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ARAMED REPORTS 1991 FOURTH QUARTER AND YEAR-END RESULTS

 ARAMED REPORTS 1991 FOURTH QUARTER AND YEAR-END RESULTS
 SAN DIEGO, March 12 /PRNewswire/ -- Aramed Inc. (NASDAQ: ARAMZ) today reported a net loss of $2.6 million, or $0.90 per callable common share in the fourth quarter and for the year ended Dec. 31, 1991. Interest income from inception through Dec. 31, 1991, totaled $140,000.
 Operating expenses for the quarter and for the year were $2.7 million, consisting primarily of funds expended under a contract with Gensia Pharmaceuticals Inc. (NASDAQ: GNSA) to conduct research and development of second generation adenosine regulating agents (ARAs). Since Aramed was formed on Sept. 30, 1991, there are no comparable operating results for the prior year.
 As of Dec. 31, 1991, Aramed had working capital of $50.0 million primarily consisting of cash, cash equivalents and short-term investments.
 In December 1991, Aramed completed its initial public offering of units, each unit consisting of one share of Aramed Callable Common Stock and one warrant to purchase 1 1/2 shares of Gensia Common Stock (as adjusted for a three-for-two stock split of Gensia Pharmaceuticals Inc. Common Stock paid on March 2, 1992).
 Aramed was formed to accelerate the discovery, research and development of certain compounds utilizing Gensia's ARA technology. Aramed has contracted with Gensia to conduct research and development on second generation ARA compounds in three programs areas: ARAs for use in the intravenous treatment of acute cardiovascular disorders; ARAs for the oral treatment of epilepsy and intravenous treatment of acute seizures; and ARAs and adenosine agonists for the intravenous treatment of acute cerebrovascular indications.
 ARAMED INC.
 Balance Sheet Data
 (In thousands)
 Dec. 31, 1991
 Assets:
 Current assets:
 Cash and cash equivalents $50,836
 Other current assets 320
 Total assets $51,156
 Liabilities and
 stockholders' equity
 Current liabilities 1,168
 Stockholders' equity 49,988
 Total liabilities and
 stockholders' equity $51,156
 ARAMED INC.
 Statement of Operations Data
 (In thousands except per share data)
 Sept. 30
 (date of inception)
 to Dec. 31, 1991
 Interest income $140
 Costs and expenses:
 Research and development
 (including license fees) 2,666
 General and administrative 67
 Net loss ($2,593)
 Net loss per common share ($0.90)
 Weighted average callable common
 shares outstanding 2,875
 Note: Comparative information for the prior year is not presented because Aramed Inc. did not commence operations until Oct. 1, 1991.
 -0- 3/12/92
 /CONTACT: David F. Hale or Martha L. Hough of Aramed Inc., 619-546-8300/
 (ARAMZ GNSA) CO: Aramed Inc.; Gensia Pharmaceuticals Inc. ST: California IN: MTC SU: ERN


EH-JL -- SD003 -- 7653 03/12/92 09:16 EST
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Publication:PR Newswire
Date:Mar 12, 1992
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