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ALTEON ANNOUNCES FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 1992

ALTEON ANNOUNCES FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 1992
 NORTHVALE, N.J., July 31 /PRNewswire/ -- Alteon Inc. (NASDAQ: ALTN) today reported financial results for the second quarter and six months ended June 30, 1992.
 Revenues for the second quarter were $756,000. This compared to $215,000 for the same period in 1991. The increase in revenues was due to greater interest income from higher cash balances resulting from Alteon's public offering in late 1991. Net loss for the quarter increased to $1,003,000 or ($.08) per share vs. a loss of $588,000 or ($.07) per share in the corresponding period in 1991, primarily due to increased R&D expenditures.
 For the six months ended June 30, 1992, revenues increased to $1,593,000 from $489,000 during the same period in 1991. The net loss increased to $1,871,000 or ($.15) per share from $1,624,000 or ($.18) per share in 1991, again primarily due to increased R&D expenditures. The loss per share decreased in the six-month period and rose only slightly in the second quarter due to the higher number of average shares outstanding resulting from the public offering.
 On June 30, 1992, Alteon had cash and cash equivalents of approximately $60.7 million.
 Alteon is engaged in the discovery and development of products for the detection and treatment of the complications of diabetes and aging. These products are designed to inhibit, reverse and measure damage to cells, tissues and organs caused by advanced glycosylation end-products (AGEs) formed as a result of glucose in the body's circulatory system.
 ALTEON INC.
 Condensed Statement of Operations
 (Dollars in thousands except per share amounts)
 Periods ended Three Months Six Months
 June 30 1991 1992 1991 1992
 Revenues $ 215 $ 756 $ 489 $ 1,593
 Net (loss) $(588) $(1,003) $(1,624) $(1,871)
 Net loss per share $(.07) $(.08) $(0.18) $(0.15)
 Average shares
 outstanding 9,028,458 12,604,551 9,028,458 12,559,674
 ALTEON INC.
 Selected Balance Sheet Data
 12/31/91 6/30/92
 Cash and investments $57,435 $60,682
 Total assets 64,826 62,522
 Cumulative deficit (197) (2,068)
 Shareholders' equity $63,789 $61,967
 -0- 7/31/92
 /CONTACT: Charles A. Faden, president and CEO of Alteon, 201-784-1010; or Anthony J. Russo of Noonan/Russo Communications, 212-979-9180, for Alteon/
 (ALTN) CO: Alteon Inc. ST: New Jersey IN: HEA SU: ERN


GK-SM -- NY023 -- 5545 07/31/92 11:11 EDT
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Publication:PR Newswire
Date:Jul 31, 1992
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