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NEORX ANNOUNCES FOURTH QUARTER FINANCIAL RESULTS

 NEORX ANNOUNCES FOURTH QUARTER FINANCIAL RESULTS
 SEATTLE, Nov. 11 /PRNewswire/ -- NeoRx Corporation (NASDAQ: NERX)


today reported a net loss for the fourth quarter ended Sept. 30, 1991, of $2,707,00 (20 cents per share), a decrease of 32 percent from the net loss of $4,001,000 (30 cents per share) for the quarter ended Sept. 30, 1990. The fiscal year 1991 net loss of $11,681,000 (87 cents per share) decreased 34 percent from a net loss of $17,795,000 ($1.26 per share) for fiscal year 1990. Revenue for the fourth quarter of fiscal 1991 was $58,000 compared to $401,000 for the fourth quarter of fiscal 1990. For fiscal year 1991, revenue was $355,000 compared to $2,406,000 for fiscal year 1990. Revenues in 1991 and 1990 consisted primarily of amounts received under collaborative research agreements, development and license agreements and federal research grants.
 Operating expenses of $2,695,000 for the fourth quarter of fiscal 1991 decreased 41 percent from $4,596,000 for the comparable 1990 quarter. Full year 1991 operating expenses decreased 40 percent to $12,118,000 in 1991 compared to $20,286,000 in 1990, reflecting significant cost reduction measures and a corporate restructuring implemented in January 1991.
 NeoRx Corporation, incorporated in May 1984, is developing monoclonal antibody-based pharmaceutical products for in vivo detection and treatment of certain types of cancer. The company has three cancer therapy trials in progress and has filed for marketing approval with the FDA for two OncoTrac(R) imaging products to detect metastatic melanoma and small cell lung cancer.
 NEORX CORPORATION
 CONDENSED STATEMENTS OF OPERATIONS
 (In thousands, except per share amounts - Unaudited)
 Period ended Quarter Year
 Sept. 30 1991 1990 1991 1990
Contract revenues $58 $401 $355 $2,406


Operating expenses:
 Research and development $1,652 $2,963 $7,388 $11,738
 General and administrative 1,043 1,633 4,090 7,138
 Restructuring costs -- -- 640 1,410
Total operating expenses 2,695 4,596 12,118 20,286
Loss from operations (2,637) (4,195) (11,763) (17,880)
Other income (expense), net (70) 194 82 85
Net loss $(2,707) $(4,001) $(11,681) $(17,795)
Dividends on preferred stock (486) (481) (1,631) (827)


Net loss applicable to
 common shares $(3,193) $(4,482) $(13,312) $(18,622)
Net loss per share $(.20) $(.30) $(.87) $(1.26)


Weighted average share
 outstanding 15,872 14,796 15,250 14,726
 -0- 11/11/91
 /CONTACT: Robert M. Littauer, vice president and chief financial officer of NeoRx, 206-286-2519; Anthony J. Russo or Susan A. Noonan of Noonan/Russo Communications, 212-979-9180, for NeoRx/
 (NERX) CO: NeoRx Corporation ST: Washington IN: MTC SU: ERN SM-OS -- NY043 -- 3011 11/11/91 11:54 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 11, 1991
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