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IMMULOGIC REPORTS FIRST QUARTER RESULTS

 IMMULOGIC REPORTS FIRST QUARTER RESULTS
 CAMBRIDGE, Mass., April 15 /PRNewswire/ -- ImmuLogic


Pharmaceutical Corporation (NASDAQ: IMUL) reported today financial results for the first quarter ending March 31, 1992. For the three-month period, revenues were $8,677,000 including a $7 million initial payment from Marion Merrell Dow Inc. received upon the signing of the companies' joint commercialization agreement in February.
 These revenues compare to $1,049,000 for the first quarter of 1991. The company reported net income of $4,168,000, (34 cents per share) for the quarter, compared to a loss of $1,782,000 (26 cents per share) for the first quarter of 1991. Expenses were $4,509,000 for the three months ending March 31, 1992, compared to $2,831,000 for the same period in 1991.
 "The first quarter operating results do not reflect the company's expectation of results for the rest of the year," said Richard Bagley, president and CEO of ImmuLogic. "ImmuLogic does not expect to receive additional revenues from Marion Merrell Dow until 1993. We expect to incur losses in subsequent quarters and for the year as a whole."
 "We are pleased with the progress we made during the first quarter," Bagley said. "We filed our first Investigational New Drug (IND) application with the U.S. Food and Drug Administration and have recently announced the commencement of clinical trials for our CATVAX(tm) allergy therapy. Merck informed us of its decision to continue to fund our program to develop HLA blocking compounds to treat rheumatoid arthritis and type I diabetes."
 ImmuLogic is developing products to treat allergies and autoimmune diseases. The company's technical approach is based upon proprietary discoveries and an advanced understanding of the molecular events controlling the human immune system. ImmuLogic is developing the ALLERVAX(tm) family of allergy therapeutics under a joint commercialization with Marion Merrell Dow Inc., and the company is collaborating with Merck and Co., Inc. to develop treatments for type 1 diabetes and rheumatoid arthritis.
 IMMULOGIC PHARMACEUTICAL CORPORATION
 Comparative Financial Summary
 March 31, 1992
 (Unaudited)
 (in thousands, except per share data)
 Three months
 1992 1991
 Revenues:
 License and research revenues $7,834 $ 801
 Interest income 843 248
 Total revenues 8,677 1,049
 Expenses:
 Research & development 3,268 2,176
 General and administrative 1,215 621
 Interest expense 26 34
 Total expenses 4,509 2,831
 Net income (loss) $4,168 $(1,782)
 Net income (loss) per
 common share 34 cents (26 cents)
 Weighted average number
 of common shares 12,294,235 6,806,592
 -0- 4/15/92
 /CONTACT: Janet C. Bush of ImmuLogic Pharmaceutical Corp., 617-494-0060/
 (IMUL) CO: ImmuLogic Pharmaceutical Corp. ST: Massachusetts IN: MTC SU: ERN


TM -- NE004 -- 8573 04/15/92 10:03 EDT
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Publication:PR Newswire
Date:Apr 15, 1992
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