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ARAMED REPORTS 1992 FIRST QUARTER RESULTS

 ARAMED REPORTS 1992 FIRST QUARTER RESULTS
 SAN DIEGO, May 1 /PRNewswire/ -- Aramed, Inc. (NASDAQ: ARAMZ), today


reported a net loss of $577,000 or 19 cents per callable common share in the first quarter of 1992. Interest income for the first quarter totaled $480,000.
 Operating expenses for the quarter were $1,037,000 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 commenced operations in December 1991, there are no comparable operating results for the prior year.
 As of March 31, 1992, Aramed had working capital of $49.4 million, primarily consisting of cash and cash equivalents.
 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 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)
 3/31/92 12/31/91
 (Unaudited)
 ASSETS
 Current assets:
 Cash and cash equivalents $50,105 $50,836
 Other current assets 420 320
 Total assets 50,525 51,156
 Liabilities & stockholders' equity:
 Current liabilities 1,106 1,168
 Stockholders' equity 49,419 49,988
 Total liabilities & stockholders' equity $50,525 $51,156
 Statement of Operations Data
 (Unaudited; in thousands except per share data)
 Three months ended March 31 1992
 Interest income $ 480
 Costs and expenses:
 Research and development 809
 General and administrative 228
 Net loss $ (557)
 Net loss per callable common share $(0.19)
 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 December 1991.
 -0- 5/1/92
 /CONTACT: David F. Hale or Martha L. Hough of Aramed, 619-546-8300/
 (ARAMZ GNSA) CO: Aramed, Inc.; Gensia Pharmaceuticals, Inc. ST: California IN: MTC SU: ERN


GK-TS -- NY006 -- 5314 05/01/92 09:00 EDT
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Publication:PR Newswire
Date:May 1, 1992
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