 outstanding 2,391,079 2,391,079 2,391,079 2,391,079
 Quest BioTechnology, Inc. is a biotechnology company organized to acquire, develop and commercialize human health care products and processes and to acquire ownership interests in entities which own such products and processes. Quest has two wholly owned subsidiaries, PolyCell, Inc. and Quest Blood Substitute, Inc.
 -0- 6/19/92
 /CONTACT: Yvonne L. Marschner-Bova of Quest BioTechnology, 313-873-0200/ CO: Quest BioTechnology, Inc. ST: Michigan IN: MTC SU: ERN


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Date:Jun 19, 1992
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