OxyFile #529

LifeTech Corporation Reports Results for the Third Quarter and Nine 
Months Ended July 31, 1997

TORONTO, Sept. 30, 1997 - LifeTECH Corporation announces its results for
the three months and nine months ended July 31, 1997.

The Corporation reports a loss of $410,818 or $0.09 per share for the
three months ended July 31, 1997, compared with a loss of $599,180 or 
$0.13 per share for the same period in 1996. The loss for the nine months 
ended July 31, 1997 was $1,727,781 or $0.38 per share, compared with 
$1,559,477 or $0.34 per share for the nine months ended July 31, 1996. At 
July 31, 1997 the Corporation had net assets of $2,395,676, of which 
$650,665 was cash and short term deposits.

Strategies to raise needed capital are now directed to a rights offering
to existing shareholders and warrantholders, in conjunction with a 
possible private placement of common shares. The proposed rights offering 
will give existing shareholders and warrantholders an opportunity to buy 
an additional common share for each common share or warrant currently 
owned. If these fundraising efforts are successful, the funds will take 
LifeTECH through the next phase which will include data generation for 
third party Pre-Clinical Trials and the commencement of Pre-Clinical 
Trials for the U.S. FDA and European regulatory approvals.

Mr. Walter J. Dermott, President and CEO, said "Our principal focus is
to secure key strategic alliances and the financing needed to see the
Corporation through the next stage of data generation and third party
Pre-Clinical Trials. We are currently in discussions with eleven major
manufacturers worldwide to establish scientific and commercial 
collaborations that will advance our technology into the key market areas 
of human blood transfusion, fractionated blood products, animal sera and 
tissue culture media. We expect to complete a series of scientific 
collaborations with major players in the blood markets in Europe and the 
United States during the fall of 1997."

In order to protect the Corporation's important and unique technology,
LifeTECH is submitting two additional patent applications to the United 
States and International Patent Offices for new gas mass transfer devices 
that achieve higher levels of viral inactivation and lower levels of 
damage to the blood components. LifeTECH's goal remains to develop the 
first cost effective technology to sterilize all blood components of all 
viruses and bacteria.

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


                  Three Months  Three Months  Nine Months    Nine Months
                     Ended         Ended         Ended          Ended
                 July 31, 1997  July 31, 1996 July 31, 1997 July 31, 1996
                  (unaudited)    (unaudited)  (unaudited)    (unaudited)
                  -----------   -----------   -----------    -----------

Research and
 Development        $385,572      $391,942     $1,257,930     $1,190,225
Loss for the Period $410,818      $599,180     $1,727,781     $1,559,477
Loss Per Common
 Share                 $0.09         $0.13          $0.38          $0.34
Weighted Average
 Number of Shares
 Outstanding       4,549,401     4,523,120      4,532,798      4,522,947

                                                  As at         As at
                                             July 31, 1997  Oct. 31, 1996
                                              (unaudited)      (audited)
                                               -----------      ---------

Cash, Short Term
 Investments and
 Marketable
 Securities                                      $650,665     $1,970,800
Total Assets                                   $3,326,967     $5,255,967
Shareholders' Equity                           $2,395,676     $4,032,991