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THE IMMUNE RESPONSE CORPORATION ANNOUNCES THIRD QUARTER 1993 FINANCIAL RESULTS

 CARLSBAD, Calif., Oct. 21 /PRNewswire/ -- The Immune Response Corporation (NASDAQ-NMS: IMNR) today announced its financial results for the third quarter ended Sept. 30, 1993. The net loss for the third quarter of 1993 was $3,111,000, or $.19 per share, compared to a net loss of $991,000, or $.06 per share, reported in the third quarter of 1992. Contract research revenue for the third quarter of 1993 was $1,175,000 vs. $1,033,000 in the same period of 1992. Investment income for the third quarter of 1993 decreased to $1,376,000 from $1,709,000 in the third quarter of 1992. Research and development expenses in the third quarter of 1993 increased to $2,880,000 from $1,753,000 in the third quarter of 1992.
 For the nine months ended Sept. 30, 1993, the net loss of $11,333,000, or $.68 per share, compares to a net loss of $1,745,000, or $.11 per share, during the same period of 1992. Contract research revenue for the nine months ended Sept. 30, 1993, was $3,464,000 vs. $2,889,000 for the same period last year. Investment income for the nine months ended Sept. 30, 1993, was $3,471,000, as compared to $5,352,000 reported for the nine months ended Sept. 30, 1992. Research and development expenses for the nine months ended Sept. 30, 1993, were $8,837,000, compared to $5,126,000 during the nine months ended Sept. 30, 1992.
 The increase in net loss for the nine months ended Sept. 30, 1993, compared to the net loss reported during the same period of the prior year, is due primarily to 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 due to increased activity by the joint venture pursuant to the completion, analysis and regulatory submission of the data from the Phase II/III clinical trial of the HIV immunotherapeutic, as well as due to increased activity in the manufacturing of clinical supplies 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 nine- month period.
 The decrease in investment income during the nine months ended Sept. 30, 1993, compared to the same period during 1992, resulted from decreased cash and investments, as well as a decline in interest rates on such investments.
 The increase in research and development expenses for the nine months ended Sept. 30, 1993, was due primarily to 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.
 The Immune Response Corporation is a biopharmaceutical company engaged in the development of proprietary products for the treatment of HIV infection and 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 Nine months ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Contract research
 revenue under a
 collaborative
 arrangement with
 a related party $1,175 $1,033 $3,464 $2,889
 Expenses:
 Research and
 development 2,880 1,753 8,837 5,126
 General and
 administrative 838 787 2,977 2,632
 Total 3,718 2,540 11,814 7,758
 Other revenue
 and expense:
 Investment income 1,376 1,709 3,471 5,352
 Equity in operations
 of joint venture (1,944) (1,193) (6,454) (2,228)
 Total (568) 516 (2,983) 3,124
 Net loss ($3,111) ($991) ($11,333) ($1,745)
 Net loss per share ($0.19) ($0.06) ($0.68) ($0.11)
 Shares used in
 computing net
 loss per share 16,557,256 15,281,925 16,544,742 15,272,512
 THE IMMUNE RESPONSE CORPORATION
 Consolidated Condensed Balance Sheets
 (Dollars in thousands)
 Sept. 30, Dec. 31,
 1993 1992
 (Unaudited)
 Assets
 Cash, cash equivalents
 and short-term
 investments $79,060 $90,362
 Research contract receivable
 from a related party 729 1,304
 Other current assets 1,197 1,363
 Total 80,976 93,029
 Property and equipment, net 7,435 7,453
 Other assets 2,564 2,646
 Total assets $90,975 $103,128
 Liabilities and
 stockholders' equity
 Current liabilities $1,355 $2,025
 Long-term liabilities 305 527
 Stockholders' equity 89,315 100,576
 Total liabilities and
 stockholders' equity $90,975 $103,128
 -0- 10/21/93
 /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-JL -- SD006 -- 4952 10/21/93 08:11 EDT
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Date:Oct 21, 1993
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