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ICOS REPORTS SECOND-QUARTER RESULTS

 ICOS REPORTS SECOND-QUARTER RESULTS
 SEATTLE, July 20 /PRNewswire/ -- ICOS Corp. (NASDAQ: ICOS) today


released its financial results for the 1992 second quarter. ICOS reported a net loss of $1.7 million, or 7 cents per share, in the 1992 second quarter, representing an increase of approximately 36 percent, compared with a net loss of $1.3 million, or 7 cents per share, in the 1991 comparable period. Research and development expenses increased as planned and represented approximately 80 percent of the year-to-year increase in total expenditure.
 Revenues for the second quarter 1992 were $664,707, consisting of $164,707 of grant revenue from government research grant awards, and $500,000 of proceeds generated from a collaborative research agreement. Revenues in the 1991 comparable period were $330,243 and consisted entirely of grant revenue from government research grant awards. Interest income increased 87 percent to $1,061,602 in the second quarter of 1992, compared to $569,135 in the second quarter of 1991, reflecting interest income earned on the investment of proceeds from the company's initial public offering of common stock and a secondary offering of common stock on April 7, 1992.
 Total operating expenses increased 65 percent to $3,410,874 in the 1992 second quarter, versus $2,073,183 in the comparable 1991 period. Research and development expense rose by 70 percent to $2,645,157 in the 1992 second quarter from $1,552,078 in the same period of 1991, due primarily to the planned addition of new scientific staff. In addition, the company signed several new academic research collaborations to complement in-house programs. General and administrative costs increased by 47 percent to $765,717 in the 1992 second quarter from $521,105 in the 1991 comparable period due primarily to increased expenses associated with being a public company and the addition of research and development personnel.
 As of June 30, 1992, the company had cash, cash equivalents, short-term investments and accrued interest thereon of $73,334,144, compared with $54,556,141 as of June 30, 1991, reflecting proceeds of approximately $25 million from the stock offering on April 7, 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 government research grants, and the progress of the company's research and development efforts.
 "In the second quarter of 1992 we continued on track with our plans to develop a number of product candidates to treat chronic inflammatory diseases. We have successfully expanded our proprietary research and technological base by negotiating new research collaboration agreements with leading academic institutions," said George Rathmann, ICOS' chairman and chief executive officer. "Through the company's investment in our own research efforts and these collaborations, we are sustaining our commitment to technical leadership in these areas while identifying additional product opportunities."
 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.
 ICOS CORP.
 (A Development Stage Company)
 SELECTED FINANCIAL DATA
 (Unaudited)
 STATEMENT OF OPERATIONS DATA
 Three Months Ended June 30: 1992 1991
 Revenue:
 Collaborative research
 and development revenue $ 500,000 $ --
 Grant revenue 164,707 330,243
 Total revenue 664,707 330,243
 Operating expenses:
 Research and development 2,645,157 1,552,078
 General and administrative 765,717 521,105
 Total operating expenses 3,410,874 2,073,183
 Operating loss (2,746,167) (1,742,940)
 Other income (expense):
 Interest income 1,061,602 569,135
 Other, net (21,629) (82,551)
 Net loss $(1,706,194) $(1,256,356)
 Net loss per common share $ (0.07) $ (0.07)
 Weighted average common
 shares outstanding 25,864,989 19,318,564
 Six Months Ended June 30: 1992 1991
 Revenue:
 Collaborative research
 and development revenue $ 1,000,000 $ --
 Grant revenue 328,318 408,707
 Total revenue 1,328,318 408,707
 Operating expenses:
 Research and development 4,847,274 3,135,266
 General and administrative 1,432,138 1,066,966
 Total operating expenses 6,279,412 4,202,232
 Operating loss (4,951,094) (3,793,525)
 Other income (expense):
 Interest income 1,902,802 1,073,349
 Other, net (78,608) (159,414)
 Net loss $(3,126,900) $(2,879,590)
 Net loss per common share $ (0.13) $ (0.15)
 Weighted average common
 shares outstanding 24,449,897 18,868,554
 Period from Sept. 21, 1989,
 (incorporation) through June 30: 1992
 Revenue:
 Collaborative research
 and development revenue $ 1,000,000
 Grant revenue 1,167,598
 Total revenue 2,167,598
 Operating expenses:
 Research and development 15,198,454
 General and administrative 5,694,305
 Total operating expenses 20,892,759
 Operating loss (18,725,161)
 Other income (expense):
 Interest income 6,091,410
 Other, net (40,977)
 Net loss $(12,674,728)
 BALANCE SHEET DATA
 June 30: 1992 1991
 Cash, cash equivalents, short-
 term investments and accrued
 interest thereon $ 73,334,144 $ 54,556,141
 Total assets 82,952,970 62,015,196
 Total current liabilities 2,915,966 1,716,129
 Obligations under capital lease,
 excluding current installments 2,012,693 2,635,893
 Total stockholders' equity 78,024,311 62,015,196
 -0- 7/20/92
 /CONTACT: Janice M. LeCocq of ICOS, 206-485-1900/
 (ICOS) CO: ICOS Corp. ST: Washington IN: MTC SU: ERN


LM-SC -- SE008 -- 0977 07/20/92 18:42 EDT
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Date:Jul 20, 1992
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