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NEORX ANNOUNCES FISCAL 1992 THIRD QUARTER RESULTS

 NEORX ANNOUNCES FISCAL 1992 THIRD QUARTER RESULTS
 SEATTLE, July 21 /PRNewswire/ -- NeoRx Corporation (NASDAQ: NERX)


today reported a net loss for the third quarter ended June 30, 1992 of $2,440,000 ($.10 per share) compared to $2,505,000 ($.18 per share) for the quarter ended June 30, 1991. For the fiscal 1992 nine month period, the net loss was $8,849,000 ($.39 per share), a decrease of $125,000 from a loss of $8,974,000 ($.67 per share) in 1991. The 1992 nine month loss included a non-cash charge of $1,228,000 resulting from the exchange during the first fiscal 1992 quarter of 1,748,000 shares of NeoRx common stock for $6,993,000 principal amount of the company's 9 3/4 percent convertible subordinated debentures.
 Revenue earned under collaborative research agreements was $149,000 for the quarter compared to $51,000 for the third quarter of fiscal 1991 and for the nine months was $372,000 compared to $297,000 in last year's comparable period. Operating expenses of $2,642,000 for the current year's quarter increased $134,000, or 5 percent, from $2,508,000 recorded in last year's third quarter. Operating expenses of $8,294,000 for the nine months ended June 30, 1992 decreased 12 percent from $9,423,000 in the comparable period in 1991 (table follows).
 NeoRx Corporation develops targeted biopharmaceutical products that detect and treat human illnesses with a primary focus on cancer. The company has three cancer therapy trials in progress, has filed for marketing approval with the FDA for two OncoTrac(R) cancer imaging products and has completed a phase III trial for a third imaging product. Targeted biopharmaceuticals to treat cancer, restenosis after angioplasty and autoimmune diseases are in pre-clinical testing.
 NEORX CORPORATION
 Condensed Statements of Operations
 (In thousands, except per share data)
 (unaudited)
 Three Months Ended Nine Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 CONTRACT REVENUES $ 149 $ 51 $ 372 $ 297
 OPERATING EXPENSES:
 Research and
 development 1,595 1,672 4,743 5,736
 General and
 administrative 1,047 836 3,551 3,047
 Restructuring costs -- -- -- 640
 Total operating
 expenses 2,642 2,508 8,294 9,423
 Loss from
 operations (2,493) (2,457) (7,922) (9,126)
 Other income
 (expense) 53 (48) (927) 152
 Net loss $(2,440) $(2,505) $(8,849) $ (8,974)
 Dividends on
 preferred stock 282 267 976 1,145
 Net loss applicable
 to common shares $(2,722) $(2,772) $(9,825) $(10,119)
 Net loss per share $ (.10) $ (.18) $ (.39) $ (.67)
 Weighted average
 shares outstanding 28,397 15,321 25,208 15,042
 Condensed Balance Sheets
 (In thousands)
 June 30, Sept. 30,
 1992 1991
 (unaudited)
 ASSETS:
 Cash and short-term investments $ 9,307 $ 9,204
 Facilities and equipment, net 1,236 1,307
 Other assets 1,183 10,576
 Total assets $11,726 $21,087
 LIABILITIES AND SHAREHOLDERS' EQUITY:
 Current liabilities $ 2,784 $ 2,826
 Other liabilities 1,262 9,298
 Shareholders' equity 7,680 8,963
 Total liabilities and
 shareholders' equity $11,726 $21,087
 -0- 7/21/92
 /CONTACT: Robert M. Littauer, vice president, chief financial officer and treasurer of NeoRx Corporation, 206-281-7001, ext. 519; or Anthony J. Russo, Ph.D., or Susan A. Noonan of Noonan/Russo Communications, 212-979-9180, for NeoRx Corporation/
 (NERX) CO: NeoRx Corporation ST: Washington IN: MTC SU: ERN


JB-AW -- NY022 -- 1173 07/21/92 09:46 EDT
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Date:Jul 21, 1992
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