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SYSTEMIX REPORTS 1992 RESULTS

 PALO ALTO, Calif., Feb. 18 /PRNewswire/ -- SyStemix, Inc. (NASDAQ: STMX) today announced its financial results for the fourth quarter and the year ended Dec. 31, 1992. The company said that its revenues and net loss were consistent with its expectations. Revenue for the quarter ended Dec. 31, 1992 was $1.04 million compared to $170,000 for the same period in 1991. Net loss for the quarter was $2.26 million or ($0.23) per share compared to $2.65 million or ($0.36) per share for the same period in 1991.
 Revenue for the year-ended Dec. 31, 1992 was $5.23 million compared to revenue of $1.80 million in 1991. Revenues for 1992 include a $3 million milestone payment from Sandoz Pharma Ltd. relating to the stem cell growth factor research and development collaboration. Future milestone payments, if any, will be dependent upon the achievement of certain research goals as defined in the collaboration agreement. SyStemix incurred a net loss of $15.93 million or ($1.70) per share for the year ended Dec. 31, 1992 compared to a net loss of $8.25 million or ($1.35) per share in 1991. The 1992 loss includes a $12.18 million one- time special charge relating to the February 1992 Sandoz acquisition.
 "Our financial results reflect SyStemix' strong commitment to research and development. We are progressing on this front as planned and our financial performance is consistent with our expectations," said Linda D. Sonntag, Ph.D., president and CEO. "We accomplished one of our major goals in 1992: the cultivation of an accomplished management team, which brings us into 1993 with considerable momentum."
 SyStemix, Inc. is primarily engaged in the development of cellular processes and cellular products based on human hematopoietic stem cells, human megakaryocytes and megakaryocyte progenitors. The company is based in Palo Alto, California.
 SYSTEMIX, INC.
 Selected Financial Highlights
 (Unaudited, in thousands except per share data)
 Statement of Operations Data
 Periods ended Dec. 31 Three months ended Twelve months ended
 1992 1991 1992 1991
 Total revenues 1,042 170 5,228 1,798
 Expenses:
 R&D 3,028 2,093 10,190 7,511
 General & admin. 1,730 1,122 5,440 2,806
 Special charge related
 to Sandoz acquis. -- -- 12,175 --
 Total operating exp. 4,758 3,215 27,805 10,317
 Loss from operations (3,716) (3,045) (22,577) (8,519)
 Net loss (2,259) (2,648) (15,928) (8,251)
 Net loss per share (0.23) (0.36) (1.70) (1.35)
 Weighted average
 shares outstanding 9,674 7,333 9,372 6,121
 -0- 2/18/93
 /CONTACT: Susan K. Gilbert, chief financial officer of Systemix, Inc., 415-856-4901, or Kathryn Comba of Noonan/Russo Communications, Inc., 212-979-9180/
 (STMX)


CO: SyStemix, Inc. ST: California IN: MCT SU: ERN

TM-KW -- NY008 -- 7673 02/18/93 08:30 EST
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Publication:PR Newswire
Date:Feb 18, 1993
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