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ICOS REPORTS 1993 THIRD QUARTER RESULTS

 SEATTLE, Oct. 18 /PRNewswire/ -- ICOS Corp. (NASDAQ: ICOS) today released its financial results for the third quarter ended Sept. 30, 1993.
 For the 1993 third quarter, ICOS reported a net loss of $4.6 million, or 18 cents per share compared with a net loss of $2.2 million, or 9 cents per share, for the 1992 comparable period.
 Revenue for the third quarter of 1993 was $18,310 consisting entirely of grant revenue from the remaining government research grant award. Revenue for the 1992 comparable period was $625,089 and consisted of revenue from a collaborative research agreement and government research grant awards. Investment income for the third quarter of 1993 was $686,721, compared to $1.3 million for the third quarter of 1992.
 Total operating expenses increased 32 percent to $5.3 million in the 1993 third quarter versus $4.0 million for the comparable 1992 period. Research and development expenses increased by 51 percent to $4.6 million in the 1993 third quarter from $3.1 million for the same period of 1992 due to the planned addition of new scientific, clinical and regulatory staff and process development capabilities. General and administrative expenses decreased by 32 percent to $634,107 in the 1993 third quarter from $925,642 for the 1992 comparable period.
 For the first nine months of 1993, the company reported revenues of $90,076 compared to $2.0 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 nine month period were $15.5 million in 1993 versus $10.3 million in 1992. The increase was due primarily to planned increases in research and development efforts and personnel. Investment income for the year to date was $2.6 million versus $3.2 million in the comparable 1992 period. This decrease is a result of lower interest rates and average investment securities balances during 1992 as compared to the prior year period. The company incurred a net loss of $12.9 million, or 51 cents per share, for the nine months ended Sept. 30, 1993, compared to a net loss of $5.3 million, or 22 cents per share, for the same period in 1992.
 As of Sept. 30, 1993, the company had cash, cash equivalents, investment securities and interest receivable of $49.4 million compared with $69.9 million as of Sept. 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.
 "1993 continues to be a year of discovery and progress. The publication overseas of our patent application for a new cellular adhesion molecule verifies our priority for the gene," said George B. Rathmann, ICOS' chairman and chief executive officer. "We expect to file our first IND for a potential treatment for multiple sclerosis at the end of the year. Recently we strengthened our development team with the addition of Gary Wilcox, Ph.D., as the executive vice president of operations."
 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 Sept. 30,
 1993 1992
 Statement of operations data:
 Revenue:
 Collaborative research and
 development revenue $ - $ 500,000
 Grant revenue 18,310 125,089
 Total revenue 18,310 625,089
 Operating expenses:
 Research and development 4,643,106 3,081,470
 General and administrative 634,107 925,642
 Total operating expenses 5,277,213 4,007,112
 Operating loss (5,258,903) (3,382,023)
 Other income (expense)
 Investment income 686,721 1,282,402
 Other, net (48,974) (55,949)
 Net loss $(4,621,156) $(2,155,570)
 Net loss per common share $ (0.18) $ (0.09)
 Weighted average common
 shares outstanding 25,499,080 25,226,255
 Period from
 Sept. 21,
 1989
 (incorporation)
 Nine months ended through
 Sept. 30, Sept. 30,
 1993 1992 1993
 Statement of Operations Data:
 Revenue:
 Collaborative research and
 development revenue $ - $ 1,500,000 $ 2,000,000
 Grant revenue 90,076 453,407 1,451,409
 Total revenue 90,076 1,953,407 3,451,409
 Operating expenses:
 Research and development 13,315,990 7,928,744 35,580,260
 General and administrative 2,186,988 2,357,780 9,394,867
 Total operating expenses 15,502,978 10,286,524 44,975,127
 Operating loss (15,412,902) (8,333,117) (41,523,718)
 Other income (expense)
 Investment income 2,618,774 3,185,204 11,436,597
 Other, net (130,164) (134,557) (697,127)
 Net loss $(12,924,292) $(5,282,470) $(30,784,248)
 Net loss per common share $ (0.51) $ (0.22)
 Weighted average common
 shares outstanding 25,336,070 23,857,393
 Balance Sheet Data: Sept. 30, Sept. 30,
 1993 1992
 Cash, cash equivalents,
 investment securities and
 interest receivable $ 49,396,814 $ 69,869,402
 Total assets 63,717,836 80,204,409
 Total current liabilities 2,030,707 2,432,892
 Long-term obligations 1,165,149 1,846,461
 Total stockholders' equity 60,521,980 75,925,056
 -0- 10/18/93
 /CONTACT: Janice M. LeCocq of ICOS, 206-485-1900/
 (ICOS)


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

JH -- SE004 -- 3163 10/18/93 08:06 EDT
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Date:Oct 18, 1993
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