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THE IMMUNE RESPONSE CORPORATION ANNOUNCES THIRD QUARTER 1992 FINANCIAL RESULTS

 THE IMMUNE RESPONSE CORPORATION ANNOUNCES
 THIRD QUARTER 1992 FINANCIAL RESULTS
 SAN DIEGO, Oct. 21 /PRNewswire/ -- The Immune Response Corporation (NASDAQ-NMS: IMNR) today announced its financial results for the third quarter ended Sept. 30, 1992. The net loss for the third quarter of 1992 was $991,000, or $.06 per share, compared to net income of $19,000, or $.00 per share, reported in the third quarter of 1991. Contract research revenue for the third quarter of 1992 was $1,033,000 vs. $993,000 in the same period of 1991. Investment income for the third quarter of 1992 increased to $1,709,000 from $930,000 in the third quarter of 1991.
 For the nine months ended Sept. 30, 1992, the net loss of $1,745,000, or $.11 per share, compares to a net loss of $2,925,000, or $.23 per share, during this period last year. Contract research revenue was $2,889,000 vs. $3,245,000, for the same period in 1991. Investment income for the nine months ended Sept. 30, 1992, was $5,352,000, as compared to $2,186,000 reported for the nine months ended Sept. 30, 1991.
 The net loss in the third quarter of 1992 vs. the net income in the third quarter of 1991 was primarily because of increased research and development expenses and an increased allocation to Immune Response of expenses incurred by the company's joint venture with Rhone-Poulenc Rorer Inc. for development of an HIV immunotherapeutic. The company's increased expenses were partially offset by an increase in investment income because of the completion of a public offering of common stock during the fourth quarter of 1991.
 The decreased net loss for the nine months ended Sept. 30, 1992, compared the same period in 1991, results primarily from an increase in investment income, which more than offset the increased expenses of the company during the 1992 period.
 On Oct. 12, 1992, the company announced that it had signed a letter of intent to acquire TargeTech Inc., a privately held biopharmaceutical company developing human disease treatments through the application of a targeted in vivo gene therapy technology.
 The Immune Response Corporation is a biopharmaceutical company engaged in the development of products for the treatment of HIV infection, which leads to AIDS, and for the treatment of certain major autoimmune diseases, particularly rheumatoid arthritis, multiple sclerosis and insulin-dependent diabetes.
 THE IMMUNE RESPONSE CORPORATION
 Consolidated Condensed Statements of Operations
 (Dollars in thousands, except per share data)
 (Unaudited)
 Three months ended Nine months ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Contract research
 revenue under a
 collaborative
 arrangement with
 a related party $1,033 $993 $2,889 $3,245
 Expenses:
 Research and
 development 1,753 1,413 5,126 4,396
 General and
 administrative 787 537 2,632 1,674
 Total 2,540 1,950 7,758 6,070
 Other revenue
 and expense:
 Investment income 1,709 930 5,352 2,186
 Equity in operations
 of joint venture (1,193) 46 (2,228) (2,286)
 Total 516 976 3,124 (100)
 Net income (loss) ($991) $19 ($1,745) ($2,925)
 Net income (loss)
 per share ($0.06) $0.00 ($0.11) ($0.23)
 Shares used in
 computing net income
 (loss) per share 15,281,925 13,935,586 15,272,512 12,636,118
 THE IMMUNE RESPONSE CORPORATION
 Consolidated Condensed Balance Sheets
 (Dollars in thousands)
 Sept. 30, Dec. 31,
 1992 1991
 (Unaudited)
 Assets
 Cash, cash equivalents
 and short-term
 investments $96,669 $103,888
 Research contract receivable
 from a related party 797 727
 Other current assets 1,499 1,205
 Total 98,965 105,820
 Property and equipment, net 6,636 3,312
 Other assets 2,204 581
 Total assets $107,805 $109,713
 Liabilities and
 stockholders' equity
 Current liabilities $1,073 $1,429
 Stockholders' equity 106,732 108,284
 Total liabilities and
 stockholders' equity $107,805 $109,713
 -0- 10/21/92
 /CONTACT: Steven L. Basta, 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


LS-JB -- SD004 -- 2652 10/21/92 08:03 EDT
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Date:Oct 21, 1992
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