Exhibit 20.2

NEWS BULLETIN                          HEMAGEN(R) DIAGNOSTICS, INC.
                                       40 Bear Hill Road, Waltham, MA 02451

AT THE COMPANY:
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William Franzblau
Chief Financial Officer
(781) 890-3766
(781) 890-3748 Fax
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FOR IMMEDIATE RELEASE                                      NASDAQ:    HMGN
July 26,1999                                                          HMGNW
                                                              BSE:    HGN

            HEMAGEN COMPLETES THE SALE OF CELLULAR PRODUCTS, INC.
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      WALTHAM, MA --Hemagen Diagnostics, Inc. (NASDAQ: HMGN, HMGNW; BSE: HGN)
is pleased to announce that on Friday, July 23, 1999 it completed the sale
of its wholly owned subsidiary, Cellular Products, Inc. (CPI) located in
Buffalo, New York, to ZeptoMetrix Corporation.

      Hemagen netted $800,000 from the stock sale of CPI to ZeptoMetrix
Corporation, a company created by two of CPI's senior managers for the
purpose of purchasing CPI. "The sale is part of our strategic business plan
in furtherance of our goals to increase profitability and reduce expenses
in order to increase shareholder value,"  stated Dr. Franzblau president of
Hemagen.  "The sale of CPI allows Hemagen to focus on its core markets:
point-of-care, immunodiagnostics, and clinical chemistry,"  added Dr.
Franzblau.

      During the present fiscal year, Hemagen has undertaken several cost
cutting projects that should begin to show dividends in the first quarter
of the next fiscal year.  Hemagen has begun manufacturing Analyst
instruments in its Waltham facility.  Additional Analyst production will be
brought in-house over the next 6 months.  "We are particularly excited
about bringing the manufacturing of the Analyst instrument in house to our
Waltham facility which will further decrease our present expenses," said
Dr. Franzblau.

      Hemagen purchased CPI out of bankruptcy approximately two and one
half years ago for $581,000 net of cash.  The Hemagen purchase included
approximately $250,000 in account receivables.  During this present fiscal
year CPI was expected to lose approximately $240,000.

      Hemagen Diagnostics, Inc. develops, manufactures and markets more than
135 FDA-cleared proprietary medical diagnostic test kits, and An FDA-cleared
Clinical Chemistry Analyzer, for use in the diagnosis of autoimmune and
infectious diseases and to measure important constituents in human and animal
blood.  The Company focuses on markets which offer significant growth
opportunities.

      Except for any historical information contained herein, the matters
discussed in this press release contain forward-looking statements that
involve risks and uncertainties which are described in the company's
Securities and Exchange Commission reports and filings.