Strong Sales Growth For Biotechnology General

Product sales by Israeli company Biotechnology General for the quarter and six months ended June 30 increased 19% and 37% to $6.4 million and $11.6 million respectively, on the comparable periods of 1994. Product sales for the first half, which exceeded total product sales for full-year 1994, represented 89% of the group's revenues.

Net income for the second quarter was $500,000, or 1 cent per share, a 25% increase on the corresponding 1994 period, on total revenues of $7.8 million. For the six months, net income was $900,000 or 2 cents per share, down 25%, on total revenues of $13.4 million. Net income for the first half of 1994 includes an extraordinary gain of $1.5 million resulting from a debt forgiveness. Total expenses for the quarter and six months were $6.8 million and $12.2 million respectively.

Commenting on the results, the company's president and chief executive, Sim Fass, stated: "this is our second consecutive profitable quarter from operations...we believe that we are making solid progress by obtaining approvals to market our products and initiating launches in a growing number of countries around the world. Product sales, therefore, now account for significantly more of our total revenues. At the same time, we are closely monitoring our expenses."