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ICOS REPORTS FOURTH-QUARTER AND 1992 YEAR-END RESULTS

 SEATTLE, Feb. 16 /PRNewswire/ -- ICOS Corp. (NASDAQ: ICOS) today released its financial results for the 1992 fourth-quarter and year-end results.
 For the fourth quarter, ICOS reported a net loss of $3.03 million, or 12 cents per share, representing an increase of approximately 29 percent, compared with a net loss of $2.36 million, or 11 cents per share, in the 1991 comparable period. Research and development expenses increased as planned and represented approximately 92 percent of the year-to-year increase in total expenditures.
 Revenues for the fourth quarter 1992 were $568,646, consisting of $68,646 of grant revenue from government research grant awards and $500,000 from a collaborative research agreement. Revenues in the 1991 comparable period were $163,611 and consisted entirely of grant revenue from government research grant awards. Investment income for the fourth quarter of 1992 was $1,032,622, compared to $1,269,491 for the fourth quarter of 1991.
 Total operating expenses increased 23 percent to $4,572,368 in the 1992 fourth quarter, versus $3,716,042 in the comparable 1991 period. Research and development expenses rose by 26 percent to $3,833,178 in the 1992 fourth quarter from $3,044,833 in the same period of 1991, due primarily to the planned addition of new scientific staff. General and administrative expenses increased by 10 percent to $739,190 in the 1992 fourth quarter from $671,209 in the 1991 comparable period.
 For the year ended Dec. 31, 1992, the company reported revenues of $2,522,053, compared to $805,656 in 1991. The increase was due primarily to revenue resulting from a collaborative research agreement. Total operating expenses for the year ended 1992 were $14,858,892, versus $10,235,367 in 1991. Investment income for the year was $4,217,827 versus $3,321,374 in 1991, resulting from the investment proceeds of the company's common stock sales. The company incurred a net loss of $8,312,218 for the year ended Dec. 31, 1992, or 34 cents per share, compared to a net loss of $6,412,786, or 31 cents per share, for the year ended 1991.
 As of Dec. 31, 1992, the company had cash, cash equivalents, short- term investments and interest receivable of $63,917,918, compared with $53,219,448 as of Dec. 31, 1991.
 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 government research grants, and the progress of the company's research and development efforts.
 "We are pleased with our progress in 1992, having accomplished the major goals we set for ICOS," said George B. Rathmann, chairman and chief executive officer. "We discovered and filed patent applications on a number of new molecules, identified our first candidate for a 1993 Investigational New Drug (IND) filing with the FDA and made important strides in developing that candidate for the treatment of multiple sclerosis. We're looking enthusiastically toward an equally challenging 1993."
 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 drug and research development program include asthma, multiple sclerosis and rheumatoid arthritis.
 Selected financial data follows:
 ICOS CORP.
 (A Development Stage Company)
 SELECTED FINANCIAL DATA
 (Unaudited)
 STATEMENT OF OPERATIONS DATA
 Three months Year
 Ended Dec. 31: 1992 1991 1992 1991
 Revenue:
 Collaborative research
 and development
 revenue $ 500,000 $ -- $ 2,000,000 $ --
 Grant revenue 68,646 163,611 522,053 805,656
 Total revenue 568,646 163,611 2,522,053 805,656
 Operating expenses:
 Research and
 development 3,833,178 3,044,833 11,913,090 7,746,993
 General and
 administrative 739,190 671,209 2,945,802 2,488,374
 Total operating
 expenses 4,572,368 3,716,042 14,858,892 10,235,367
 Operating loss (4,003,722) (3,552,431) (12,336,839) (9,429,711)
 Other income (expense):
 Investment income 1,032,622 1,269,491 4,217,827 3,321,374
 Other, net (58,649) (72,966) (193,206) (304,449)
 Net loss $(3,029,749) $(2,355,906) $ (8,312,218) $(6,412,786)
 Net loss per
 common share $ (0.12) $ (0.11) $ (0.34) $ (0.31)
 Weighted average
 common shares
 outstanding 25,226,918 22,437,200 24,198,853 20,877,611
 Period from Sept. 21, 1989,
 (incorporation) through Dec. 31: 1992
 Revenue:
 Collaborative research
 and development revenue $ 2,000,000
 Grant revenue 1,361,333
 Total revenue 3,361,333
 Operating expenses:
 Research and development 22,264,270
 General and administrative 7,207,969
 Total operating expenses 29,472,239
 Operating loss (26,110,906)
 Other income (expense):
 Investment income 8,817,823
 Other, net (566,963)
 Net loss $(17,860,046)
 BALANCE SHEET DATA
 Dec. 31, Dec. 31,
 1992 1991
 Cash, cash equivalents, short-term
 investments and interest receivable $ 63,917,918 $ 53,219,448
 Total assets 77,495,139 60,829,749
 Total current liabilities 2,784,137 3,006,834
 Obligations under capital lease,
 excluding current installments 1,682,135 2,332,433
 Total stockholders' equity 73,028,867 55,490,482
 -0- 2/16/93
 /CONTACT: Janice M. LeCocq of ICOS, 206-485-1900/
 (ICOS)


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

LM-SW -- SE001 -- 6720 02/16/93 08:52 EST
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Date:Feb 16, 1993
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