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IDEC PHARMACEUTICALS REPORTS FOURTH QUARTER AND YEAR-END 1992 RESULTS

 LA JOLLA and MOUNTAIN VIEW, Calif., March 5 /PRNewswire/ -- IDEC Pharmaceuticals Corporation (NASDAQ: IDPH) today announced its financial results for the fourth quarter and year ended December 31, 1992. Revenues from contract research and licensing fees were $5,212,000 in 1992, down from $6,233,000 in 1991 due to the anticipated completion of certain contract relationships. The company reported a net loss of $12,704,000, or $1.39 per share, for 1992, compared to a net loss of $5,780,000, or $.88 per share, for 1991. The increase in the net loss was primarily related to the company's expansion of human clinical studies, the addition of key personnel, and a first quarter one-time charge of $3,000,000 for the unification of company facilities. IDEC Pharmaceuticals ended 1992 with $43,624,000 in cash, cash equivalents and marketable securities.
 Revenues for the fourth quarter ended December 31, 1992, were $2,573,000 compared to $1,368,000 for the fourth quarter of 1991, and the net loss was $2,747,000, or $.30 per share, compared to a net loss of $1,673,000, or $.18 per share, for the same period in 1991. The 1992 fourth quarter revenues included a payment of $2,000,000 from SmithKline Beecham, pursuant to a collaborative agreement between the two companies.
 "1992 was a year of significant progress for IDEC Pharmaceuticals," noted William H. Rastetter, Ph.D., the company's president and chief executive officer. "We achieved several important technological advances, added to our product portfolio and strengthened our operations. We also entered into a major collaborative agreement with SmithKline Beecham, which was signed in October 1992 and expanded in February 1993. Today we have five product candidates in human clinical studies. Two more are about to begin human testing, and another is expected to enter human clinical trials during 1993."
 IDEC Pharmaceuticals is focused on the development of antibody- based therapies for the treatment of a wide range of human diseases. 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. Moreover, the company's product candidates potentially can be administered in outpatient settings, helping to reduce overall treatment costs. Several human clinical studies are in progress using product candidates for the treatment of B-cell lymphomas, malignant melanoma and HIV infection. Late-stage preclinical testing of a "primatized" anti-CD4 antibody is under way for the treatment of autoimmune diseases, as part of the company's product-development collaboration with SmithKline Beecham. Separate from this collaboration, IDEC Pharmaceuticals is developing additional primatized antibodies for a variety of therapeutic applications.
 IDEC Pharmaceuticals is headquartered at 11099 North Torrey Pines Road, La Jolla, CA 92037. Company operations also are located in Mountain View, CA.
 IDEC PHARMACEUTICALS CORPORATION AND SUBSIDIARY
 Condensed Consolidated Statements of Operations
 (In thousands, except per share amounts)
 (Fourth quarter unaudited)
 Three months ended Years ended
 December 31, December 31,
 1992 1991 1992 1991
 Revenues:
 Contract research
 revenues $1,323 $868 $3,212 $5,233
 license fees 1,250 500 2,000 1,000
 2,573 1,368 5,212 6,233
 Operating expenses:
 Research and
 development 4,837 2,883 14,519 10,928
 General and
 administrative 805 930 3,196 2,211
 Estimated unification
 costs --- --- 3,000 ---
 5,642 3,813 20,715 13,139
 Loss from operations (3,069) (2,445) (15,503) (6,906)
 Interest income, net 312 772 2,340 1,126
 Other income 10 --- 459 ---
 Net loss $(2,747) $(1,673) $(12,704) $(5,780)
 Net loss per share $(0.30) $(0.18) $(1.39) $(0.88)
 Shares used in
 computing net loss
 per share 9,254 9,496 9,168 6,544
 Condensed Consolidated Balance Sheets
 (In thousands)
 December 31, December 31,
 1992 1991
 (unaudited)
 ASSETS
 Cash, cash equivalents
 and marketable
 securities $43,624 $54,251
 Inventory 1,215 1,182
 Property and equipment,
 net 3,037 1,062
 Note receivable 3,200 ---
 Other assets 1,573 1,904
 $52,649 $58,399
 LIABILITIES AND
 SHAREHOLDERS' EQUITY
 Trade payable $3,459 $---
 Accrued unification costs 2,835 ---
 Other current liabilities 2,412 1,840
 Long-term obligations 156 1,666
 Total shareholders'
 equity 43,787 54,893
 $52,649 $58,399
 -0- 3/5/93
 /CONTACT: Richard Krawiec, Director, Investor Relations and Corporate Communications, or William H. Rastetter, President and CEO, of IDEC Pharmaceuticals, 619-458-0600/
 (IDPH)


CO: IDEC Pharmaceuticals Corporation ST: California IN: MTC SU: ERN

MS-KJ -- SD001 -- 3328 03/05/93 09:02 EST
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