OxyFile #406

LifeTECH Corporation Reports Results for the Third Quarter and 
Nine Months Ended July 31, 1996.

TORONTO, Sept. 27 1996 /CNW/ - LifeTECH (CDN-LFTK), a 
biotechnology company with proprietary technology for the 
sterilization of blood and blood products, announces its results 
for the nine months ended July 31, 1996.

LifeTECH reports a loss of $599,180 or $0.13 per share for the 
three months ended July 31, 1996, compared with a loss of $290,088 
or $0.08 per share for the same period in 1995. The loss for the 
nine months ended July 31, 1996 was $1,559,477 or $0.34 per share, 
compared with $668,333 or $0.21 per share for the nine months 
ended July 31, 1995. At July 31, 1996 the Corporation had net 
assets of $5,836,921 of which $2,918,588 was cash, short term 
deposits and marketable securities.

Mr. Walter J. Dermott, President and CEO, commenting on the 
developments during the third quarter, said: "Our scientific 
progress during the quarter exceeded our expectations. In July, we 
announced confirmation that our technology achieved total viral 
kill in Intravenous Immunoglobulin (IVIg). IVIg is an intravenous 
solution, made from human protein extracted from blood, that is 
transfused into tens of thousands of immune-suppressed patients 
each year. This breakthrough positions the Corporation to 
capitalize on the US $600 million annual global market for IVIg 

"Our pre-eminent position in viral and bacterial inactivation was 
also recognized in June by The Canadian Red Cross Society, which 
has formed a strategic research alliance with LifeTECH to evaluate 
the sterilization of CD34 stem cells. These cells are used by The 
Red Cross for transplants in the treatment of diseases such as 
leukemia, breast cancer, lymphomas and other serious forms of 
cancer. The data generated by this collaborative research will 
verify the effectiveness of LifeTECH's Sterizone System to 
inactivate viruses and bacteria that may be present in donor CD34 
stem cells. The successful completion of this research will create 
the platform for the world's first commercially viable 
sterilization technology for CD34 stem cells. We expect to file 
key patent applications to protect the results of this research."

One of the steps followed by blood centres during the processing 
of blood prior to transfusion is to separate whole blood into its 
various components, such as red blood cells, serum, plasma, 
platelets and intravenous products. The Corporation has, 
therefore, focused its development program on determining the 
optimal parameters for sterilizing each component. The importance 
of LifeTECH's research to the international health sciences 
community has been confirmed by the acceptance of two abstracts by 
the American Association of Blood Banks and one abstract by the 
International Society for Free Radical Research. The Corporation's 
scientific team is gaining worldwide attention for their leading 
edge research into viral inactivation using ozone. Over the next 
few months, the Corporation will strengthen its scientific team 
further to maintain its scientific and technological lead.

The following is a summary of third quarter financial information:

                    3 Months   3 Months    9 Months    9 Months
                     Ended      Ended      Ended       Ended 
                     960731     950731      960731      950731
                  (unaudited) (unaudited) (unaudited) (unaudited)
                  ----------- ----------- ----------- -----------
 Research and
  Development       $391,942   $322,287  $1,190,225   $558,832
 Loss for the
  Period            $599,180   $290,088  $1,559,477   $668,333
 Loss Per Common 
  Share                $0.13      $0.08       $0.34      $0.21
 Weighted Average
  Number of Shares
  Outstanding      4,523,120  3,669,000   4,522,947  3,214,000

                                      As at           As at
                                  July 31, 1996   Oct. 31, 1995
                                   (unaudited)      (audited)
                                   -----------      ---------
 Cash, Short Term Investments
  and Marketable Securities         $2,918,588      $5,082,835
 Total Assets                       $5,836,921      $6,702,424
 Shareholders' Equity               $4,813,179      $6,369,880

LifeTECH Corporation is a Canadian biotechnology company dedicated 
to developing and commercializing innovative technologies to 
sterilize blood and other biological fluids. LifeTECH's 
Sterizone(TM) System is designed to inactivate viruses and 
bacteria in the global blood supply, including the HIV and 
Hepatitis viruses. LifeTECH common shares (LFTK) and Warrants 
(LFTK.WT) trade on the Canadian Dealing Network.

From Canada Newswire