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VERTEX PHARMACEUTICALS REPORTS 1992 SECOND QUARTER RESULTS

 VERTEX PHARMACEUTICALS REPORTS 1992 SECOND QUARTER RESULTS
 CAMBRIDGE, Mass., July 22 /PRNewswire/ -- Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) reported financial results today for the second quarter and the six months ended June 30, 1992. Revenues for the second quarter were $967,000, principally from collaborative research and development, as compared to $824,000 for the second quarter of 1991. Expenditures on research and development for the second quarter of 1992 were $2,688,000 vs. $1,840,000 for the second quarter of 1991. The company's net loss for the quarter was $1,933,000 or 16 cents per share, compared to $1,365,000 or 21 cents per share in 1991.
 For the six months ended June 30, 1992 revenues, primarily from collaborative research and development, increased to $1,867,000 from $1,590,000 for the same period in 1991. Expenditures on research and development were $5,263,000 as compared to $3,568,000 in the first six months of 1991. The first half net loss was $3,575,000 or 30 cents per share, compared to $2,596,000 or 39 cents per share, for the comparable 1991 period.
 "Our first half results reflect our continued investment in three major therapeutic research programs," stated Dr. Joshua Boger, Vertex's president and CEO. "We are making significant progress in our Immunosupression Program to develop selective immunosuppressive drugs to treat transplant rejection and autoimmune diseases; in our HIV Protease Program, which is aimed at developing antiviral drugs to treat AIDS and HIV infection; and in our Inflammation Program, aimed at developing oral drugs to treat acute and chronic inflammatory conditions. We hope to begin pharmaceutical development activities in the months ahead."
 Vertex is a leader in the use of structure-based rational drug design, a scientific approach to drug discovery which uses atomic level information to design synthetic compounds that interact with protein targets involved in disease processes. Vertex is using advanced techniques of biology, chemistry and biophysics to create novel, small-molecule compounds that the company plans to develop as orally deliverable drugs to treat major human diseases. Vertex is concentrating on the development of drugs in the areas of immunology, inflammation, and anti-viral therapy.
 VERTEX PHARMACEUTICALS INCORPORATED
 Statement of Operations Data
 (In thousands, except per share amounts)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 Revenues:
 Collaborative and other
 research and development $967 $824 $1,867 $1,590
 Interest income 516 39 1,079 98
 Total revenues 1,483 863 2,946 1,688
 Cost and expenses:
 Research and development 2,688 1,840 5,263 3,568
 General and administrative 627 289 1,056 520
 Interest 101 99 202 196
 Total costs and expenses 3,416 2,228 6,521 4,284
 Net loss $1,933 $1,365 $3,575 $2,596
 Loss per common share 16 cents 21 cents 30 cents 39 cents
 Number of common shares
 outstanding for purposes
 of computing loss per
 common share 12,098,049 6,647,549 12,061,217 6,647,549
 Balance Sheet Data
 (in thousands)
 June 30, Dec. 31,
 1992 1991
 Cash and short-term investments $47,861 $51,489
 Total assets 54,521 57,084
 Total stockholders' equity 48,632 52,207
 -0- 7/22/92
 /CONTACT: Richard Aldrich, vice president and chief business


officer of Vertex Pharmaceuticals, 617-576-3111, or Robert Gottlieb of Feinstein Partners Inc., 617-577-8110, for Vertex Pharmaceuticals/
 (VRTX) CO: Vertex Pharmaceuticals Incorporated ST: Massachusetts IN: MTC SU: ERN


CH -- NE001 -- 1681 07/22/92 08:30 EDT
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Date:Jul 22, 1992
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