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LIPOSOME REPORTS SECOND QUARTER RESULTS; SECOND QUARTER REVENUES UP 31 PERCENT

 LIPOSOME REPORTS SECOND QUARTER RESULTS;
 SECOND QUARTER REVENUES UP 31 PERCENT
 PRINCETON, N.J., Aug. 12 /PRNewswire/ -- The Liposome Company, Inc. (NASDAQ: LIPO) today reported that total revenues for the second quarter ended June 30, 1992 were $2,846,000, a 31.2 percent increase over the second quarter of 1991. The net loss for the quarter was $1,968,000, or $.08 per share, an increase of $1,001,000 compared to the loss of $967,000, or $.05 per share in the same quarter a year ago, due to increased research and development spending.
 Collaborative research and development revenues for the second quarter increased to $1,467,000 as compared to $1,414,000 a year ago primarily due to the higher funding level received from a corporate sponsor. In addition, the investment of $44,694,000 of net proceeds received in March 1992, from the sale of 3,450,000 shares of common stock, as well as cash received from the exercise of warrants and stock options, resulted in interest income of $1,371,000 an 85.0 percent increase as compared to the second quarter of 1991.
 Total expenses for the quarter ended June 30, 1992 were $4,814,000, an increase of $1,677,000 or 53.5 percent compared to the second quarter of 1991. Research and development expenses were $3,762,000 for the second quarter of 1992, an increase of $1,502,000 or 66.5 percent over the same period one year ago. The major components of the increase were costs associated with preclinical testing of TLC C-53, a liposomal prostaglandin product under development, as well as increases in clinical research personnel and other scientific staff and supplies to support the ongoing expansion of the clinical trials of the company's lead products, TLC G-65 and TLC D-99. General and administrative expenses for the second quarter of 1992 increased $175,000 or 20.0 percent over the same period one year ago.
 Revenues for the six months ended June 30, 1992 were $5,390,000, an increase of $1,683,000 or 45.4 percent as compared to the six months ended June 30, 1991. Total expenses for the period were $8,473,000, an increase of $2,473,000 or 41.2 percent as compared to the same six months of the prior year. Overall, the net loss for the six months ended June 30, 1992 of $3,083,000 represents an increase of $790,000 or $34.5 percent over last year. However, due to the increased number of shares outstanding, the net loss per share for each six month period ended June 30, 1992 and 1991 was $.14.
 A leading company dedicated exclusively to the development of liposome and lipid-based pharmaceuticals, the Liposome Company selectively develops proprietary parenteral pharmaceuticals for the treatment, prevention and diagnosis of life-threatening illnesses.
 THE LIPOSOME COMPANY
 Consolidated Statements of Operations
 (In thousands, except per share figures, unaudited)
 Period ended Three months Six months
 June 30 1992 1991 1992 1991
 Collaborative research
 and development revenues $1,467 $1,414 $2,983 $2,760
 Licensing and other fees 8 15 262 69
 Interest income 1,371 741 2,145 878
 Total revenues 2,846 2,170 5,390 3,707
 R&D expenses 3,762 2,260 6,459 4,358
 Gen. and admin. expenses 1,052 877 2,014 1,642
 Total expenses 4,814 3,137 8,473 6,000
 Net loss (1,968) (967) (3,083) (2,293)
 Net loss per common share (.08) (.05) (.14) (.14)
 Weighted average number
 of common shares outstanding 23,236 19,194 22,070 16,915
 CONSOLIDATED BALANCE SHEETS
 (In thousands)
 6/30/92 12/31/91
 (Unaudited) (Audited)
 Current assets, principally
 cash and short term investments $86,749 $46,939
 Property and equipment, net 4,615 2,361
 Other assets, net 1,446 1,503
 Total assets 92,810 50,803
 Current liabilities 3,410 3,335
 Other liabilities 605 607
 Stockholders' equity 88,795 46,861
 Total liabilities and
 stockholders' equity 92,810 50,803
 -0- 8/12/92
 /CONTACT: Anne M. Van Lent, senior vice president and chief financial officer of Liposome, 609-452-7060/
 (LIPO) CO: Liposome Company, Inc. ST: New Jersey IN: MTC SU: ERN


TS-OS -- NY013 -- 9282 08/12/92 09:37 EDT
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Date:Aug 12, 1992
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