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ICOS REPORTS 1993 SECOND QUARTER RESULTS

 SEATTLE, July 19 /PRNewswire/ -- ICOS Corp. (NASDAQ: ICOS) today released its financial results for the second quarter ended June 30, 1993.
 For the 1993 second quarter, ICOS reported a net loss of $4.4 million, or $(0.17) per share, compared with a net loss of $1.7 million, or $(0.07) per share, for the 1992 comparable period. Research and development expenses increased as planned and represented approximately 98 percent of the year-to-year increase in total operating expenses.
 Revenue for the second quarter of 1993 was $28,578 consisting entirely of grant revenue from government research grant awards. Revenue for the 1992 comparable period was $664,707 and consisted of revenue from a collaborative research agreement and government researc ?awards . Investment income for the second quarter of 1993 was $904,857, compared to $1,061,602 for the second quarter of 1992.
 Total operating expenses totaled $5.3 million in the 1993 second quarter versus $3.4 million for the comparable 1992 period. Research and development expenses increased by 70 percent to $4.5 million in the 1993 second quarter from $2.6 million for the same period of 1992 due to the planned addition of new scientific, clinical and regulatory staff, and the addition of process development capabilities. General and administrative expenses increased by 5 percent to $803,461 in the 1993 second quarter from $765,717 for the 1992 comparable period.
 For the first six months of 1993, the Company reported revenues of $71,766 compared to $1.3 million in the same 1992 period. The decrease was due to the expiration of certain government research grants and recognition of revenue from a collaborative research agreement in the 1992 period. Total operating expenses for the six month period were $10.2 million in 1993 versus $6.3 million in 1992. Approximately 97 percent of this increase was in planned additions to research and development efforts. Investment income for the period was $1,932,053 versus $1,902,802 in the comparable 1992 period. The company incurred a net loss of $8.3 million, or $(0.33) per share, for the six months ended June 30, 1993, compared to a net loss of $3.1 million, or $(0.13) per share, for the same period in 1992.
 As of June 30, 1993, the company had cash, cash equivalents, investment securitiese?st receivable of $53.9 million compared with $73.3 million as of June 30, 1992.
 The company's results of operations will vary significantly from quarter to quarter and will depend, among other factors, on the timing of certain expenses, the establishment of collaborative research agreements, payments received on certain research grants and collaborations, and the progress of the Company's research and development efforts.
 "The company remains on track," said George B. Rathmann, ICOS' chairman and chief executive officer. "Our expenditures reflect our commitment to building a product development capability which sets rigorous standards for selecting candidates and moving them rapidly through the clinic."
 ICOS Corp. is a Seattle-based biopharmaceutical company founded to develop medications for the treatment of chronic inflammatory diseases. Primary targets of the Company's research and drug development programs include asthma, multiple sclerosis and rheumatoid arthritis.
 ICOS CORP.
 (A DEVELOPMENT STAGE COMPANY)
 SELECTED FINANCIAL DATA
 (Unaudited)
 Three months ended Six months ended
 June 30, June 30,
 1993 1992 1993 1992
 Statements of Operations Data:
 Revenue:
 Collaborative
 research and
 development
 revenue $ - $ 500,000 $ - $1,000,000
 Grant revenue 28,578 164,707 71,766 328,318
 Total revenue 28,578 664,707 71,766 1,328,318
 Operating expenses:
 Research and
 development 4,487,157 2,645,157 8,672,884 4,847,274
 General and
 administrative 803,461 765,717 1,552,881 1,432,138
 Total operating
 expenses 5,290,618 3,410,874 10,225,765 6,279,412
 Operating loss (5,262,040) (2,746,167) (10,153,999) (4,951,094)
 Other income (expense)
 Investment income 904,857 1,061,602 1,932,053 1,902,802
 Other, net (29,565) (21,629) (81,190) (78,608)
 Net loss $(4,386,748)$(1,706,194) $(8,303,136)$(3,126,900)
 Net loss per
 common share $ (0.17)$ (0.07) $ (0.33)$ (0.13)
 Weighted average
 common shares
 and common share
 equivalents
 outstanding 25,257,472 25,864,989 25,246,860 24,449,897
 Statement of Operations Data, continued:
 Period from
 September 21, 1989
 (incorporation)
 through June 30, 1993
 Revenue:
 Collaborative research
 and development revenue $ 2,000,000
 Grant revenue 1,433,099
 Total revenue 3,433,099
 Operating expenses:
 Research and development 30,937,154
 General and administrative 8,760,760
 Total operating expenses 39,697,914
 Operating loss (36,264,815)
 Other income (expense)
 Investment income 10,749,876
 Other, net (648,153)
 Net loss $(26,163,092)
 Balance Sheet Data: June 30, 1993 June 30, 1992
 Cash, cash equivalents,
 investment securities
 and interest receivable $ 53,932,548 $ 73,334,144
 Total assets 68,551,648 82,952,970
 Total current liabilities 2,163,413 2,915,966
 Obligations under capital
 lease, excluding current
 installments 1,341,575 2,012,693
 Total stockholders' equity 65,046,660 78,024,311
 -0- 7/19/93
 /CONTACT: Janice M. LeCocq of ICOS Corp., 206-485-1900/


CO: ICOS Corp. ST: Washington IN: MTC SU: ERN

JH -- SE015 -- 3321 07/19/93 19:49 EDT
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Date:Jul 19, 1993
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