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ALLIANCE PHARMACEUTICAL CORP. REPORTS RESULTS

 ALLIANCE PHARMACEUTICAL CORP. REPORTS RESULTS
 SAN DIEGO, Feb. 13 /PRNewswire/ -- The following was released today


by Alliance Pharmaceutical Corp. (NASDAQ: ALLP):
 ALLIANCE PHARMACEUTICAL CORP. AND SUBSIDIARIES
 (Condensed Consolidated Balance Sheets)
 Dec. 31, June 30,
 1991 1991
 Assets
 Current assets:
 Cash and cash equivalents $16,036,000 $7,747,000
 Marketable securities 58,723,000 9,065,000
 Accounts receivable - net 7,000 6,000
 Inventories 176,000 95,000
 Prepaid expenses and other 1,039,000 756,000
 Total current assets 75,981,000 17,669,000
 Property, plant and
 equipment - net 6,209,000 5,378,000
 Other assets - net 21,803,000 21,801,000
 Total $103,993,000 $44,848,000
 Liabilities & Stockholders' Equity
 Current liabilities:
 Accounts payable and
 accrued expenses $1,717,000 $1,872,000
 Current portion of long-term
 debt 518,000 154,000
 Total current liabilities 2,235,000 2,026,000
 Convertible subordinated notes --- 8,000,000
 Long-term debt 472,000 336,000
 Other 500,000 631,000
 Stockholders Equity:
 Preferred stock - par value
 $.01 per share; authorized
 5,000,000 shares; no shares issued
 Common stock - par value $.01
 per share; authorized 25,000,000
 shares; outstanding 18,379,269
 shares at Dec. 31, 1991;
 14,511,554 shares at June 30, 1991 184,000 145,000
 Additional paid-in capital 185,132,000 108,847,000
 Capital arising from acquisition
 of subsidiary 1,544,000 ---
 Accumulated deficit (85,502,000) (74,251,000)
 Total 101,358,000 34,741,000
 Less: Deferred compensation (572,000) (886,000)
 Stockholders' equity 100,786,000 33,855,000
 Total $103,993,000 $44,848,000
 ALLIANCE PHARMACEUTICAL CORP. AND SUBSIDIARIES
 Condensed Statements of Consolidated Operations
 (Unaudited)
 Three Months Ended
 Dec. 31,
 1991 1990
 Revenues:
 Product revenues - net $2,000 $0
 License and research revenue 339,000 553,000
 Total 341,000 553,000
 Operating Expenses:
 Research and development 5,702,000 3,273,000
 General and administrative
 (including goodwill
 amortization of $581,000 for
 both of the six months ended
 Dec. 31, 1991 and 1990) 1,434,000 1,410,000
 Total 7,136,000 4,683,000
 Loss From Operations (6,795,000) (4,130,000)
 Other Income (Expense):
 Interest income and other 893,000 497,000
 Interest expense (111,000) (213,000)
 Other income - net 782,000 284,000
 Net loss ($6,013,000) ($3,846,000)
 Net loss per share ($0.34) ($0.27)
 Weighted average number of shares
 outstanding 17,451,000 14,200,000
 Six Months Ended
 Dec. 31,
 1991 1990
 Revenues:
 Product revenues - net $5,000 $16,000
 License and research revenue 678,000 863,000
 Total 683,000 879,000
 Operating Expenses:
 Research and development 9,834,000 6,414,000
 General and administrative
 (including goodwill
 amortization of $581,000 for
 both of the six months ended
 Dec. 31, 1991 and 1990) 2,998,000 3,100,000
 Total 12,832,000 9,514,000
 Loss From Operations (12,149,000) (8,635,000)
 Other Income (Expense):
 Interest income and other 1,221,000 987,000
 Interest expense (323,000) (436,000)
 Other income - net 898,000 551,000
 Net loss ($11,251,000) ($8,084,000)
 Net loss per share ($0.70) ($0.57)
 Weighted average number of shares
 outstanding 15,990,000 14,171,000
 -0- 2/13/92
 /CONTACT: Stuart Gauld, VP Investor Relations of Alliance Pharmaceutical, 619-558-4300/
 (ALLP) CO: Alliance Pharmaceutical Corp. ST: California IN: MTC SU: ERN


AL-CH -- SD003 -- 9802 02/13/92 14:01 EST
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