Invitro International : IRVINE

Nature of business: Makes non-animal tests to evaluate the impact of potentially toxic substances Total employees: 35 In Orange County: 20 Stock listing in The Times: On NASDAQ Small Cap “Invitr” Ticker symbol: “INVI” Friday’s stock close: $6.44 One-week change: Up $1.69 Analyst review: “Invitro is the pioneer in non-animal test methods to evaluate toxic levels of chemicals to the human eye and skin. Current government regulations mandate the rabbit test for assessing the corrosiveness of chemicals. In that test, a corrosive chemical is dripped on the rabbit and a technician charts the time it takes to burn through the animal’s skin. No one likes these tests and companies are already calling Invitro wanting know when they can buy its products. Invitro’s tests are a better science; the results are more accurate and are completed in three to four hours at half the cost of live animal tests. Though it is still volatile and speculative, it is not unreasonable to predict the stock at $15 within two years.” Scott W. Daggatt, analyst National Securities Corp., Seattle Chart amount in millions

Fiscal year ending Feb. 28 Feb. 28 Sept. 30 1st qtr. 1st qtr. 1990 1991 1992 1992 1993 Revenue $.530 $1.3 $1.4 $.264 $.344 Profit -$.249 $.072 -$5.1 -$861 -$.727

Corporate outlook: “Invitro has designed its corrosives tests to be simple, easy to use, cost effective and to give much better data than any animal testing currently gets. We are currently working on tests that evaluate the impact of toxins on our water systems. Corrosives testing is a $100-million market, and the water testing products are up to 15 to 20 times that. That will have a dramatic effect on our revenue.” --Bill Fisher, president/CEO RETURN ON INVESTMENT: 3-YEAR SUMMARY AND YEAR-TO-DATE

Fiscal year ending Feb. 28 Sept. 30 Sept. 30 1st qtr. x 1990 1991 1992 1992 52-week high N/A $11.00 $7.13 $7.13 52-week low N/A $3.63 $0.50 $3.13 Book value per share N/A $0.16 $0.25 $0.41 Price per share N/A $3.63 $1.13 $4.25 Net earnings (loss) per share ($0.11) $0.03 ($1.00) ($0.17)

Fiscal year ending 1st qtr. x 1993 52-week high $4.56 52-week low $0.88 Book value per share $0.69 Price per share $4.06 Net earnings (loss) per share ($0.12)

* Invitro sold 1.7 million shares in its initial public offering May 16, 1991; net proceeds: $7 million. The company changed its fiscal year end from Feb. 28 to Sept. 30 in 1991; for the sevenmonths between March and September 30, Invitro lost $3.1 million on revenue of $530,183,losing $0.88 per share. For more information call or write, Invitro International: 16632 Millikan Ave., Irvine, Calif. 92714. (714) 851-8356. Source: Invitro International