Exhibit 99.1
FOR IMMEDIATE RELEASE Contact: Mary Hagen
Gus Allen
(503)641-6115
Epitope Reports on Recent Milestones
Beaverton, OR, September 17, 1996: Epitope, Inc. (AMEX:EPT) today announced
recent events of interest to shareholders.
...Sales growth continues for oral specimen collection device
The June 1996 FDA approval of the company's OraSure(R) Western blot HIV
confirmatory test for use with oral specimens, coupled with FDA clearance of
two blood-based home collection HIV test systems, has stimulated demand for
Epitope's oral specimen collection device. Revenues from shipments of the
device in the fourth quarter of fiscal 1996, which ends on September 30, are
expected to exceed $1.4 million. This volume is more than double the amount
shipped in the previous quarter. To broaden market awareness, Epitope
recently hired three market development managers who will operate from New
York, Illinois and North Carolina. The newly appointed managers will focus on
promoting use of the EpiScreen(TM) oral specimen HIV-1 testing system by the
life insurance industry.
...Progress continues toward approval of over-the counter format of OraSure
device
The company continues to make progress toward FDA approval of an over-the-
counter format of its OraSure(R) oral specimen collection device. Upon
approval, Epitope will manufacture the devices for over-the-counter marketing
in the U.S. by SmithKline Beecham. Consumers will collect their own oral
samples with the OraSure device, mail the samples to a clinical laboratory for
HIV testing and call a toll-free number to get their results from a trained
counselor employed by American Social Health Association, the most experienced
AIDS counseling organization in the U.S.
...SmithKline Beecham launches OraSure HIV testing system to U.S. professional
market
On August 5, SmithKline Beecham Consumer Healthcare (SB), introduced Epitope's
OraSure HIV-1 testing system in U.S. professional markets. The product is now
being offered to physicians and other medical professionals by over 3,300
sales representatives. This marketing effort is supported by an advertising
campaign featuring two-page spreads in prominent medical journals such as The
New England Journal of Medicine and Annals of Internal Medicine. SB has also
introduced an information phone service, placed informational materials on the
Internet and created a Physicians Referral Network for consumers to identify
doctors in their area who offer confidential HIV testing.
- ---more---
Epitope/2
...SmithKline Beecham commences marketing Orasure for HIV testing in selected
foreign markets
SB has commenced marketing the OraSure oral specimen collection device for use
in HIV detection to professional markets in the European Economic Community,
the United Arab Emirates, four countries in Latin America, and a group of
countries in Central Africa. Initial shipments to SB for those markets
occurred in July and August.
...Vinifera, Inc recapitalized; becomes majority owned subsidiary
In August, Epitope's agricultural biotechnology unit, Agritope, Inc., agreed
to cancel the remaining obligations under a June 1995 agreement to sell its
Vinifera, Inc., grape plant nursery business to VF Holdings, Inc. ("VF"), an
affiliate of a Swiss investment group. Agritope will dismiss litigation
against VF and its principals in exchange for retaining $830,000 paid by VF
toward obligations under the agreement and issuing 200,000 shares of Series A
Preferred Stock of Vinifera. Subsequent to the settlement, several private
investors acquired, for $1.3 million, 980,000 shares of Vinifera Series A
Preferred Stock. As a result of these transactions, Agritope now owns 76.6%
of Vinifera.
...Minnesota fresh flower venture formed
In June 1996, an Agritope subsidiary, Agrimax Floral Products, Inc.,
contributed inventory and other operating assets of its St. Paul, Minnesota
fresh flower processing facility to Petals, USA, Inc., a newly formed
affiliate of a profitable Canadian fresh flower wholesaler, in return for a
19.5% equity interest in the company. In addition to its interest in the
Minnesota venture, Agrimax holds a 9% equity interest in Tampa, Florida-based
U A F, L.P.
...Agritope to develop improved melon varieties in collaboration with
international seed companies
Using proprietary seed varieties supplied by a French seed company, Clause,
S.A., and its U.S. affiliate, Harris Moran Seed Company, Agritope plans to
utilize its patented ethylene control gene to develop commercial varieties of
melons with controlled ripening and increased post-harvest product life. The
collaboration is a first step towards the potential formation of a joint
venture with producers and marketers for commercialization of melons.
- ---more---
Epitope/3
...Warrant maturities extended
Epitope has notified holders of warrants to purchase approximately 2 million
shares of the company's common stock that it will extend the deadline to
exercise such warrants to September 30, 1997. The warrants, which are
exercisable at prices ranging from $16 to $20 per share, were previously set
to expire in September 1996 or March 1997. If all of the extended warrants
were exercised, Epitope would realize additional proceeds of over $35 million.
The company has realized over $33 million in proceeds from the exercise of
warrants in the past four years.
Epitope, Inc. is a biotechnology company that develops and markets medical
diagnostic products and, through its agricultural unit, superior new plant
varieties.
This release includes forward-looking statements which are subject to factors
described in Epitope's Annual Report on Form 10-K for the year ended
September 30, 1995, and other documents filed with the Securities and Exchange
Commission. These factors include unexpected interruption of supply or
manufacturing operations, changes in its marketing partners' strategy or
emphasis, development of competing products, market acceptance of oral
testing, changes in insurance industry practices, unexpected delays in
obtaining state approvals, changes in federal or state law or regulations, and
changes in Epitope's business strategy.
###