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ADVANCED POLYMER SYSTEMS ANNOUNCES FIRST-QUARTER 1993 RESULTS

 REDWOOD CITY, Calif., May 11 /PRNewswire/ -- Advanced Polymer Systems Inc. (APS) (NASDAQ: APOS) announced today that revenues for the quarter ended March 31, 1993, increased 262 percent to $2,504,000, as compared with revenues of $692,000 in the first quarter of 1992. The net loss for the quarter was $1,768,000, or 14 cents per share, as compared with a net loss of $1,906,000, or 17 cents per share, for the prior year.
 Revenues for the first quarter consisted of $1,829,000 of product sales and $675,000 of licensing fees as compared with $597,000 of product sales and $95,000 of licensing fees in 1992.
 The increase in product sales for the first quarter was due primarily to the shipment of Microsponge(R) systems to Scott Paper Co. (NYSE: SPP) for their Baby Fresh(R) with Ultra Guard(TM) baby wipe product which is now in national distribution, and the supply of Polymeric Transport(TM) Systems sold through the APS-Dow Corning Co. alliance to manufacturers of personal care products. Increased sales in the Consumer Product division and Analytical Products division also contributed to the sales growth.
 Research and development expenses increased to $1,606,000 in the first quarter of 1993 from $957,000 in 1992 primarily due to the costs associated with the Phase III clinical testing of the tretinoin-based product, a prescription drug for the treatment of acne, and Prozone(R), APS' Melanosponge(TM)-based sunscreen.
 Selling, general and administrative expenses increased during the first quarter of 1993 compared to 1992 due primarily to the continued growth in APS' overall operations, higher staffing requirements to support such growth, marketing, advertising and promotion costs for new product introductions, and the professional fees associated with the acquisition of Premier Inc.
 On March 31, 1993, APS had $13,190,000 in cash and marketable securities, and the company intends to continue to spend significant amounts on research for products currently under development. However, the existing cash and securities together with interest income and funds generated from operations are expected to be sufficient to meet the company's near-term cash requirements.
 Advanced Polymer Systems develops, manufactures and sells patented Microsponge delivery systems which allow for the controlled release of active ingredients in a programmed manner in the ethical dermatology, cosmetic and personal care areas. Certain of these projects are conducted under development and licensing arrangements with large companies, others as part of joint ventures in which APS is a major participant and a number of projects are exclusive to APS.
 ADVANCED POLYMER SYSTEMS INC.
 HIGHLIGHTS -- INCOME STATEMENT
 (In thousands)
 Three Months Ended March 31: 1993 1992
 Product sales $ 1,829 $ 597
 Licensing fees 675 95
 Total revenues $ 2,504 $ 692
 Cost of sales $ 1,489 669
 Research & development 1,606 957
 Selling, general and administrative 1,505 1,101
 Operating loss (2,096) (2,035)
 Minority interest 0 45
 Interest income 200 122
 Interest expense (75) (76)
 Other income (expense) 208 (1)
 Income taxes (expense) credit (5) 39
 Net loss $(1,768) $(1,906)
 Weighted shares outstanding 12,991 11,186
 Loss per share $ (0.14) $ (0.17)
 HIGHLIGHTS - BALANCE SHEET
 (In thousands)
 March 31, Dec. 31,
 1993 1992
 ASSETS:
 Cash and marketable securities $13,190 $15,777
 Accounts receivable, net 1,655 1,443
 Inventory 2,042 1,443
 Other current assets 298 401
 Total current assets 17,185 19,064
 Property/plant/equipment, net 6,151 6,161
 Pledged long-term marketable securities 1,592 1,558
 Other non-current assets 1,516 1,523
 Total assets $26,444 $28,306
 LIABILITIES AND SHAREHOLDERS' EQUITY:
 Current liabilities $ 1,646 $ 1,401
 Deferred revenues and other liabilities 2,403 3,003
 Long-term debt 3,910 3,672
 Shareholders' equity 18,485 20,230
 Total liabilities and shareholders' equity $26,444 $28,306
 -0- 5/11/93
 /CONTACT: Michael O'Connell, chief financial officer, or Loretta Miller, investor relations, of Advanced Polymer Systems, 415-366-2626/
 (APOS SPP)


CO: Advanced Polymer Systems Inc. ST: California IN: HOU SU: ERN

LM-SG -- SE003 -- 6826 05/11/93 07:51 EDT
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Date:May 11, 1993
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