Printer Friendly

THE IMMUNE RESPONSE CORPORATION ANNOUNCES FOURTH QUARTER AND YEAR-END 1992 FINANCIAL RESULTS

 CARLSBAD, Calif., Feb. 11 /PRNewswire/ -- The Immune Response Corporation (NASDAQ-NMS: IMNR) today reported a net loss of $33,753,000, or $2.19 per share, for the year ended Dec. 31, 1992, compared to a net loss of $3,001,000, or $.23 per share, for the prior year. The net increase in the 1992 net loss compared to 1991 was due primarily to a $29.8 million charge for in-process research and development resulting from the acquisition of TargeTech Inc. during the fourth quarter of 1992.
 Contract research revenue in 1992 of $4,035,000 compares to $4,253,000 in 1991. Investment income in 1992 increased to $7,021,000 from $3,732,000 in 1991 primarily due to an increase in the cash balances available for investment. The increase in cash resulted from the completion of two public offerings during 1991. Operating expenses were $11,198,000 in 1992 compared to $8,727,000 in 1991. The increase resulted from increased expenses associated with the development of the HIV immunotherapeutic and autoimmune disease treatments. Additionally, the company's share of contractually allocated losses from the AIDS research joint venture with Rhone- Poulenc Rorer Inc. increased by $1,584,000.
 For the fourth quarter of 1992, contract research revenue of $1,146,000 compares to $1,008,000 for the same period last year. Net loss of $32,008,000, or $2.01 per share, compares to a net loss of $75,000, or $.01 per share, during the fourth quarter of 1991.
 "At Dec. 31, 1992, the company had approximately $90 million in cash. During the past year the financial strength of the company enabled us to aggressively develop our HIV immunotherapeutic and autoimmune disease programs, as well as pursue a new technology through the acquisition of TargeTech," said James B. Glavin, president and chief executive officer.
 The Immune Response Corporation is a biopharmaceutical company engaged in the development of proprietary products for the treatment of HIV infection, autoimmune disease and, through TargeTech Inc., its wholly owned subsidiary, gene therapy and drug delivery.
 THE IMMUNE RESPONSE CORPORATION
 Consolidated Statements of Operations
 (Dollars in thousands, except per share data)
 Three months ended Year ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Contract research
 revenue under a
 collaborative
 arrangement with
 a related party $1,146 $1,008 $4,035 $4,253
 Expenses:
 Research and
 development 2,494 1,971 7,620 6,367
 General and
 administrative 946 686 3,578 2,360
 Total 3,440 2,657 11,198 8,727
 Other revenue
 and expense:
 Investment income 1,669 1,547 7,021 3,732
 Equity in operations
 of joint venture (1,615) 27 (3,843) (2,259)
 Acquired research and
 development (29,768) 0 (29,768) 0
 Total (29,714) 1,574 (26,590) 1,473
 Net loss ($32,008) ($75) ($33,753) ($3,001)
 Net loss per share ($2.01) ($0.01) ($2.19) ($0.23)
 Shares used in
 computing net
 loss per share 15,889,759 14,758,139 15,427,667 13,115,610
 THE IMMUNE RESPONSE CORPORATION
 Consolidated Balance Sheets
 (Dollars in thousands)
 Dec. 31,
 1992 1991
 Assets
 Cash, cash equivalents
 and short-term
 investments $90,362 $103,888
 Research contract receivable
 from a related party 1,304 727
 Other current assets 1,363 1,205
 Total 93,029 105,820
 Property and equipment, net 7,453 3,312
 Other assets 2,646 581
 Total assets $103,128 $109,713
 Liabilities and
 stockholders' equity
 Current liabilities $2,025 $1,429
 Long-term liabilities 527 0
 Stockholders' equity 100,576 108,284
 Total liabilities and
 stockholders' equity $103,128 $109,713
 -0- 2/11/93
 /CONTACT: Bronwyn LeMelle or Cindy Rollins, investor relations, of The Immune Response Corporation, 619-431-7080/
 (IMNR)


CO: The Immune Response Corporation ST: California IN: MTC SU: ERN

KJ-JL -- SD005 -- 5838 02/11/93 16:01 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 11, 1993
Words:643
Previous Article:DATATRONIX FINANCIAL SERVICES REPORTS 1992 YEAR-END AND FOURTH QUARTER RESULTS
Next Article:IMMUNEX REPORTS YEAR-END RESULTS
Topics:


Related Articles
IMMULOGIC REPORTS FOURTH QUARTER AND YEAR-END FINANCIAL RESULTS
THE IMMUNE RESPONSE CORPORATION ANNOUNCES SECOND QUARTER 1992 FINANCIAL RESULTS
IMRE CORPORATION ANNOUNCES THIRD QUARTER RESULTS
IMRE CORPORATION ANNOUNCES FIRST QUARTER RESULTS
IDEC PHARMACEUTICALS REPORTS THIRD QUARTER 1993 RESULTS
THE IMMUNE RESPONSE CORPORATION ANNOUNCES FOURTH QUARTER AND YEAR-END 1993 FINANCIAL RESULTS
THE IMMUNE RESPONSE CORPORATION ANNOUNCES FOURTH QUARTER AND YEAR-END 1995 FINANCIAL RESULTS
The Immune Response Corporation Announces Fourth Quarter and Year-End 1996 Financial Results
The Immune Response Corporation Announces Fourth Quarter And Year-End 1997 Financial Results
The Immune Response Corporation Announces Fourth Quarter And Year-End 1999 Financial Results.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters