Protein Sciences Announces First Half Results Revenues Increase 59% and Company Has Net Profit

Aug 20, 2002, 01:00 ET from Protein Sciences Corporation

    MERIDEN, Conn., Aug. 20 /PRNewswire/ -- Protein Sciences Corporation
 announced today for the first six months of 2002 revenues increased 59% to
 $2.2 million from $1.4 million in the first half of 2001 and the Company had a
 net profit of $375,000 compared to a loss of $834,000 in the first half of
 2001.  GeneXpress(R), license and commission revenue increased 85% to
 $1.6 million and sales of Research Antigens and expresSF+(R) cells grew 12% to
 $544,000.  During the period, the Company was able to increase working capital
 by more than $200,000.
     Daniel Adams, President and CEO, commented, "We are very pleased with
 these results, which we believe justifies the faith our shareholders showed in
 us when they approved the recapitalization of the Company at the end of last
 year."  He added, "Our business remains remarkably good especially considering
 the unhealthy business climate, unfavorable securities markets for
 biotechnology companies, which is causing cutbacks, and the problems plaguing
 the large pharmaceutical companies.  We are also pleased that our efforts to
 manage costs continued to bear fruit in the second quarter and resulted in a
 10% reduction in process development, production, G&A and total expenses
 compared to the first quarter.
     Founded in 1983, Protein Sciences ( is the
 world leader in developing genes coding for proteins into commercial human and
 veterinary vaccines, therapeutics and diagnostics using its proprietary
 baculovirus expression vector system (BEVS) technology that includes its
 patented expresSF+(R) serum free, high yielding, scalable insect cell line.
 Customers access PSC's proprietary BEVS technology through its GeneXpress(R)
 program.  This allows them to obtain cGMP human and animal clinical materials
 more reliably, rapidly and less expensively than through alternative protein
 expression systems.  PSC also has several patented products in development
 including influenza vaccines (recombinant hemagglutinin and neuraminidase,
 both of which have completed Phase II clinical trials), erythropoietin and an
 insect-cell based adjuvant (both of which have completed animal tests).
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SOURCE Protein Sciences Corporation