SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 10549
FORM 10QSB/A
AMENDMENT TO APPLICATION OR REPORT
Filed pursuant to Section 13 or 15(d) of
THE SECURITIES AND EXCHANGE ACT OF 1934
IGENE BIOTECHNOLOGY, INC.
(Exact name of registrant as specified in charter)
AMENDMENT NO. 1
The undersigned registrant hereby amends the following items, financial
statements, exhibits or other portions of its June 30, 1995 Report on Form
10QSB
as set forth in the pages attached hereto:
PART I Financial Information - Statements of Cash Flows; Notes to Financial
Statements
PART I Management's Discussion and Analysis of Financial Conditions and
Results of Operations
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant+ has duly caused this Amendment to be signed on its behalf by
the undersigned, thereunto duly authorized.
IGENE BIOTECHNOLOGY, INC.
Date: October 13 , 1995 By: /S/ Stephen F. Hiu
Chief Executive Officer
Principal Financial Officer &
Principal Accounting Officer<PAGE>
<PAGE>
FORM 10QSB/A
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 10549
(Mark One)
[ x ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to .
Commission file number 0-15888 .
IGENE Biotechnology, Inc.
(Exact name of Registrant as specified in its charter)
Maryland 52-1230461
(State or other jurisdiction of incorporation (I.R.S. Employer
or organization) Identification No.)
9110 Red Branch Road, Columbia, Maryland 21045-2020
(Address of principal executive officers) (Zip code)
Registrant's telephone number, including area code: (410) 997-2599
None
(Former name, former address and former fiscal year, if changed since last
report)
Indicate by a check mark whether the Registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the Registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days.
YES X NO
The number of shares outstanding of the Registrant's $.01 par value Common
Stock as of June 30, 1995 is 13,055,738 .
FORM 10QSB/A
IGENE Biotechnology, Inc.
INDEX
Page
PART I - FINANCIAL INFORMATION
[S] [C]
Balance Sheets ................................................. 4
Statements of Operations ....................................... 5
Statements of Stockholder's Equity (Deficit) ................... 6
Statements of Cash Flows ....................................... 8
Notes to Financial Statements .................................. 9
Management's Discussion and Analysis of Financial
Conditions and Results of Operations ..................... 11
PART II - OTHER INFORMATION ..................................... 15
SIGNATURES ...................................................... 16
<PAGE>
IGENE BIOTECHNOLOGY, INC.
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
PART I - FINANCIAL INFORMATION
<PAGE>
<TABLE>
IGENE Biotechnology, Inc.
Balance Sheets
<CAPTION>
June 30, June 30, December 31,
1994 1995 1994
(Unaudited) (Unaudited)
ASSETS
<S> <C> <C> <C>
Current assets:
Cash and cash equivalents ......$ 60,124 $ 73,272 $ 19,529
Accounts receivable (no
allowance for doubtful
accounts) ...................... 33,271 13,831 10,790
Inventory-finished goods ....... --- 1,240 ---
Due from stockholder ........... 76,550 --- ---
Prepaid expenses and deposits .. 2,115 3,230 1,438
Total current assets ...... 172,060 91,573 31,757
Property and equipment, net ...... 52,800 30,856 35,199
Security deposits ................ 10,600 10,600 10,600
Total assets $ 235,460 $ 133,029 $ 77,556
<CAPTION>
LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT
<S> <C> <C> <C>
Current liabilities:
Accounts payable and
other accrued expenses ........ 224,478 228,465 238,022
Debenture interest payable .... 30,000 30,000 30,000
Promissory Notes payable ...... 261,300 536,300 409,550
Total current liabilities. 515,777 794,765 677,572
<S> <C> <C> <C>
Long term liabilities:
Variable rate
subordinated debenture ........ 1,500,000 1,500,000 1,500,000
Total liabilities ........ 2,015,778 2,294,765 2,177,572
<CAPTION>
<S> <C> <C> <C>
Redeemable preferred stock --
8% cumulative, convertible,
voting, Series A, $.01 par
value per share; redemption
value $11.68, $12.32 and
$12.00 per share.
Authorized 920,000 shares;
issued 38,592, 38,342,
and 38,592 shares.............. 450,754 472,373 463,104
<CAPTION>
Stockholders' deficit:
<S> <C> <C> <C>
Preferred stock -- $.01
par value per share.
8% cumulative,
convertible, voting,
Series A.
Authorized and
issued 187,500
shares (aggregate
involuntary liquidation
value of $2,190,000,
2,310,000, and
2,250,000).............. 1,875 1,875 1,875
Common stock -- $.01
par value per share.
Authorized 35,000,000
shares;issued 12,809,520,
13,001,904, and
12,975,237 shares ...... 130,019 130,557 130,285
Additional paid-in
capital ................ 17,066,440 17,164,282 17,113,824
Deficit ................ (19,429,406) (19,930,823) (19,809,104)
Total stockholders'
equity (deficit) .... (2,231,072) (2,634,109) (2,563,120)
Total liabilities
and stockholders'
equity ...............$ 235,460 $ 133,029 $ 77,556
</TABLE>
See accompanying notes to financial statements
<PAGE>
<TABLE>
IGENE Biotechnology, Inc.
Statements of Operations
(Unaudited)
<CAPTION
----- Three months ended ---- ----- Six months ended -----
June 30, June 30, June 30, June 30,
1994 1995 1994 1995
Revenue:
<S> <C> <C> <C> <C>
Sales........$ 5,318 $ (306) $ 40,427 $ 9,242
Cost of
sales ....... 3,712 (694) 26,259 7,557
Gross profit
from sales
of products . 1,606 388 14,168 1,685
Technology
licensing
income ...... 150,000 200,000 250,000 200,000
Technology
services
income ...... --- 9,000 --- 9,000
Net revenue . 151,606 209,388 264,168 210,685
<CAPTION>
Selling, general and administrative expenses:
<S> <C> <C> <C> <C>
Marketing
and selling . 1,098 1,665 2,086 2,537
Research,
development
and pilot plant 99,347 90,135 192,077 174,290
General and
administrative. 87,715 63,368 152,403 119,235
Total selling,
general and
and administrative
expenses ...... 188,160 155,168 346,566 296,062
Operating
income ........ (36,554) (54,220) (82,398) (85,377)
<CAPTION>
Other income (expenses):
<S> <C> <C> <C> <C>
Investment
income ........ 67 113 73 126
Forgiveness
of debt
income ........ --- --- --- 33,395
Other income
(expense)...... --- (330) (10,054) 112
Interest
expense ...... (34,235) (30,066) (68,182) (69,975)
Net income
(loss) ...... $ (70,722) $ 23,937 $ (160,561) $ (121,719)
Net loss per
common share .$ (0.01) $ 0.00 $ (0.01) $ (0.00)
</TABLE>
See accompanying notes to financial statements
<PAGE>
<TABLE>
IGENE Biotechnology, Inc.
Statements of Stockholder's Equity (Deficit)
(Unaudited)
<CAPTION>
Redeemable
Preferred Preferred Common
Stock Stock Stock
(shares/amount) (shares/amount) (shares/amount)
<S> <C> <C> <C>
Balance at
December 31, 1993.... 38,592/$438,405 187,500/$1,875 12,975,237/$129,752
Conversion of
preferred stock
into common stock ... --- --- ---
Issuance of 26,667
shares of common
stock in lieu of
cash payment for
interest on
subordinated
debenture ............... --- --- 26,667/$267
Cumulative undeclared
dividends on redeemable
preferred stock ......... $12,349 --- ---
Balance at June 30,
1994............... 38,592/$450,754 187,500/$1,875 13,001,904/$130,019
Balance at
December 31, 1994.. 38,592/$463,104 187,500/$1,875 13,028,571/$130,285
Cumulative undeclared
dividend on redeemable
preferred stock ... $12,270 --- ---
Issuance of 26,667
shares of common stock
in lieu of cash payment
for interest on
subordinated
debenture ......... --- --- 26,667/$267
Conversion of
preferred stock
into common stock . 250/($3,000) --- 500/$5
Balance at
June 30, 1995 ..... 38,342/$472,373 187,500/$1,875 13,055,738/$130,557
</TABLE>
See accompanying notes to financial statements
<PAGE>
<TABLE>
IGENE Biotechnology, Inc.
Statements of Stockholder's Deficit
(Unaudited- Continued)
<CAPTION>
Additional
Paid-In Total Stockholder's
Capital Deficit Deficit
<S> <C> <C> <C>
Balance at December
31, 1993...... $17,019,056 $(19,268,844) $(2,118,161)
Issuance of
26,667 shares
of common stock
in lieu of cash
payment for
interest on
subordinated
debenture .... 59,733
Cumulative
undeclared
dividends on
redeemable
preferred
stock ........ (12,349) --- (12,349)
Net loss for
six months
ended June
30, 1994 ..... --- (160,561) ---
Balance at
June 30, 1994 . $17,066,440 $(19,429,405) $(2,130,150)
Balance at
December
31, 1994....... 17,113,824 $(19,809,104) $(2,563,120)
Cumulative
undeclared
dividend
on redeemable
preferred stock . (12,270) --- (12,270)
Issuance of 26,667
shares of
common stock in
lieu of cash
payment for
interest on
subordinated
debenture ..... 59,733 --- 60,000
Conversion of
preferred stock
into common
stock .......... 2,995 --- 3,000
Net loss for
six months
ended June
30, 1995 ....... --- (121,719) (121,719)
Balance at
June 30, 1995 .. $ 17,164,282 $ (19,930,823) $ (2,634,109)
</TABLE>
See accompanying notes to financial statements
<PAGE>
<TABLE>
IGENE Biotechnology, Inc.
Statements of Cash Flows
(Unaudited)
<CAPTION>
---- Six months ended ----
June 30, June 30,
1994 1995
<S> <C> <C>
Cash flows from operating activities:
Net loss ...................................$( 160,561) $( 121,719)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation and amortization ............ 14,844 4,343
Loss on sale of equipment................. 10,054 ---
Interest on debentures paid in shares
of common stock........................ 60,000 60,000
Changes in assets and liabilities:
Increase (decrease) in debenture
interest payable ......... --- ---
Increase (decrease) in accounts
payable and other
accrued expenses ......... 55,604 (9,558)
Decrease (increase) in accounts
receivable ............... (25,259) (3,041)
Decrease (increase) in prepaid
expenses ................. (1,282) (1,792)
Decrease (increase) in
inventories .............. --- (1,240)
Net cash used in operating activities ....... (46,600) (73,007)
<S> <C> <C>
Cash flows from investing activities:
Capital expenditures ........................ (6,973) ---
Sale of Equipment ........................... 25,800 ---
Net cash used in investing activities ....... 18,827 ---
<S> <C> <C>
Cash flows from financing activities:
Issuance of promissory notes ................ 22,000 126,750
Issuance of common stock pursuant to exercise
of employee stock options ................ --- ---
Net cash provided by (used in) financing
activities ........................... 22,000 126,750
Net increase (decrease) in cash and
cash equivalents ..................... (5,773) (53,743)
Cash and cash equivalents at
beginning of year .................... 65,897 19,529
Cash and cash equivalents at end of period ..$ 60,124 $ 73,272
Supplementary disclosure - cash paid
for interest .........................$ --- $ ---
- cash paid for taxes ........... $ --- $ ---
</TABLE>
Noncash investing and financing activities:
During the three months and six months ended June 30, 1994 and 1995,
the Company issued 26,667 shares of common stock in each period in payment
of interest on the variable rate subordinated debenture. If paid in cash,
the interest would have been payable at 8% during each period, or $60,000.
Shares may be issued in lieu of cash per the debenture agreement at the
higher of $2.25 per share or market price per share. The stock was issued
and related interest expense for the three months and six months ended
June 30, 1994 and 1995 were recorded at $2.25 per share, or $60,000 in the
aggregate in each period.
During the three months and six months ended June 30, 1994 and 1995,
the Company recorded dividends in arrears on 8% redeemable preferred stock
at $.16 and $.32 per share, respectively aggregating $6,175 and $12,349,
respectively in each period which has been removed from paid-in capital and
included in the carrying value of the redeemable preferred stock.
See accompanying notes to financial statements.
<PAGE>
IGENE Biotechnology, Inc.
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
(1) Unaudited Financial Statements
The financial statements presented herein as of June 30, 1994 and 1995
and for the six-month and the three month periods ended June 30, 1994
and 1995 are unaudited and, in the opinion of management, include all
adjustments (consisting only of normal recurring accruals) necessary for
a fair presentation of financial position and results of operations.
Such financial statements do not include all of the information and
footnote disclosures normally included in audited financial statements
prepared in accordance with generally accepted accounting principles.
(2) Inventories
Inventories are stated at the lower of average cost, or market.
Inventories as of June 30, 1995 consist entirely of finished goods.
(3) Stockholders' Equity
As of June 30, 1994 and 1995, 77,184 and 76,684, shares of authorized
but unissued common stock were reserved for issuance upon conversion of
the Company's outstanding preferred stock.
As of June 30, 1994 and 1995, 1,200,000 share of authorized but unissued
common stock were reserved for exercise pursuant to the 1986 Stock
Option Plan.
As of June 30, 1994 shares were reserved for exercise of Warrants to
purchase an aggregate of 800,000 shares of Common Stock to Kimelman &
Baird, LLC, an employee of the same and Anthony B. Low-Beer, exercisable
at $.25 per share expiring February 14, 1995. The Warrants were issued
to the aforementioned for acting as placement agent in the Company's
private placement of $1,149,000 in gross proceeds which closed February
15, 1991 and there are substantial restrictions against the transfer of
these Warrants. The Warrants were not publicly traded and there were no
trades of these Warrants before the expiration date.
As of June 30, 1994 and 1995, the Company has reserved shares for the
exercise of Warrants to purchase an aggregate of 252,400 shares of
Common Stock to Kimelman & Baird, LLC, at $.75 per share expiring June
26, 1996. The Warrants were issued to the aforementioned for acting as
placement agent in the Company's private placement of $510,500 in gross
proceeds which closed June 26, 1992 and there are substantial
restrictions against the transfer of these Warrants.
As of June 30, 1994 the Company has reserved shares for the exercise of
Warrants to purchase an aggregate of 680,667 shares of Common Stock to
purchasers of stock in the Company's Private Placement of June 26, 1992.
The exercise price of the Warrants is $.75 per share expiring June 26,
1995 and there are substantial restrictions against the transfer of
these warrants.
As of June 30, 1994 and 1995, 800,000 shares of authorized but unissued
Common Stock were reserved for issuance upon reinvestment of interest on
the variable rate subordinated debenture and 375,000 shares of
authorized but unissued Common Stock were reserved for issuance upon
conversion of the variable rate subordinated debenture.
As of June 30, 1994 and 1995, 994,416 and 3,995,374 shares of Common
Stock were reserved for the conversion of Promissory Notes and the issue
of Warrants subject to that conversion. The Promissory Notes are held
by Directors of the Company.
(4) Net Loss Per Common Share
Net income (loss) per common share for the three month and six month
periods ended June 30 is based on 13,001,904 and 12,988,644 weighted
average shares, respectively, for 1994, and on 13,055,738 and 12,042,428
weighted average shares, respectively, for 1995. For purposes of
computing net income (loss) has been adjusted to include cumulative
undeclared dividends in arrears on preferred stock.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Results of Operations
Sales revenue for the quarter and six months ended June 30, 1995,
consisting entirely of sales of the Company's ClandoSan product, decreased by
105.8% and 77.1%, respectively, compared to the corresponding periods in 1994.
Sales revenue for the quarter ended June 30, 1995 is composed of gross sales
of $4,706 net of a reversal of sales of ClandoSan of $4,400. The returned
product was placed in inventory and has been subsequently resold to other
customers at the original selling price. Such reversals are rare occurrences
which are generally expected to be immaterial in amount. Decreases in sales
of ClandoSan are reflective of reduced marketing efforts for this product as
the Company focuses obtaining a technology licensing agreement for the
manufacture and sale of its AstaXin product. The Company is actively seeking
marketing partner for ClandoSan .
Cost of sales for the quarter and six months ended June 30, 1995, decreased by
118.7% and 71.2%, respectively compared to the corresponding periods in 1994.
This is reflective of decreased sales as noted above. Cost of sales for the
quarter ended June 30, 1995 is composed of purchases for resale of $1,790 net
of returned product placed in inventory, as noted above, of $1,096.
Technology licensing income of $200,000 for the quarter and six months ended
June 30, 1995 consists of income from an agreement for sale of a non-exclusive
license to Archer-Daniels-Midland Company of Decatur, Illinois for technology
relating to the manufacture astaxanthin pigment using the Company's AstaXin
product. The agreement provides for a cash payment to IGENE at signing of
$200,000, an advance or royalties of $500,000 within 6 months, and royalties
based on gross sales for 10 years. Technology services income of $9,000 for
the six months ended June 30, 1995 consists of fees charged for technology
services provided to Archer-Daniels-Midland Company in connection with the
licensing agreement. These technology services are not expected to be a
continuing source of income
Technology licensing income of $150,000 and $250,000, respectively, for the
quarter and six months ended June 30, 1994 consisted of income from a
technology evaluation agreement with the Food Science Group of Pfizer Inc of
New York, New York for AstaXin . That agreement provided for cash
compensation of $250,000 over an exclusive evaluation period which expired in
July 1994. Pfizer Inc did not express interest in a commitment to manufacture
and sell AstaXin , therefore the Company sought other potential manufacturers
for AstaXin .
Selling, general and administrative expenses have decreased 17.5% and 14.6%,
respectively, for the quarter and six month periods ended June 30, 1995 as
compared to the corresponding periods in 1994. These decreases are
attributable to decreased marketing efforts for ClandoSan , as well as
continued successful cost containment measures in effect.
Interest expense has remained at comparable levels for the quarter and six
months ended June 30, 1995 and 1994 and is composed mainly of interest on the
Company's variable rate subordinated debenture of $30,000 and $60,000,
respectively in each of the quarter and six month periods ended June 30. 1995
and 1994. During the quarter ended March 31, 1995, the holders of the
Company's promissory notes agreed to waive all accrued interest payable,
resulting in income of $33,395 from forgiveness of debt.
Other expense of $10,054 for the six months ended June 30, 1994 resulted from
a loss recorded on the sale of unused equipment.
As a result of the forgoing, the Company reported net income (loss) for the
quarter and six month periods ended June 30, 1995 of $23,937 and $(121,719),
respectively, and for the quarter and six month periods ended June 30, 1994 of
$(70,722) and $(160,561), respectively. Net income (loss) per common share
increased from $(.01) for the quarter ended June 30, 1994 to $0.00 for the
quarter ended June 30, 1995, and remained at $(.01) for the six months ended
June 30, 1994 and 1995. The increase in weighted average shares outstanding
between the periods ended June 30, 1994 and the periods ended June 30, 1995 is
due to 53,333 shares of common stock issued in lieu of cash, during the period
from July 1, 1994 through June 30, 1995, in payment of interest on the
Company's variable rate subordinated debenture.
Financial Position
In December 1988, the Company suspended payment of the quarterly dividend on
its preferred stock. Resumption of the dividend will require significant
improvements in cash flow. Unpaid dividends cumulate for future payment or
increase the liquidation preference or redemption value of the preferred
stock. As of June 30, 1995, total dividends in arrears on the Company's
preferred stock was $975,637, of which $165,637 ($4.32 per share) was included
in the carrying value of the redeemable preferred stock and $810,000 ($4.32
per share) was included in the liquidation preference of the limited
redemption preferred stock.
<PAGE>
Liquidity and Capital Resources
Historically, the Company has been funded primarily by equity
contributions, loans from stockholders and license fees. As of June 30, 1995,
the Company had a working capital deficit of $703,192, and cash and cash
equivalents of $73,272, consisting principally of proceeds from Promissory
Notes issued to certain Directors of the Company, as described below.
Cash use by operations for the six months ended June 30, 1994 and 1995
amounted to $46,600 and $73,007, respectively. The Company continues to focus
on research and development of its products, achieving only minimal sales of
its ClandoSan and AstaXin products. Although the Company has been able to
reduce its net loss during the six months ended June 30, 1995 as compared to
1994, by $38,843; cash used by operations increased by $26,407 due to efforts
in 1995 to reduce accounts payable and the inclusion in the 1994 net loss of
the noncash item of loss on the sale of unused equipment of $10,054.
Cash provided by investing activities in the six months ended June 30, 1994
amounted to $18,827. This resulted from proceeds from the sales of unused
equipment of $25,800, offset by $6,973 in capital expenditures. No cash was
provided or used by investing activities during the six months ended June 30,
1995. This is reflective of the Company's continued plan to minimize capital
expenditures, since existing equipment is believed to be sufficient to meet
the needs of the Company for the near future.
The following is a summary of the Company's financing activities for 1994 and
the six months ended June 30, 1995:
On February 10, 1994, September 26, 1994, October 24, 1994, November 28, 1994,
January 23, 1995, and March 7, 1995 the Company issued promissory notes to
certain directors of the Company for a total aggregate consideration of
$536,300. The notes specify that at any time prior to repayment the holder
has the right to convert the notes to common stock of the Company at $.375 per
share for the notes issued February 10, 1994; at $.25 per share for notes
issued September 26, 1994, October 24, 1994, and November 28, 1994; at $.1875
per share for the notes issued January 23, 1995; and at $.125 per share for
the notes issued March 7, 1995. The holders of the notes will also receive
warrants, subject to conversion of the notes, for additional shares of common
shares equivalent in number and price to the shares received in conversion.
The promissory notes are due on demand with interest charged at the prime
rate. The Directors subsequently agreed to waive all interest charges on
these notes.
During 1994, the Company received $76,550 from the October 1993 issue of
76,500 shares of common stock at $1.00 per share to Burns Philp Food Inc, as
part of the settlement for an unexecuted license agreement.<PAGE>
The following
summarizes the Company's known and expected future sources of
liquidity and capital:
On May 10, 1995, the Company signed an Agreement for sale of a non-exclusive
license to Archer-Daniels-Midland Company of Decatur, Illinois for technology
relating to the manufacture of astaxanthin pigment using the Company's
AstaXin product. The agreement provides for a cash payment to IGENE of
$200,000 at signing, which has been included in revenue for the six months
ended June 30, 1995, and an advance of royalties of $500,000 within 6 months
and a royalty based on gross sales for 10 years.
To increase working capital, the Company plans to issue additional stock to
officers and directors, to encourage the holders of convertible promissory
notes to convert them to common stock, and to encourage warrant holders to
exercise their rights.
The Company is continuing its development of additional AstaXin technology
which it hopes to license and market to benefit future periods'
operations.
The Company does not believe that inflation has had a significant impact on
the Company's operations during the past two years.
Effective January 1, 1993, the Company has adopted the provision of FASB
Statement No. 109, Accounting for income taxes.
<PAGE>
FORM 10QSB/A
IGENE Biotechnology, Inc.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults Upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
None
Item 7. Subsequent Events
On July 24, 1995 IGENE's Board of Directors approved a Resolution to
purchase from the Company One Million Two Hundred Thousand (1,200,000) shares
of common stock, $.01 par value, at a price of $.125 per share for an
aggregate purchase amount of One Hundred Fifty Thousand ($150,000.00) Dollars.
<PAGE>
FORM 10QSB/A
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
IGENE Biotechnology, Inc.
(Registrant)
Date: October 13, 1995
/s/ Stephen F. Hiu
Stephen F. Hiu
President, Treasurer and
Secretary
(On behalf of the Registrant and as
Principal Financial Officer)
