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NOVA PHARMACEUTICAL CORPORATION REPORTS FIRST QUARTER RESULTS

 NOVA PHARMACEUTICAL CORPORATION REPORTS FIRST QUARTER RESULTS
 BALTIMORE, April 22 /PRNewswire/ -- Nova Pharmaceutical Corporation (NASDAQ: NOVX) today reported financial results for the first quarter of 1992. Revenues for the first quarter were $12.4 million, an 8 percent increase over the $11.5 million reported for the same period in 1991. The increase in revenues was due primarily to sales of four psychiatric products marketed by the company, which generated net revenues of $10.3 million.
 "Sales of the psychiatric products generated profits to Nova of $1.4 million," said Michael J. Demchuk, Jr., Nova vice president and chief financial officer. "This represents an 83 percent increase over the $766,000 from 1991."
 Total expenses for the quarter were $15.8 million, compared with $15.2 million for the same period in 1991. The increase in expenses in 1992 over 1991 resulted primarily from costs associated with higher sales of the psychiatric products.
 The net loss for the quarter was $3.4 million, or $.11 per share, an 8 percent reduction from the $3.7 million, or $.14 per share for the first quarter of 1991. The net loss adjusted for non-cash expenses was $2.0 million for the first quarter of 1992 and 1991.
 "During the first quarter, we strengthened our balance sheet by completing the sale of 4.2 million new shares of common stock generating net proceeds to the company of $33.5 million," said Demchuk. "Proceeds of the offering will be used to finance the continued research and development of the company's project portfolio."
 Nova Pharmaceutical Corporation, based in Baltimore, is engaged in the discovery, development, and commercialization of pharmaceutical products which address areas of significant medical need. The company's research and development programs are in three principal areas: inflammation, central nervous system disorders, and drug delivery systems. The company's scientific strategy is to employ the tools of receptor technology, rational drug design, and drug delivery technologies to develop novel therapeutic products.
 NOVA PHARMACEUTICAL CORPORATION
 Summary of Financial Information
 (Unaudited)
 Three months ended March 31: 1992 1991
 Revenues:
 Product sales $10,417,840 8,719,193
 Sponsored research & development 1,553,318 2,311,418
 Interest & other income 431,537 477,676
 Total 12,402,695 11,508,287
 Expenses:
 Cost of goods sold 6,779,293 6,504,682
 Sponsored research & development 1,458,023 2,191,883
 Proprietary research & development 3,277,119 2,868,032
 Marketing, general & administrative 2,302,882 2,107,065
 Profit distribution to third parties 989,000 545,162
 Other expenses 999,312 1,015,280
 Total 15,805,629 15,232,104
 Net Loss $(3,402,934) (3,723,817)
 Net loss per share $ (.11) (.14)
 Weighted average number of shares
 outstanding 29,723,000 26,827,000
 -0- 4/22/92
 /CONTACT: Michael J. Demchuk, Jr., vice president and chief financial officer of Nova, 410-558-9585; or Noonan/Russo Communications, 212-979-9180, for Nova/
 (NOVX) CO: Nova Pharmaceutical Corporation ST: Maryland IN: MTC SU: ERN


TS-LR -- NY005 -- 1064 04/22/92 09:02 EDT
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Publication:PR Newswire
Date:Apr 22, 1992
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