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IDEC PHARMACEUTICALS REPORTS FIRST QUARTER RESULTS

 IDEC PHARMACEUTICALS REPORTS FIRST QUARTER RESULTS
 LA JOLLA and MOUNTAIN VIEW, Calif., April 23 /PRNewswire/ -- IDEC


Pharmaceuticals Corp. (NASDAQ: IDPH) today reported revenues of $939,000 and a net loss of $5,051,000, or $.53 per share, for the first quarter ended March 31, 1992. This compares with revenues of $1,685,000 and a net loss of $1,133,000, or $.22 per share, for the comparable period in 1991.
 "Our first quarter 1992 revenues declined somewhat on a comparative basis due to the completion of certain contract research obligations during fiscal year 1992," noted William H. Rastetter, Ph.D., company president and chief executive officer. "However, the majority of our net loss reflected a previously announced one-time charge of $3,000,000 for estimated human-resource-related, moving and miscellaneous expenses, which we expect to incur over a period of 12 to 18 months in connection with the unification of our La Jolla and Mountain View operations. Without this charge, IDEC's net loss would have been $2,051,000, or $.22 per share.
 "Our balance sheet remained strong and virtually unchanged for the first quarter, with $54,348,000 in cash, cash equivalents and marketable securities," Dr. Rastetter added. "New York Life Insurance Co. exercised warrants in the amount of $875,000 to purchase IDEC Pharmaceuticals' common stock during the quarter. In addition, we received $2,200,000 in payments under the terms of certain product rights and research and development agreements."
 IDEC Pharmaceuticals is a leader in the development of immunologically active monoclonal antibodies for therapeutic applications. The company's antibodies are designed to act through immune system mechanisms and, unlike many other antibody products, are intended to exert their therapeutic effects without being coupled to separate drugs or toxins. Upon injection into the patient, they act either by (1) depleting or suppressing malignant or disease-causing immune system cells, or by (2) enhancing disease-fighting immune system functions. As such, they may offer significant therapeutic advantages -- such as specificity of action, duration of therapeutic effect and low toxicity -- not available through the use of existing therapies. Five IDEC products are currently undergoing human clinical testing for the treatment of lymphomas and leukemias, malignant melanoma and HIV infection.
 IDEC PHARMACEUTICALS CORP. AND SUBSIDIARY
 Condensed Consolidated Statements of Operations
 Three months ended March 31, 1992 and 1991
 (Unaudited)
 1992 1991
 (In thousands, except per share amounts)
 Revenues:
 Contract research revenues $689 $1,518
 Sale of product rights 250 167
 Total 939 1,685
 Operating expenses:
 Research and development 2,997 2,456
 General and administrative 726 498
 Estimated unification costs
 (one-time charge) 3,000 ---
 Total 6,723 2,954
 Loss from operations (5,784) (1,269)
 Interest income, net 733 136
 Net loss ($5,051) ($1,133)
 Net loss per share ($0.53) ($0.22)
 Shares used in computing
 net loss per share 9,480,751 5,165,723
 IDEC PHARMACEUTICALS CORP. AND SUBSIDIARY
 Condensed Consolidated Balance Sheets
 March 31, 1992 and Dec. 31, 1991
 (March 31, 1992 unaudited)
 1992 1991
 (In thousands)
 Assets:
 Cash, cash equivalents and
 marketable securities $54,348 $54,251
 Inventory 1,176 1,182
 Property and equipment, net 1,170 1,062
 Other assets 1,760 1,904
 Total assets $58,454 $58,399
 Liabilities and Shareholders' equity:
 Current liabilities $3,060 $1,840
 Accrued unification costs 2,976 ---
 Long-term obligations 1,695 1,666
 Total shareholders' equity 50,723 54,893
 Total liabilities and
 shareholders' equity $58,454 $58,399
 -0- 4/23/92
 /CONTACT: Clifford Orent, senior VP and COO of IDEC Pharmaceuticals, 415-940-1200/
 (IDPH) CO: IDEC Pharmaceuticals Corp. ST: California IN: MTC SU: ERN


EH-JL -- SD005 -- 2125 04/23/92 16:36 EDT
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Date:Apr 23, 1992
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