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THE LIPOSOME COMPANY, INC. REPORTS THIRD QUARTER RESULTS

 PRINCETON, N.J., Oct. 28 /PRNewswire/ -- The Liposome Company, Inc. (NASDAQ: LIPO and LIPOZ) reported that total revenues for the third quarter ended September 30, 1993 were $3,480,000, a 25.1 percent increase over the third quarter of 1992. The net loss for the quarter was $7,317,000, compared to a loss of $2,524,000 in the same quarter a year ago. The net loss per share applicable to common stock was $.37, a $.26 per share increase over the third quarter of 1992. The $.37 loss per common share includes the impact of $.06 per common share from dividends on preferred stock. Cash and investments totaled $127,000,000 at September 30, 1993.
 Collaborative research and development revenue in the third quarter was $1,320,000 compared to $1,371,000 a year ago. Interest income was $2,156,000 for the quarter, compared to $1,406,000 a year ago, due to significantly increased cash and investment levels. Total expenses of $10,797,000 increased 103.5 percent over the comparable 1992 period's expenses of $5,306,000 reflecting staffing additions and acquisition of clinical material to support the Company's product development plans.
 For the nine months ended September 30, 1993, the net loss was $14,488,000, or $.79 per share on revenues of $9,883,000. These results compare to a net loss of $5,607,000, or $.25 per share, on revenues of $8,172,000 for the comparable 1992 period. The net loss per common share includes $.17 per share for dividends on preferred stock.
 "The Company's products have been developed to the point where significantly greater resources need to be applied to continue their progress through clinical testing and statistical evaluation," said Charles A. Baker, Chairman and Chief Executive Officer. "Three of the Company's drugs, ABLC(TM), Maitec(TM), and TLC D-99, are expected to enter Phase III trials in the United States, and a fourth, TLC C-53, is planned to enter Phase II studies. The Company is also preparing to file an application for marketing approval in Europe for ABLC(TM). Supporting these product development efforts is a strong balance sheet with $127,000,000 in cash and instruments."
 The Liposome Company has four drugs currently in clinical trials. ABLC(TM) is in Phase II/III studies for the treatment of systemic fungal infections; Maitec(TM) (formerly TLC G-65) is in Phase II trials in the U.S. and Phase III trials in Europe for the treatment of Mycobacterium avium-intracellulare (MAI), an infection that eventually strikes 30 to 50 percent of people with AIDS; TLC D-99 is in Phase II for treatment of metastatic breast cancer; and TLC C-53 has completed Phase I trials in preparation for studies in Acute Respiratory Distress Syndrome.
 A leading company dedicated exclusively to the development of liposome and lipid based pharmaceuticals, The Liposome Company develops proprietary parenteral pharmaceuticals for the treatment, prevention, and diagnosis of life-threatening diseases.
 THE LIPOSOME COMPANY, INC
 Consolidated Statements Of Operations
 (In Thousands Except Per Share Figures)
 (Unaudited)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Collaborative research and
 development revenues $ 1,320 $1,371 $3,463 $4,354
 Licensing and other fees 4 5 539 267
 Interest income 2,156 1,406 5,881 3,551
 Total revenues 3,480 2,782 9,883 8,172
 Research and development
 expenses 8,151 4,161 18,218 10,620
 General and administrative
 expenses 2,553 1,110 5,968 3,124
 Interest expense 93 35 185 35
 Total expenses 10,797 5,306 24,371 13,779
 Net loss $(7,317) $(2,524) $(14,488) $(5,607)
 Preferred stock dividend (1,337) -- (4,011) --
 Net loss applicable to
 common stock $(8,654) $(2,524) $(18,499) $(5,607)
 Net loss per share
 applicable to
 common stock $(.37) $(.11) $(.79) $(.25)
 Weighted average number
 of common shares
 outstanding 23,530 23,252 23,505 22,079
 THE LIPOSOME COMPANY, INC.
 Consolidated Balance Sheets
 (In Thousands)
 Sept. 30, 1993 Dec. 31, 1992
 (Unaudited) (Audited)
 Current assets, principally cash
 and short-term investments $112,997 $78,480
 Long-term investments 16,350 --
 Plant and equipment, net 17,249 12,966
 Other assets, net 611 1,310
 Total assets $147,207 $92,756
 Current liabilities $9,906 $6,570
 Other liabilities 6,581 2,986
 Stockholders' equity 130,720 83,200
 Total liabilities and stockholders'
 equity $147,207 $92,756
 -0- 10/28/93
 /CONTACT: Brooks Boveroux, vice president, finance and chief financial officer of The Liposome Company, Inc., 609-452-7060/
 (LIPO)


CO: The Liposome Company, Inc. ST: New Jersey IN: MTC SU: ERN

LD -- NY008 -- 7695 10/28/93 08:01 EDT
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Date:Oct 28, 1993
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