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ALLIANCE PHARMACEUTICAL REPORTS RESULTS

 ALLIANCE PHARMACEUTICAL REPORTS RESULTS
 SAN DIEGO, May 15 /PRNewswire/ -- The following was released today


by Alliance Pharmaceutical Corp. (NASDAQ: ALLP):
 ALLIANCE PHARMACEUTICAL CORP. AND SUBSIDIARIES
 (Condensed Consolidated Balance Sheets)
 March 31, June 30,
 1992 1991
 Assets
 Current assets:
 Cash and cash equivalents $16,034,000 $7,747,000
 Marketable securities 55,356,000 9,065,000
 Inventories 126,000 95,000
 Prepaid expenses and other 1,385,000 762,000
 Total current assets 72,901,000 17,669,000
 Property, plant and
 equipment - net 7,697,000 5,378,000
 Other assets - net 21,639,000 21,801,000
 Total $102,237,000 $44,848,000
 Liabilities & Stockholders' Equity
 Current liabilities:
 Accounts payable and
 accrued expenses $1,497,000 $1,872,000
 Current portion of
 long-term debt 361,000 154,000
 Total current liabilities 1,858,000 2,026,000
 Convertible subordinated notes --- 8,000,000
 Long-term debt 394,000 336,000
 Other 461,000 631,000
 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 18,749,115
 shares at March 31, 1992;
 14,511,554 shares at June 30, 1991 187,000 145,000
 Additional paid-in capital 188,201,000 108,847,000
 Capital arising from acquisition
 of subsidiary 1,544,000 ---
 Accumulated deficit (89,956,000) (74,251,000)
 Total 99,976,000 34,741,000
 Less: Deferred compensation (452,000) (886,000)
 Stockholders' equity 99,524,000 33,855,000
 Total $102,237,000 $44,848,000
 ALLIANCE PHARMACEUTICAL CORP. AND SUBSIDIARIES
 Condensed Statements of Consolidated Operations
 Three Months Ended
 March 31,
 1992 1991
 Revenues:
 Product revenue - net $3,000 $1,000
 Research revenues 679,000 339,000
 Total 682,000 340,000
 Operating Expenses:
 Research and development 4,609,000 3,690,000
 General and administrative
 (including good-will
 amortization of $871,000 for
 both of the nine months
 ended March 31, 1992
 and 1991) 1,491,000 1,685,000
 Total 6,100,000 5,375,000
 Loss From Operations (5,418,000) (5,035,000)
 Other Income (Expense):
 Interest income and other 982,000 416,000
 Interest expense (18,000) (213,000)
 Other income - net 964,000 203,000
 Net loss ($4,454,000) ($4,832,000)
 Net loss per share ($0.24) ($0.34)
 Weighted average number of shares
 outstanding 18,607,000 14,262,000
 Nine Months Ended
 March 31,
 1992 1991
 Revenues:
 Product revenue - net $8,000 $17,000
 Research revenues 1,357,000 1,202,000
 Total 1,365,000 1,219,000
 Operating Expenses:
 Research and development 14,443,000 10,104,000
 General and administrative
 (including good-will
 amortization of $871,000 for
 both of the nine months
 ended March 31, 1992
 and 1991) 4,489,000 4,785,000
 Total 18,932,000 14,889,000
 Loss From Operations (17,567,000) (13,670,000)
 Other Income (Expense):
 Interest income and other 2,203,000 1,403,000
 Interest expense (341,000) (649,000)
 Other income - net 1,862,000 754,000
 Net loss ($15,705,000) ($12,916,000)
 Net loss per share ($0.93) ($0.91)
 Weighted average number of shares
 outstanding 16,856,000 14,200,000
 NOTE: See notes to condensed consolidated financial statements.
 -0- 5/15/92
 /CONTACT: Stuart Gauld, VP of Alliance Pharmaceutical, 619-558-4300/
 (ALLP) CO: Alliance Pharmaceutical Corp. ST: California IN: MTC SU: ERN


DM-CH -- SD004 -- 0831 05/15/92 14:49 EDT
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Date:May 15, 1992
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