4. Inventories

     Inventories, net of reserves, consisted of the following:

October 31,
2001 2000
In thousands
Raw materials   $ 771     $ 980  
Work-in-process     243       476  
Finished goods — Oxyglobin     1,886       1,270  
Finished goods — Hemopure     1,765        
    $ 4,665     $ 2,726