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NEORX REPORTS 1992 FOURTH QUARTER RESULTS

 NEORX REPORTS 1992 FOURTH QUARTER RESULTS
 SEATTLE, Nov. 10 /PRNewswire/ -- NeoRx Corporation (NASDAQ: NERX)


today reported net income of $6,086,000 ($.17 per share) on revenues of $8,809,000 for the fourth quarter ended Sept. 30, 1992, compared to a net loss of $2,707,000 ($.20 per share) on revenues of $58,000 for the quarter ended Sept. 30, 1991. The company recorded a net loss of $2,763,000 ($.15 per share) on revenues of $9,180,000 for the year ended Sept. 30, 1992, down 76 percent from a net loss of $11,681,000 ($.87 per share) on revenues of $355,000 for fiscal 1991.
 Revenues for the current fourth quarter and fiscal 1992 year include one-time license fees of $2.1 million from completion of a strategic alliance between NeoRx and Boehringer Ingelheim International GmbH (BI) and $6.4 million resulting from a license agreement with Sterling Winthrop Inc. (Sterling). The revenues from Sterling consisted of $1.5 million cash and the return to NeoRx of two million shares of NeoRx common stock.
 "This quarter has been exciting and productive," said Paul G. Abrams, M.D., J.D., NeoRx president and chief executive officer. "We completed a major strategic alliance with BI, began a collaborative relationship with Organon International and concluded a license agreement with Sterling. These events have allowed us to move our OncoTrac (R) imaging products toward final FDA marketing clearance, to combine our rhenium cancer therapy technology with Organon's 100 percent human antibody in human clinical trials and to settle our disagreements with Sterling."
 Operating expenses were $2,801,000 for the fourth quarter 1992, a 4 percent increase from $2,695,000 for the comparable 1991 quarter. For the year ended Sept. 30, 1992, operating expenses were $11,094,000, down 8 percent from $12,118,000 in 1991.
 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 two OncoTrac (R) cancer imaging products and has completed a phase III trial for a third. Targeted biopharmaceuticals to treat cancer, restenosis after angioplasty and autoimmune diseases are in pre-clinical testing.
 NeoRx Corporation
 Condensed Statements of Operations
 (in thousands, except per share data)
 Periods ended Three months Year
 Sept. 30 1992 1991 1992 1991
 Contract revenues and fees $8,809 $58 $9,180 $355
 Operating expenses:
 Research and development 1,826 1,652 6,568 7,388
 General and administrative 975 1,043 4,526 4,090
 Restructuring costs --- --- --- 640
 Total operating expenses 2,801 2,695 11,094 12,118
 Income (loss) from operations 6,008 (2,637) (1,914) (11,763)
 Other income (expense) 78 (70) (849) 82
 Net income (loss) 6,086 (2,707) (2,763) (11,681)
 Dividends on preferred stock (207) (486) (1,183) (1,631)
 Net income (loss) applicable
 to common shares 5,879 (3,193) (3,946) (13,312)
 Earnings (loss) per common and
 common equivalent share $.17 $(.20) $(.15) $(.87)
 Weighted average common and common
 equiv. shares outstanding 34,938 15,872 26,121 15,250
 Condensed Balance Sheets
 (in thousands)
 Sept. 30 1992 1991
 Assets:
 Cash and short-term investments $16,359 $9,204
 Facilities and equipment, net 1,199 1,307
 Other assets 953 10,576
 Total assets 18,511 21,087
 Liabilities and Shareholders' equity:
 Current liabilities 2,741 2,826
 Other liabilities 1,239 9,298
 Shareholders' equity 14,531 8,963
 Total liabilities and shareholders' equity 18,511 21,087
 -0- 11/10/92
 /CONTACT: Robert M. Littauer, vice president, chief financial officer of NeoRx, 206-286-2519, or Anthony J. Russo, Ph.D., or Bonnie K. Sterling of Noonan/Russo Communications, 212-979-9180, for NeoRx/
 (NERX) CO: NeoRx Corporation ST: Washington IN: MTC SU: ERN


KD -- NY008 -- 9086 11/10/92 08:31 EST
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Date:Nov 10, 1992
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