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THE IMMUNE RESPONSE CORPORATION ANNOUNCES SECOND QUARTER 1993 FINANCIAL RESULTS

 CARLSBAD, Calif., July 22 /PRNewswire/ -- The Immune Response Corporation (NASDAQ-NMS: IMNR) today announced its financial results for the second quarter ended June 30, 1993. The net loss for the second quarter of 1993 was $4,347,000, or $.26 per share, compared to a net loss of $1,133,000, or $.07 per share, reported in the second quarter of 1992. Contract research revenue for the second quarter of 1993 was $1,167,000 vs. $796,000 in the same period of 1992. Investment income for the second quarter of 1993 decreased to $1,115,000 from $1,469,000 in the second quarter of 1992. Research and development expenses in the second quarter of 1993 increased to $2,909,000 from $1,605,000 in the second quarter of 1992.
 For the six months ended June 30, 1993, the net loss of $8,222,000, or $.50 per share compares to a net loss of $754,000, or $.05 per share, during the same period of 1992. Contract research revenue for the six months ended June 30, 1993, was $2,289,000 vs. $1,856,000 for the same period last year. Investment income for the six months ended June 30, 1993, was $2,095,000 as compared to $3,643,000 reported for the six months ended June 30, 1992. Research and development expenses for the six months ended June 30, 1993, were $5,957,000 compared to $3,383,000 during the six months ended June 30, 1992.
 The increase in net loss for the six months ended June 30, 1993, compared to the net loss reported during the same period of the prior year, is primarily because of the increased allocation of expenses to the company from its HIV joint venture with Rhone-Poulenc Rorer Inc. and to the additional operating expenses related to TargeTech Inc., acquired in November 1992. The joint venture expenses increased because of increased activity at the joint venture pursuant to the completion and analysis of the Phase II/III clinical trial of the HIV immunotherapeutic. Also, during 1992, the company was not allocated joint venture expenses until late in the first quarter, while in 1993, joint venture expenses have been allocated equally between the partners throughout the six-month period.
 The decrease in investment income during the six months ended June 30, 1993, compared to the same period during 1992, resulted from decreased cash and investments, as well as reduced yields on those investments.
 The increase in research and development expenses for the six months ended June 30, 1993, were primarily because of expanded analysis of clinical trial results of the HIV immunotherapeutic, the expanded research and development into potential autoimmune disease treatments, including two Phase I/II clinical trials with rheumatoid arthritis therapeutic vaccines and the inclusion of research and development costs associated with TargeTech Inc.
 The Immune Response Corporation is a biopharmaceutical company engaged in the development of proprietary products for the treatment of HIV infection, certain autoimmune diseases, and through TargeTech Inc., the company's wholly owned subsidiary, gene therapy.
 THE IMMUNE RESPONSE CORPORATION
 Consolidated Condensed Statements of Operations
 (Dollars in thousands, except per share data)
 (Unaudited)
 Three months ended Six months ended
 June 30, June 30,
 1993 1992 1993 1992
 Contract research
 revenue under a
 collaborative
 arrangement with
 a related party $1,167 $796 $2,289 $1,856
 Expenses:
 Research and
 development 2,909 1,605 5,957 3,383
 General and
 administrative 1,226 906 2,139 1,835
 Total 4,135 2,511 8,096 5,218
 Other revenue
 and expense:
 Investment income 1,115 1,469 2,095 3,643
 Equity in operations
 of joint venture (2,494) (887) (4,510) (1,035)
 Total (1,379) 582 (2,415) 2,608
 Net loss ($4,347) ($1,133) ($8,222) ($754)
 Net loss per share ($0.26) ($0.07) ($0.50) ($0.05)
 Shares used in
 computing net
 loss per share 16,543,269 15,273,914 16,538,382 15,267,708
 THE IMMUNE RESPONSE CORPORATION
 Consolidated Condensed Balance Sheets
 (Dollars in thousands)
 June 30, Dec. 31,
 1993 1992
 (Unaudited)
 Assets
 Cash, cash equivalents
 and short-term
 investments $82,584 $90,362
 Research contract receivable
 from a related party 1,200 1,304
 Other current assets 897 1,363
 Total 84,681 93,029
 Property and equipment, net 7,524 7,453
 Other assets 2,051 2,646
 Total assets $94,256 $103,128
 Liabilities and
 stockholders' equity
 Current liabilities $1,486 $2,025
 Long-term liabilities 381 527
 Stockholders' equity 92,389 100,576
 Total liabilities and
 stockholders' equity $94,256 $103,128
 -0- 7/22/93 R
 /CONTACT: Bronwyn LeMelle or Cindy Rollins, investor relations, or Charles J. Cashion, VP-finance, of The Immune Response Corporation, 619-431-7080/
 (IMNR)


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

MF-LS -- SD007R -- 4541 07/22/93 12:27 EDT
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Date:Jul 22, 1993
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