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PROTEIN DESIGN LABS REPORTS FIRST QUARTER 1993 FINANCIAL RESULTS

 MOUNTAIN VIEW, Calif., May 7 /PRNewswire/ -- Protein Design Labs Inc. (PDL) (NASDAQ: PDLI) today reported revenues of $933,882 for the three months ended March 31, 1993, compared to revenues of $1,465,738 for the comparable period in 1992. The net loss was $2,135,159, or 17 cents per share, compared to a net loss of $224,408, or two cents per share, for the comparable period last year.
 The change in revenues reflected a decrease in research and development revenues to $350,000 in the first three months of 1993 from $1,080,800 in the comparable year-earlier period. Such revenues are subject to quarterly fluctuations as they may include license fees and milestone payments as well as funded research under collaborative agreements with pharmaceutical companies. The decline in research revenues was partially offset by interest income on investments of $583,882, up from $384,938 in the first quarter of 1992.
 Total costs and expenses for the quarter rose to $3.1 million from $1.7 million in the first quarter of 1992. Research and development expenses doubled to $2.4 million from $1.2 million, primarily due to staff additions in the development and clinical groups and at the manufacturing pilot plant. General and administrative expenses increased to $624,002 from $459,073. Interest expense declined modestly as the company paid down lease line commitments.
 The company had $47.8 million in cash, cash equivalents and investments as of March 31, 1993. The company believes these resources should be sufficient for planned operations at least through 1994, even taking into account a $5 million upfront licensing fee that will be paid to Sandoz Pharma Ltd. and Sandoz Pharmaceuticals Corp. for rights to products and technology acquired in April 1993.
 During the quarter, PDL made key appointments in clinical, pre- clinical, regulatory affairs and business development, including Paul I. Nadler, M.D., vice president, medical and regulatory affairs; Corine K. Klingbeil, Ph.D., director, preclinical development; and James B. Cornett, Ph.D., director, business development. In addition, the company announced preliminary results of a Phase I trial with its humanized SMART(TM) M195 Antibody, which has potential for treating acute myelogenous leukemia. The antibody was safe and well tolerated and did not cause an immune (HAMA) response in the multiple-dose trial at Memorial Sloan-Kettering Cancer Center.
 "This is a further proof of principle that our humanized monoclonal antibodies may be useful therapeutic agents," said Laurence Jay Korn, Ph.D., president and chief executive officer of PDL.
 Protein Design Labs, founded in 1986, is engaged in the development of next-generation antibodies and other novel proteins to treat various disease conditions, including viral infections, autoimmune and inflammatory diseases and cancer.
 The company has two core proprietary antibody technologies. PDL uses computer modeling techniques to combine the binding site of a mouse antibody with a large part of a human antibody. The resulting SMART Antibodies, which are more than 90-percent human, retain high binding affinity for the target antigens and will, PDL believes, substantially reduce or avoid the human anti-mouse antibody (HAMA) response that has limited the use of mouse monoclonal antibodies as human therapeutics.
 PDL's second antibody technology is for development of human antibodies against viruses. This technology, as well as four human anti-viral antibodies developed with this technology, was recently acquired from Sandoz.
 PROTEIN DESIGN LABS INC.
 Statement of Operations
 Three Months Ended March 31,
 1993 1992
 (unaudited)
 Revenues:
 Research and development under
 collaborative agreements-related
 party $ 225,000 $ 225,000
 Research and development revenue
 under collaborative agreements
 -- other 125,000 855,800
 Interest income/other 583,882 384,938
 Total revenues 933,882 1,465,738
 Costs and expenses:
 Research and development 2,436,806 1,218,764
 General and administrative 624,002 459,073
 Interest expense 8,233 12,309
 Total costs and expenses 3,069,041 1,690,146
 Net income (loss) $(2,135,159) $ (224,408)
 Net income (loss) per share $ (0.17) $ (0.02)
 Shares used in computation of
 net income (loss) per share 12,700,000 11,732,000
 Balance Sheet Data
 March 31, Dec. 31,
 1993 1992
 (unaudited)
 Cash, cash equivalents and
 investments $47,819,651 $50,903,690
 Total assets 53,011,837 55,623,183
 Total common stockholders'
 equity 51,435,289 53,533,516
 -0- 5/7/93
 /CONTACT: Peter Dworkin, director of corporate communications, of Protein Design Labs, 415-903-3721/
 (PDLI)


CO: Protein Design Labs Inc. ST: California IN: MTC SU: ERN

TM-GT -- SJ001 -- 5758 05/07/93 07:00 EDT
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Date:May 7, 1993
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