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IDEC PHARMACEUTICALS REPORTS FIRST QUARTER RESULTS

 LA JOLLA, Calif., May 7 /PRNewswire/ -- IDEC Pharmaceuticals Corporation (NASDAQ: IDPH) today announced its financial results for the first quarter ended March 31, 1993. Revenues were $6,554,000, compared to $939,000 for the first quarter in 1992. The increase was due primarily to milestone payments and contract research revenues related to the company's collaborative research and licensing agreement with SmithKline Beecham. As previously announced, this agreement was expanded during the first quarter of 1993 to include certain Asian countries within the territory. As a result, the company reported net income of $2,592,000, or $.28 per share, compared to a net loss of $5,051,000, or $.56 per share, for the same period in 1992.
 "It is important to keep in mind that the net income we've seen this first quarter is a one-time event, directly related to our agreement with SmithKline Beecham," said William H. Rastetter, Ph.D., president and chief executive officer. "We do not expect to achieve consistent profitability until after the commercialization of our products," he added. "Seven product candidates are currently undergoing or about to enter human clinical studies. An eighth is expected to enter human testing mid-year, and several other products are undergoing laboratory research or preclinical development."
 Research and development expenses for the first quarter ended March 31, 1993, were $3,325,000, compared to $2,997,000 for the same period last year. General and administrative expenses were $1,085,000, compared to $726,000 last year. The increases were consistent with expectations and were directly related to the company's progress in clinical studies and its overall growth.
 As of March 31, 1993, IDEC Pharmaceuticals had $40,860,000 in cash, cash equivalents and marketable securities. The company's principal balance sheet changes were associated with construction of leasehold improvements for a new 73,000-square-foot corporate headquarters and pilot manufacturing plant, expected to be occupied by the end of June.
 IDEC Pharmaceuticals is focused on the development of targeted immunotherapies for the treatment of cancer and autoimmune diseases. Within this strategic focus, the company's most advanced product candidates are directed at the treatment of B-cell lymphomas, malignant melanoma and rheumatoid arthritis. These agents typically are designed to act through immune system mechanisms and potentially offer greater specificity of action, longer therapeutic effect and lower toxicity than is typical of existing therapies. They also can be administered in outpatient settings, potentially helping to reduce overall treatment costs.
 IDEC Pharmaceuticals is headquartered at 11099 North Torrey Pines Road, La Jolla, CA 92037.
 IDEC PHARMACEUTICALS CORPORATION AND SUBSIDIARY
 Condensed Consolidated Statements of Operations
 (In thousands, except per share data)
 (Unaudited)
 Three Months Ended
 March 31,
 1993 1992
 Revenues:
 Contract research revenues $1,304 $689
 License fees 5,250 250
 Total 6,554 939
 Operating expenses:
 Research and development 3,325 2,997
 General and administrative 1,085 726
 Unification costs --- 3,000
 Total 4,410 6,723
 Income (loss) from
 operations 2,144 (5,784)
 Interest income, net 448 733
 Net income (loss) $2,592 ($5,051)
 Net income (loss) per share $0.28 ($0.56)
 Shares used in computing
 net income (loss) per share 9,216 9,049
 IDEC PHARMACEUTICALS CORPORATION AND SUBSIDIARY
 Condensed Consolidated Balance Sheets
 (In thousands)
 March 31, Dec. 31,
 1993 1992
 (Unaudited)
 Assets
 Cash, cash equivalents
 and marketable securities $40,860 $43,624
 Inventory 1,155 1,215
 Property and equipment, net 6,944 3,037
 Other assets 5,234 4,773
 Total $54,193 $52,649
 Liabilities and
 Shareholders' Equity
 Current liabilities $5,373 $5,871
 Accrued unification costs 2,223 2,835
 Long-term obligations 138 156
 Total shareholders' equity 46,459 43,787
 Total $54,193 $52,649
 -0- 5/7/93
 /CONTACT: Richard Krawiec, director of investor relations and corporate communications, or William Rastetter, president and CEO, of IDEC Pharmaceuticals, 619-458-0600/
 (IDPH)


CO: IDEC Pharmaceuticals Corp. ST: California IN: MTC SU: ERN

BP-JL -- SD003 -- 5815 05/07/93 09:15 EDT
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Date:May 7, 1993
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