OxyFile #415

LifeTECH Corporation Reports Results for the Fiscal Year Ended 
October 31, 1996 and for the Three Months Ended January 31, 1997


TORONTO, March 20 1997 - LifeTECH Corporation announces its 
results for the fiscal year ended October 31, 1996 and for the 
three months ended January 31, 1997. For the fiscal year ended 
October 31, 1996 LifeTECH reports a loss of $2,339,664 or $0.52 
per share, compared with a loss of $1,404,011 or $0.39 per share 
for the prior year. At October 31, 1996, the Corporation had total 
assets of $5,255,967, of which $2,245,800 was cash, short term 
deposits and marketable securities.

For the three months ended January 31, 1997, the Corporation 
reports a loss of $655,083 or $0.14 per share, compared with a 
loss of $506,511 or $0.11 per share for the same period in 1996. 
At January 31, 1997, the Corporation had total assets of 
$4,565,204, of which $1,445,170 was cash, short term deposits and 
marketable securities. 

Mr. Walter J. Dermott, President and CEO, states "Over the past 
year, LifeTECH has achieved significant scientific milestones that 
have established our Sterinetics System as the premier blood and 
biological fluid sterilization technology in the world. Our 
scientists have now inactivated key viruses representing the two 
major virus groups -- enveloped and non-enveloped -- in human red 
blood cells and Intravenous Immunoglobulin. A total of ten 
scientific abstracts, a significant number for a new biotechnology 
company, have been accepted for presentation and peer review at 
major scientific conferences around the world. In December, 1996, 
the Corporation made a major announcement at a joint news 
conference with the Canadian Department of National Defence 
(Surgeon General's Branch). LifeTECH and DND jointly reported the 
results of research conducted by Dr. Fred Quimby at Cornell 
University that verified the unique ability of ozone-induced 
oxidative stress to inactivate Simian Immunodeficiency Virus in 
human blood. This proof of concept research provided important 
third party proof of concept that the Sterinetics System 
sterilizes human blood of viruses in a dose-responsive manner."

Mr. Dermott continues: "Most importantly, our scientific advances 
have been recognized by a major strategic partner. On January 28, 
1997, we signed a Letter of Intent with Pall Corporation of East 
Hills, New York to form a Strategic Alliance. In exchange for 
payments totalling US$15 million over approximately three years, 
plus on-going royalties on sales, Pall will acquire exclusive 
marketing rights for the Sterinetics System for blood collection 
sets for red blood cells, platelets and plasma. This Strategic 
Alliance with Pall provides the financial support, R&D support and 
market strength to move the Sterinetics System into the multi-
billion dollar global sterilization marketplace."

The following is a summary of consolidated financial information 
for the fiscal year end:

                               Year Ended            Year Ended
                            October 31, 1996      October 31, 1995
                                (audited)            (audited)
                                ---------            ---------

 Research and Development       $1,745,144           $999,570
 Loss for the Period            $2,339,664         $1,404,011
 Loss Per Common Share               $0.52              $0.39
 Weighted Average Number
  of Shares Outstanding          4,523,302          3,573,543

                                 As at                 As at
                            October 31, 1996      October 31, 1995
                                (audited)           (audited)
                               ---------            ---------

 Cash, Short Term Investments
  and Marketable Securities     $2,245,800          $5,082,835
 Total Assets                   $5,255,967          $6,702,424
 Shareholders' Equity           $4,032,991          $6,369,880

The following is a summary of consolidated first quarter financial
information:

                         Three Months Ended     Three Months Ended
                          January 31, 1997       January 31, 1996
                             (unaudited)            (unaudited)
                             -----------            -----------

 Research and Development      $422,732              $333,122
 Loss for the Period           $655,083              $506,511
 Loss Per Common Share            $0.14                 $0.11
 Weighted Average Number
  of Shares Outstanding       4,524,359             4,522,859

                                   As at               As at
                             January 31, 1997     January 31, 1996
                                (unaudited)          (unaudited)
                                -----------         -----------
 Cash, Short Term Investments
  and Marketable Securities     $1,445,170          $4,275,665
 Total Assets                   $4,565,204          $6,733,250
 Shareholders' Equity           $3,377,908          $5,863,369