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QUEST BIOTECHNOLOGY, INC. REPORTS RESULTS OF ITS FOURTH QUARTER AND FISCAL YEAR ENDED OCT. 31, 1991

 QUEST BIOTECHNOLOGY, INC. REPORTS RESULTS OF ITS FOURTH QUARTER
 AND FISCAL YEAR ENDED OCT. 31, 1991
 DETROIT, Feb. 19 /PRNewswire/ -- Quest BioTechnology, Inc. (NASDAQ: QBIO) today announced results of its fourth quarter and fiscal year ended Oct. 31, 1991.
 "During fiscal 1991, we terminated two of our corporate relationships with firms which licensed our technologies. However, on a positive note, several companies which license our technologies predicted they will be commencing clinical trials during the coming year. We continue to actively seek out additional potential users of our technologies while maintaining extensive contact with the research and commercial communities," said Eugene I. Schuster, chairman, president and chief executive officer.
 Quest's significant net loss during fiscal 1991 was primarily attributable to Quest's equity in the loss of AM Diagnostics, Inc. Quest's equity in the loss of AM for the first nine months of fiscal 1991 was $1,202,154. On Oct. 31, 1991, Quest's management determined that the remaining value of Quest's investment in AM is permanently impaired. Therefore, as of that date, Quest wrote off the remainder of the carrying value of its investment in AM amounting to $1,267,346. AM's ability to satisfy customer demands for products in a timely manner was adversely affected by unsuccessful efforts to obtain sufficient working capital financing. At Oct. 31, 1991, Quest possessed a 33.5-percent common stock ownership interest in AM. Effective Dec. 4, 1991, a major creditor of AM foreclosed on certain significant operating assets of AM. These assets were used in the formation of a privately held Indiana Corporation which began manufacturing and marketing the products of AM as of Dec. 4, 1991. Quest currently has no ownership interest in this newly formed company.
 QUEST BIOTECHNOLOGY, INC.
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 For the Three Months For the Year
 Ended Oct. 31 Ended Oct. 31
 (Unaudited) (Audited)
 1991 1990 1991 1990
 Operating revenue $5,000 $222,500 $237,500 $476,250
 Operating loss ($158,721) ($42,619) ($630,157) ($515,988)
 Net loss ($1,437,660) ($76,500) ($3,170,767) ($407,937)
 Net loss per share
 of common stock ($0.61) ($0.03) ($1.33) ($0.17)
 Weighted average
 number 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 and commercialize health care products and technologies. Quest has two wholly owned subsidiaries, PolyCell, Inc. and Quest Blood Substitute, Inc.
 -0- 2/19/92
 /CONTACT: Yvonne L. Marschner-Bova of Quest BioTechnology, Inc., 313-873-0200/
 (QBIO) CO: Quest BioTechnology, Inc. ST: Michigan IN: MTC SU: ERN


KK -- DE014 -- 0425 02/19/92 11:53 EST
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Date:Feb 19, 1992
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