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ADVANCED POLYMER SYSTEMS ANNOUNCES THIRD QUARTER 1993 RESULTS

 REDWOOD CITY, Calif., Nov. 10 /PRNewswire/ -- Advanced Polymer Systems Inc. (APS) (NASDAQ: APOS) announced today revenues for the quarter ended Sept. 30, 1993. Revenues increased by 41 percent to $4,122,000, compared to $2,925,000 in the third quarter of 1992. The net loss for the quarter was $2,546,000, or 19 cents per share, compared to a net loss of $1,001,000, or 8 cents per share, in the corresponding quarter of the prior year.
 Revenues for the third quarter consisted of $3,352,000 of product sales, an increase of $2,011,000, or 150 percent over the year-ago quarter, and $770,000 in licensing income and royalties, down from $1,584,000 in the year-ago quarter due to the timing of the recognition of milestone payments from Johnson and Johnson Inc.
 Sales of APS consumer products increased over the year-ago quarter by 70 percent benefiting from increasing sales of EXACT acne treatment which has now established its position in the top 25 of all acne treatment products in drug stores. This was supplemented by the introduction of EXACT medicated cleanser in August 1993 and EXACT tinted cream in September 1993.
 Additionally, continued increases in shipments of Microsponge(R) products to Scott Paper Co. and to manufacturers of personal care products through the alliance with Dow Corning Co. also drove the increase in product sales.
 Selling, general and administrative expense increase by $760,000 to $2,445,000 due to marketing, advertising and promotional expenses related to EXACT acne cream and the launches of EXACT medicated cleanser and tinted cream.
 Research and development expense increase by $822,000 over the same quarter last year largely as a result of clinical trial costs as the company prepares for filings with the FDA for Prozone, APS' Melanosponge(R) based sunscreen, and Tretinoin entrapped in a Microsponge for the treatment of acne.
 The company had $5,638,000 in cash and marketable securities at Sept. 30, 1993. This is expected to be sufficient to meet the company's near-term operating cash needs as it continues to prepare for the filings with the FDA for the two products as well as develop new consumer and ethical products.
 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
 (Unaudited, in thousands)
 Three months Nine months
 ended Sept. 30 1993 1992 1993 1992
 Product sales $ 3,352 $ 1,341 $12,693 $ 8,915
 Licensing fees 770 1,584 2,452 3,529
 Total revenues 4,122 2,925 15,145 12,444
 Cost of sales 2,636 1,487 9,865 7,635
 Research & development 1,713 891 5,490 2,785
 Selling, general &
 administrative 2,445 1,685 7,161 5,589
 Operating loss (2,672) (1,138) (7,371) (3,565)
 Interest income, net 18 137 256 335
 Other income, net 113 0 308 44
 Income taxes (expense)
 benefit (5) 0 (23) 38
 Net loss ($2,546) ($1,001) ($6,830) ($3,148)
 Weighted average common
 shares outstanding 13,569 13,087 13,488 12,603
 Loss per common share ($0.19) ($0.08) ($0.51) ($0.25)
 HIGHLIGHTS -- BALANCE SHEET
 (Unaudited, in thousands)
 Sept. 30, Dec. 31,
 1993 1992
 Assets
 Cash and marketable securities $ 5,638 $15,886
 Accounts receivable, net 2,276 1,717
 Inventory 7,889 3,712
 Other current assets 542 413
 Total current assets 16,345 21,728
 Property, plant & equipment, net 6,477 6,289
 Pledged long-term marketable
 securities 1,661 1,558
 Other non-current assets 1,290 1,540
 Total assets $25,773 $31,115
 Liabilities and shareholders'
 equity
 Current liabilities $ 7,010 $ 4,300
 Deferred revenues and other
 liabilities 1,844 3,000
 Long-term debt 3,475 3,672
 Shareholders' equity 13,444 20,143
 Total liabilities and shareholders'
 equity $25,773 $31,115
 -0- 11/10/93
 /CONTACT: Michael O'Connell, chief financial officer, of Advanced Polymer Systems, 415-366-2626; or Heidi A. Flannery, investor relations counsel, of in.ves'com, 503-221-2087, for Advanced Polymer Systems/
 (APOS)


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

IC-JH -- SE007 -- 2555 11/10/93 07:50 EST
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Publication:PR Newswire
Date:Nov 10, 1993
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