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ALLIANCE PHARMACEUTICALS ANNOUNCES RESULTS

 ALLIANCE PHARMACEUTICALS ANNOUNCES RESULTS
 SAN DIEGO, Sept. 23 /PRNewswire/ -- The following was released


today by Alliance Pharmaceutical Corp. (NASDAQ: ALLP):
 ALLIANCE PHARMACEUTICAL CORP. AND SUBSIDIARIES
 (Consolidated Balance Sheets)
 June 30, 1992 and 1991
 1992 1991
 Assets
 Current assets:
 Cash and cash equivalents $15,467,000 $7,747,000
 Marketable securities 50,953,000 9,065,000
 Inventories 166,000 95,000
 Prepaid expenses and other 1,659,000 762,000
 Total current assets 68,245,000 17,669,000
 Property, plant and
 equipment - net 8,275,000 5,378,000
 Other assets - net 21,456,000 21,801,000
 Total $97,976,000 $44,848,000
 Liabilities and Stockholders' Equity
 Current liabilities:
 Accounts payable and
 accrued expenses $2,327,000 $1,872,000
 Current portion of long-term
 debt 340,000 154,000
 Total current liabilities 2,667,000 2,026,000
 Convertible subordinated notes --- 8,000,000
 Long-term debt 223,000 336,000
 Other 533,000 631,000
 Commitments and contingencies --- ---
 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 at June 30, 1992 and 1991;
 18,817,037 shares outstanding at
 June 30, 1992; 14,511,554 shares
 outstanding at June 30, 1991 188,000 145,000
 Additional paid-in capital 189,285,000 108,847,000
 Capital arising from
 acquisition of subsidiary 1,544,000 ---
 Accumulated deficit (96,017,000) (74,251,000)
 Total 95,000,000 34,741,000
 Less: deferred compensation (447,000) (886,000)
 Stockholders' equity 94,553,000 33,855,000
 Total $97,976,000 $44,848,000
 ALLIANCE PHARMACEUTICAL CORP. AND SUBSIDIARIES
 Statements of Consolidated Operations
 For the Years Ended June 30, 1992, 1991 and 1990
 1992 1991 1990
 Revenues
 Product revenue - net $9,000 $41,000 $35,000
 License and
 research revenue 1,796,000 1,541,000 1,682,000
 Total 1,805,000 1,582,000 1,717,000
 Operating expenses:
 Research and
 development 19,761,000 13,931,000 8,987,000
 General and
 administrative
 (including goodwill
 amortization of
 $1,161,000 for 1992
 and 1991 and $387,000
 for 1990) 6,348,000 6,145,000 7,093,000
 Total 26,109,000 20,076,000 16,080,000
 Loss from operations (24,304,000) (18,494,000) (14,363,000)
 Other income (expense):
 Investment income
 and other 2,887,000 1,677,000 2,802,000
 Interest expense (349,000) (885,000) (900,000)
 Other income - net 2,538,000 792,000 1,902,000
 Net loss ($21,766,000) ($17,702,000) ($12,461,000)
 Net loss per share ($1.25) ($1.24) ($0.94)
 Weighted average number
 of shares outstanding 17,344,000 14,258,000 13,255,000
 -0- 9/23/92 R
 /CONTACT: Stuart Gauld, VP of investor relations of Alliance Pharmaceutical, 619-558-4300/
 (ALLP) CO: Alliance Pharmaceutical Corp. ST: California IN: MTC SU: ERN


JB-SE -- SD007 -- 3032 09/24/92 10:52 EDT
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Date:Sep 24, 1992
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