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QUEST BIOTECHNOLOGY REPORTS RESULTS OF ITS THIRD QUARTER AND NINE MONTHS ENDED JULY 31, 1993

 DETROIT, Sept. 21 /PRNewswire/ -- Quest BioTechnology, Inc. (QBIO) today announced results of its operations for the third quarter and nine months ended July 31, 1993. The decline in operating revenues for the fiscal 1993 three- and nine-month periods resulted from significantly lower sublicense and license fee activity during the quarter. During the second quarter of fiscal 1992, the company entered into a cross license agreement with a significant biotechnology company pursuant to which each company received a license to the other company's bispecific monoclonal antibody patents. Quest's decreases in operating expenses for the fiscal 1993 three- and nine-month periods were primarily attributable to lower professional fees.
 "Through our extensive contacts with the research and commercial communities, Quest's strategy is to continue to review patent literature and research reports to identify potential users of its technologies in order to seek additional sublicense and license agreements. We will also continue to seek other opportunities and business relationships to maximize our revenue generating potential," commented Eugene I. Schuster, chairman and president of Quest.
 QUEST BIOTECHNOLOGY, INC.
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 For the Three Months For the Nine Months
 Ended July 31, Ended July 31,
 1993 1992 1993 1992
 Operating revenues $5,000 $200,000 $212,500 $332,500
 Operating expenses $60,268 $105,518 $279,155 $335,710
 Operating income (loss) ($55,268) $94,482 ($66,655) ($3,210)
 Net income (loss) ($55,403) $93,771 ($66,683) ($7,199)
 Net income/(loss) per
 share of common stock ($0.03) $0.04 ($0.03) ---
 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, develop and commercialize human health care products and processes and to acquire ownership interests in entities which own such products and processes. PolyCell, Inc. and Quest Blood Substitute, Inc. are subsidiaries of Quest.
 -0- 9/21/93
 /CONTACT: Yvonne L. Marschner-Bova, director, Investor Relations of Quest BioTechnology, Inc., 313-873-0200/


CO: Quest BioTechnology, Inc. ST: Michigan IN: MTC SU: ERN

JG-ML -- DE012 -- 4095 09/21/93 10:59 EDT
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Publication:PR Newswire
Date:Sep 21, 1993
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