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NEORX ANNOUNCES FIRST QUARTER RESULTS FOR FISCAL 1993

 SEATTLE, Jan. 22 /PRNewswire/ -- NeoRx Corporation (NASDAQ: NERX) today reported a net loss for the first quarter ended Dec. 31, 1992 of $2,425,000 (9 cents per share) on revenues of $277,000 compared to a net loss of $3,688,000 (20 cents per share) on revenues of $119,000 for the quarter ended Dec. 31, 1991. The prior year first quarter loss included a non-cash charge of $1.23 million resulting from the exchange of 1.75 million shares of NeoRx common stock for $6.99 million principal amount of the company's 9-3/4 percent convertible exchangeable debentures.
 Research and development expenses for the first quarter of fiscal 1993 increased 17 percent to $1,733,000 from $1,483,000 for the comparable fiscal 1992 quarter, reflecting additional research and clinical trial activities in the current period. General and administrative expenses decreased 8 percent to $1,092,000 from $1,182,000 for the quarters ended Dec. 31, 1992 and 1991, respectively. Total operating expenses increased 6 percent from the prior year's comparable quarter.
 NeoRx Corporation develops targeted biopharmaceutical products that detect and treat human illnesses, with a primary focus on cancer. The company has three cancer therapy trials in progress, has filed for marketing approval with the FDA for its Onco-Trac(R) Small Cell Lung Cancer imaging product and has completed the phase III trial for a non- small cell lung cancer imaging product. Targeted biopharmaceuticals to treat cancer and restenosis after angioplasty are in pre-clinical testing.
 NEORX CORPORATION
 Condensed Statements of Operations
 (in thousands, except per share data -- unaudited)
 Three months ended Dec. 31, 1992 1991
 Contract revenues $ 277 $ 119
 Operating expenses:
 Research and development 1,733 1,483
 General and administrative 1,092 1,182
 Total operating expenses 2,825 2,665
 Loss from operations (2,548) (2,546)
 Other income (expense) 123 (1,142)
 Net loss $(2,425) $(3,688)
 Preferred stock dividends (201) (351)
 Net loss applicable
 to common shares $(2,626) $(4,039)
 Net loss per common share $ (.09) $ (.20)
 Wtd. avg. shares outstanding 29,212 20,674
 Condensed Balance Sheets
 (in thousands)
 Periods ended 12/31/92 9/30/92
 (unaudited)
 ASSETS:
 Cash & short-term investments $13,020 $16,359
 Facilities & equipment, net 1,149 1,199
 Other assets 774 953
 Total assets $14,943 $18,511
 Liabilities and shareholders' equity:
 Current liabilities $ 1,967 $ 2,741
 Other liabilities 1,236 1,239
 Shareholders' equity 11,740 14,531
 Total liabilities and
 shareholders' equity $14,943 $18,511
 -0- 1/22/93
 /CONTACT: Robert M. Littauer, vice president and CFO of NeoRx, 206-286-2519; or Anthony J. Russo, Ph.D., or Susan A. Noonan of Noonan/Russo Communications, 212-979-9180, for NeoRx/
 (NERX)


CO: NeoRx ST: Washington IN: MTC SU:

LR-SH -- NY007 -- 7781 01/22/93 09:32 EST
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Date:Jan 22, 1993
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