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ICOS REPORTS 1993 FIRST-QUARTER RESULTS

 SEATTLE, April 19 /PRNewswire/ -- ICOS Corp. (NASDAQ: ICOS) today released its financial results for the first quarter of 1993.
 For the 1993 first quarter, ICOS reported a net loss of $3.9 million, or 16 cents per share, compared with a net loss of $1.4 million, or 6 cents per share, for the 1992 comparable period. Research and development expenses increased as planned and represented approximately 96 percent of the year-to-year increase in total operating expenses.
 Revenue for the first quarter of 1993 was $43,188, consisting entirely of grant revenue from government research grant awards. Revenue for the 1992 comparable period was $663,611 and consisted of revenue from a collaborative research agreement and government research grant awards. Investment income for the first quarter of 1993 was $1,027,196, an increase of 22 percent when compared to $841,200 for the first quarter of 1992.
 Total operating expenses increased 72 percent to $4,935,147 in the 1993 first quarter, versus $2,868,538 for the comparable 1992 period. Research and development expenses increased by 90 percent to $4,185,727 in the 1993 first quarter from $2,202,117 for the same period of 1992, due to the planned addition of new scientific and process development staff. General and administrative expenses increased by 12 percent to $749,420 in the 1993 first quarter from $666,421 for the 1992 comparable period.
 As of March 31, 1993, the company had cash, cash equivalents, investment securities and interest receivable of $58,177,228 compared with $51,801,851 as of March 31, 1992.
 The company's results of operations will vary significantly from quarter to quarter and will depend, among other factors, on the timing of certain expenses, the establishment of collaborative research agreements, payments received on certain research grants and collaborations, and the progress of the company's research and development efforts.
 "Our first-quarter results reflect the company's expansion of its capabilities necessary to bring the products of research to the marketplace," said George B. Rathmann, chairman and chief executive officer. "The program to file our first Investigational New Drug application with the FDA for the treatment of multiple sclerosis remains on track. We also are hopeful that our novel intercellular adhesion molecule, ICAM-R, will provide another product opportunity. ICAM-R may be important in the earliest signaling events leading to chronic inflammatory diseases as it appears to be involved in T-Cell activation. ICOS expects to identify a therapeutic target for ICAM-R this year."
 ICOS Corp. is a Seattle-based biopharmaceutical company founded to develop medications for the treatment of chronic inflammatory diseases. Primary targets of the company's research and drug development programs include asthma, multiple sclerosis and rheumatoid arthritis.
 ICOS CORP.
 (A Development Stage Company)
 SELECTED FINANCIAL DATA
 (Unaudited)
 Period from
 Sept. 21, 1989
 Three Months Ended (incorporation)
 March 31, through March 31,
 1993 1992 1993
 Statements of Operations Data:
 Revenue:
 Collaborative research
 and development revenue $ -- $ 500,000 $ 2,000,000
 Grant revenue 43,188 163,611 1,404,521
 Total revenue 43,188 663,611 3,404,521
 Operating Expenses:
 Research and development 4,185,727 2,202,117 26,449,997
 General and administrative 749,420 666,421 7,957,299
 Total operating expenses 4,935,147 2,868,538 34,407,296
 Operating loss (4,891,959) (2,204,927) (31,002,775)
 Other Income (Expense):
 Investment income 1,027,196 841,200 9,845,019
 Other, net (51,625) (56,979) (618,588)
 Net loss $(3,916,388) $(1,420,706) $(21,776,344)
 Net loss per common share $ (0.16) $ (0.06) --
 Weighted average common
 shares and common share
 equivalents outstanding 25,236,130 22,965,237 --
 Balance Sheet Data: March 31, 1993 March 31, 1992
 Cash, cash equivalents, investment
 securities and interest receivable $ 58,177,228 $ 51,801,851
 Total assets 72,863,496 60,391,918
 Total current liabilities 2,160,212 3,837,289
 Obligations under capital lease,
 excluding current installments 1,513,871 2,174,390
 Total stockholders' equity 69,189,413 54,380,239
 -0- 4/19/93
 /CONTACT: Janice M. LeCocq of ICOS, 206-485-1900/
 (ICOS)


CO: ICOS Corp. ST: Washington IN: MTC SU: ERN

LM-SW -- SE012 -- 7628 04/19/93 17:02 EDT
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Date:Apr 19, 1993
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