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ZYNAXIS REPORTS FOURTH QUARTER AND YEAR END RESULTS

 MALVERN, Pa., Feb. 24 /PRNewswire/ -- Zynaxis, Inc. (NASDAQ: ZNXS), reported a net loss of $1,384,792 or $0.27 per share on revenue of $315,000 for the quarter ended Dec. 31, 1992. For the comparable period in 1992, the net loss was $1,157,335 or $0.53 per share.
 For the twelve months ended Dec. 31, 1992, the company reported a net loss of $3,414,674 or $0.71 per share on revenue of $945,000, compared to a net loss of $3,480,356 or $1.69 per share for the full year 1991.
 Thomas Cekoric Jr., president and chief executive officer of Zynaxis, stated; "I am pleased with the company's accomplishments during 1992. We began the year with a successful IPO, signed a collaborative agreement with Eli Lilly and company, completed development of our Zymmune(TM) CD4/CD8 Cell Monitoring System, designed a process development facility for production of our proprietary Zyn-Linker molecules, and added scientific and management resources. We ended the year in a strong financial position with $23 million in cash and investments which provides us with the financial resources necessary to aggressively pursue our 1993 objectives."
 Zynaxis, Inc. is a biotechnology company engaged in the development of new therapeutic drug delivery systems and cellular diagnostic products.
 ZYNAXIS, INC. AND SUBSIDIARIES
 (A Development-Stage Company)
 Consolidated Statements of Operations
 Periods ended Three months Twelve months
 Dec. 31 1992 1991 1992 1991
 Revenue from collaborative
 agreement $ 315,000 $ -- $ 945,000 $ --
 Operating Expenses:
 Research & development 1,426,141 963,310 4,120,033 2,831,455
 General & administrative 470,909 165,659 1,263,317 583,326
 Total 1,897,050 1,128,969 5,383,350 3,414,781
 Loss from operations (1,582,050) (1,128,969)(4,438,350)(3,414,781)
 Interest income 203,265 18,597 1,097,527 61,710
 Interest expense (6,007) (46,963) (73,851) (127,285)
 Net loss (1,384,792) (1,157,335)(3,414,674)(3,480,356)
 Net loss per share (0.27) (0.53) (0.71) (1.69)
 Shares used in computing
 net loss per share 5,166,074 2,196,815 4,837,661 2,061,560
 -0- 2/24/93
 /CONTACT: Thomas Cekoric Jr., president and chief executive officer of Zynaxis, Inc., 215-889-2200, or Melissa Wilmoth of Cameron Associates, 212-644-9560, for Zynaxis/
 (ZNXS)


CO: Zynaxis, Inc. ST: Pennsylvania IN: MTC SU: ERN

SM-OS -- NY055 -- 0011 02/24/93 15:09 EST
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Date:Feb 24, 1993
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