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QUEST BIOTECHNOLOGY REPORTS FISCAL 1992 THIRD-QUARTER PROFIT, SLIGHT LOSS FOR NINE-MONTH PERIOD ENDED JULY 31, 1992

 QUEST BIOTECHNOLOGY REPORTS FISCAL 1992 THIRD-QUARTER PROFIT,
 SLIGHT LOSS FOR NINE-MONTH PERIOD ENDED JULY 31, 1992
 DETROIT, Sept. 22 /PRNewswire/ -- Quest BioTechnology, Inc. (QBIO) announced results of its third quarter and nine months ended July 31, 1992. "We are pleased to report operating income of $94,482 and net income of $93,771 for the 1992 three-month period primarily as a result of revenues from sublicense fees and lower general and administrative expenses. Operating loss for the nine-month period declined substantially due to a decrease in general and administrative expenses and to a lesser extent, higher sublicense and license fee activity," said Eugene I. Schuster, chairman, president and chief executive officer of Quest.
 QUEST BIOTECHNOLOGY, INC.
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 For the Three Months For the Nine Months
 Ended July 31, Ended July 31,
 1992 1991 1992 1991
 Operating revenues $200,000 --- $332,500 $232,500
 Operating expenses $105,518 $134,629 $335,710 $703,936
 Operating income/
 (loss) $94,482 ($134,629) ($3,210) ($471,436)
 Net income/(loss) $93,771 ($638,284) ($7,199) ($1,733,107)
 Net income/(loss)
 per share of
 common stock $0.04 ($0.27) --- ($0.72)
 Weighted avg. 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 operating subsidiaries, PolyCell, Inc. and Quest Blood Substitute, Inc.
 -0- 9/22/92
 /CONTACT: Yvonne L. Marschner-Bova, director, investor relations, Quest BioTechnology, Inc., 313-873-0200/ CO: Quest BioTechnology, Inc. ST: Michigan IN: MTC SU: ERN


JG-SB -- DE010 -- 2090 09/22/92 10:27 EDT
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Date:Sep 22, 1992
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