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ALLIANCE PHARMACEUTICALS ANNOUNCES RESULTS

 SAN DIEGO, May 12 /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,
 1993 1992
 Assets
 Current assets:
 Cash and cash equivalents $5,862,000 $15,467,000
 Marketable securities 41,485,000 50,953,000
 Inventories 1,309,000 166,000
 Prepaid expenses and other 1,343,000 1,659,000
 Total current assets 49,999,000 68,245,000
 Property, plant and
 equipment - net 9,466,000 8,275,000
 Other assets
 Goodwill (net of accumulated
 amortization of $4,743,000
 at March 31, 1993, and
 $3,871,000 at June 30, 1992) 18,484,000 19,356,000
 Other - net 2,063,000 2,100,000
 Total other assets 20,547,000 21,456,000
 Total $80,012,000 $97,976,000
 Liabilities & Stockholders' Equity
 Current liabilities:
 Accounts payable and
 accrued expenses $3,011,000 $2,327,000
 Current portion of long-term debt 204,000 340,000
 Total current liabilities 3,215,000 2,667,000
 Long-term debt --- 223,000
 Other 459,000 533,000
 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 30,000,000
 shares at March 31, 1993, and
 25,000,000 shares at June 30, 1992;
 18,994,824 shares outstanding at
 March 31, 1993; 18,817,037 shares
 outstanding at June 30, 1992 190,000 188,000
 Additional paid-in capital 190,610,000 189,285,000
 Capital arising from acquisition
 of subsidiary 800,000 1,544,000
 Accumulated deficit (115,041,000) (96,017,000)
 Total 76,559,000 95,000,000
 Less: Deferred compensation (221,000) (447,000)
 Stockholders' equity 76,338,000 94,553,000
 Total $80,012,000 $97,976,000
 ALLIANCE PHARMACEUTICAL CORP. AND SUBSIDIARIES
 Condensed Statements of Consolidated Operations
 Three Months Ended
 March 31,
 1993 1992
 Revenues:
 Product revenue - net $6,000 $3,000
 Research revenue 574,000 679,000
 Total 580,000 682,000
 Operating Expenses:
 Research and development 6,344,000 4,633,000
 General and administrative 1,842,000 1,467,000
 Total 8,186,000 6,100,000
 Loss From Operations (7,606,000) (5,418,000)
 Other Income (Expense):
 Investment income and other 601,000 982,000
 Interest expense --- (18,000)
 Other income - net 601,000 964,000
 Net loss ($7,005,000) ($4,454,000)
 Net loss per share ($0.37) ($0.24)
 Weighted average number of
 shares outstanding 18,995,000 18,607,000
 Nine Months Ended
 March 31,
 1993 1992
 Revenues:
 Product revenue - net $10,000 $8,000
 Research revenue 1,804,000 1,357,000
 Total 1,814,000 1,365,000
 Operating Expenses:
 Research and development 17,398,000 14,529,000
 General and administrative 5,474,000 4,403,000
 Total 22,872,000 18,932,000
 Loss From Operations (21,058,000) (17,567,000)
 Other Income (Expense):
 Investment income and other 2,040,000 2,203,000
 Interest expense (6,000) (341,000)
 Other income - net 2,034,000 1,862,000
 Net loss ($19,024,000) ($15,705,000)
 Net loss per share ($1.01) ($0.93)
 Weighted average number of
 shares outstanding 18,928,000 16,856,000
 -0- 5/12/93
 /CONTACT: Stuart Gauld, VP-investor relations of Alliance Pharmaceutical, 619-558-4300/
 (ALLP)


CO: Alliance Pharmaceutical Corp. ST: California IN: MTC SU: ERN

MS-JB -- SD001 -- 7628 05/12/93 13:41 EDT
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Date:May 12, 1993
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