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IDEC PHARMACEUTICALS REPORTS THIRD QUARTER 1993 RESULTS

 SAN DIEGO, Nov. 15 /PRNewswire/ -- IDEC Pharmaceuticals(R) Corporation (NASDAQ: IDPH) today reported its operating results for the third quarter ended Sept. 30, 1993. Total revenues were $3,678,000 compared to $850,000 for the third quarter in 1992. The net loss was $61,000, or $.01 per share, compared to $2,454,000, or $.27 per share, for the same period in 1992.
 Total revenues for the nine-month period ended Sept. 30, 1993, were $11,712,000, and the net loss was $3,554,000, or $.38 per share. This compares with revenues of $2,639,000 and a net loss of $9,958,000, or $1.09 per share, for the same period in 1992. The third quarter and nine months increase in revenue was primarily attributable to license fees, contract research revenues, and milestone payments related to IDEC's product development and marketing agreement with SmithKline Beecham.
 There were no significant changes in expenses for the third quarter compared to the same period last year. For the current nine-month period, R&D expenses increased to $13,347,000 from $9,681,000 in 1992 primarily due to a one-time charge against operations in the second quarter of 1993 related to phase-out of the SPECIFID(TM) program.
 Cash, cash equivalents and marketable securities at Sept. 30, 1993 was $27,873,000 compared with $43,624,000 as of Dec. 31, 1992. This decrease in cash, cash equivalents and marketable securities resulted primarily from capital investments, now substantially complete, in new multi-use office, laboratory and manufacturing facilities.
 "We have made excellent progress on completing our manufacturing facility during the quarter and expect to start manufacturing operations in the fourth quarter. This facility is of strategic importance to IDEC -- it will enable us to manufacture antibodies in-house for clinical trials as well as for early commercialization, an essential FDA approval requirement," said William H. Rastetter, Ph.D., IDEC's president and chief executive officer.
 "During the third quarter, we completed a Phase I human clinical study of our engineered pan-B antibody, IDEC-C2B8, for treatment of non- Hodgkin's B-cell lymphomas," Dr. Rastetter said. "Based on encouraging clinical data with this product candidate, we initiated a multi-center, Phase I/II trial. The Phase I results will be presented at the American Society of Hematology meeting in December."
 "During the quarter, IDEC also began Phase I human testing of its PRIMATIZED(TM) anti-CD4 antibody for the treatment of rheumatoid arthritis, the focus of our agreement with SmithKline Beecham," Dr. Rastetter added.
 "As announced during the quarter, we expect to begin today a Phase I/II human immunogenicity study with MELIMMUNE(TM) to demonstrate that the bi-valent vaccine formulation induces a broader immune response against melanoma than MELIMMUNE-1 or MELIMMUNE-2 alone -- both of which individually have produced favorable immune responses in human testing," Dr. Rastetter continued.
 IDEC Pharmaceuticals is focused on the development of targeted immunotherapies for the treatment of cancer and autoimmune diseases. Product candidates in human clinical studies include pan-B antibodies to treat B-cell lymphomas, MELIMMUNE(TM) antibodies to treat malignant melanoma, and a PRIMATIZED(TM) anti-CD4 antibody to treat autoimmune 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. They also can be administered in outpatient settings, providing the opportunity to reduce overall treatment costs.
 IDEC Pharmaceuticals is located at 11011 Torreyana Road, San Diego, CA 92121.
 IDEC PHARMACEUTICALS CORPORATION AND SUBSIDIARY
 Condensed Consolidated Statements of Operations
 (In thousands, except per share amounts)
 (Unaudited)
 Three Months Ended Nine Months Ended
 September 30, September 30,
 1993 1992 1993 1992
 Revenues:
 Contract research
 revenues $1,402 $600 $3,436 $1,889
 License fees 2,276 250 8,276 750
 3,678 850 11,712 2,639
 Operating expenses:
 Research and
 development 3,066 3,041 13,347 9,681
 General and
 administrative 902 825 2,927 2,392
 Unification costs --- --- --- 3,000
 3,968 3,866 16,274 15,073
 Loss from operations (290) (3,016) (4,562) (12,434)
 Interest income, net 229 562 1,008 2,027
 Other income --- --- --- 449
 Net loss ($61) ($2,454) ($3,554) ($9,958)
 Net loss per share ($0.01) ($0.27) ($0.38) ($1.09)
 Shares used in
 computing net loss
 per share 9,268 9,198 9,256 9,135
 IDEC PHARMACEUTICALS CORPORATION AND SUBSIDIARY
 Condensed Consolidated Balance Sheets
 (In thousands)
 September 30, December 31,
 1993 1992
 (Unaudited)
 ASSETS
 Cash, cash equivalents
 and marketable
 securities $27,873 $43,624
 Inventory --- 1,215
 Property and equipment,
 net 17,929 3,037
 Other assets 5,319 4,773
 $51,121 $52,649
 LIABILITIES AND
 SHAREHOLDERS' EQUITY
 Current liabilities $8,649 $5,871
 Accrued unification costs 1,071 2,835
 Long-term obligations 471 156
 Total shareholders'
 equity 40,930 43,787
 $51,121 $52,649
 -0- 11/15/93
 /CONTACT: Richard W. Krawiec, director - investor relations and corporate communications, or David Ludvigson, senior vice president and CFO of IDEC Pharmaceuticals, 619-550-8656/
 (IDPH)


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

MP-JB -- SD001 -- 4236 11/15/93 09:06 EST
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Date:Nov 15, 1993
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