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IDEC PHARMACEUTICALS REPORTS SECOND QUARTER RESULTS

 IDEC PHARMACEUTICALS REPORTS SECOND QUARTER RESULTS
 LA JOLLA and MOUNTAIN VIEW, Calif., July 29 /PRNewswire/ -- IDEC


Pharmaceuticals Corporation (NASDAQ: IDPH) today reported revenues of $850,000 and a net loss of $2,453,000, or $.26 per share, for the second quarter ended June 30, 1992. This compares with revenues of $1,570,000 and a net loss of $1,466,000, or $.25 per share, for the comparable period in 1991.
 Total revenues for the six-month period ended June 30, 1992, were $1,789,000 and the net loss was $7,504,000, or $.79 per share. This compares with revenues of $3,255,000 and a net loss of $2,599,000, or $.49 per share, for the six-month period in 1991.
 "Revenues were down for the second quarter and first six months of 1992 due to the completion of contract research funding from ML Technology Ventures and Morgan Stanley Ventures," said William H. Rastetter, Ph.D., president and chief executive officer.
 "The increase in second quarter net loss compared to 1991 largely reflects expanded preclinical and clinical studies as well as ongoing costs associated with being a public company since our initial offering in September 1991," Dr. Rastetter said. "The net loss for the six-month period ended June 30, 1992 included a one-time $3,000,000 estimated cost for the unification of IDEC's La Jolla and Mountain View facilities. As announced previously, this was charged to operations during the first quarter of 1992. Without the one-time charge for unification, IDEC's net loss for the six-month period would have been $4,504,000, or $.47 per share.
 "Our balance sheet remained strong for the second quarter, with $51,728,000 in cash, cash equivalents and marketable securities," Dr. Rastetter added.
 IDEC Pharmaceuticals is a leader in the development of immunologically active monoclonal antibodies for therapeutic applications. The company's product candidates 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. Five IDEC product candidates are undergoing human testing in the U.S. and Canada. They are:
 -- SPECIFID(TM), a panel of antibodies, in Phase III studies for low and intermediate grade non-Hodgkin's B-cell lymphomas.
 -- Yttrium-conjugated antibodies, in Phase I/II studies as an injectable radiation therapy for advanced-stage lymphomas.
 -- I-Mel-1 and I-Mel-2 therapeutic vaccines, in Phase I/II studies for malignant melanoma.
 -- 3C9 therapeutic vaccine, in Phase I studies to forestall the onset of AIDS in HIV-infected patients.
 Additional product candidates are in laboratory and preclinical development for the treatment of cancer and autoimmune diseases.
 IDEC PHARMACEUTICALS CORPORATION AND SUBSIDIARY
 Condensed Consolidated Statements of Operations
 (In thousands, except per share amounts)
 (Unaudited)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 Revenues:
 Contract research revenues $600 $1,487 $1,289 $3,005
 Sale of product rights 250 83 500 250
 Total 850 1,570 1,789 3,255
 Operating expenses:
 Research and development 3,643 2,575 6,640 5,031
 General and
 administrative 841 496 1,567 994
 Estimated unification costs --- --- 3,000 ---
 Total 4,484 3,071 11,207 6,025
 Loss from operations (3,634) (1,501) (9,418) (2,770)
 Interest income, net 732 35 1,465 171
 Other income 449 --- 449 ---
 Net loss ($2,453) ($1,466) ($7,504) ($2,599)
 Net loss per share ($0.26) ($0.25) ($0.79) ($0.49)
 Shares used in computing
 net loss per share 9,558,068 5,833,210 9,505,996 5,275,978
 IDEC PHARMACEUTICALS CORPORATION AND SUBSIDIARY
 Condensed Consolidated Balance Sheets
 (In thousands)
 June 30, December 31,
 1992 1991
 (Unaudited)
 Assets
 Cash, cash equivalents and
 marketable securities $51,728 $54,251
 Inventory 715 1,182
 Property and equipment, net 1,167 1,062
 Other assets 1,764 1,904
 Total $55,374 $58,399
 Liabilities and Shareholders' Equity
 Current liabilities $2,421 $1,840
 Accrued unification costs 2,912 ---
 Long-term obligations 1,716 1,666
 Total shareholders' equity 48,325 54,893
 Total $55,374 $58,399
 -0- 7/29/92 R
 /CONTACT: Richard W. Krawiec, director of investor relations and corporate communications, 619-458-0600, or Clifford Orent, senior VP and COO, 415-940-1200, both of IDEC Pharmaceuticals/
 (IDPH) CO: IDEC Pharmaceuticals Corporation ST: California IN: MTC SU: ERN


CH -- SD002 -- 4601 07/29/92 12:06 EDT
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