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NEORX REPORTS FIRST QUARTER 1993 RESULTS

 SEATTLE, April 15 /PRNewswire/ -- NeoRx Corporation (NASDAQ: NERX) today reported a net loss for the first quarter ended March 31, 1993 of $1,986,000 (7 cents per share) on revenues of $765,000 compared to a net loss of $2,271,000 (11 cents per share) on revenues of $104,000 for the quarter ended March 31, 1992. Revenues for the current quarter consisted of $493,000 collected under a 1992 license agreement with Sterling Winthrop, Inc. and $272,000 earned under collaborative research agreements.
 Research and development expenses for the current year's quarter increased 7 percent to $1,776,000 from $1,665,000 for the comparable fiscal 1992 quarter, reflecting additional clinical trial and research activities. General and administrative expenses decreased 20 percent to $1,054,000 from $1,322,000 for the quarters ended March 31, 1993 and March 31, 1992, respectively. This decrease primarily resulted from a reduction in legal expenses in the current quarter. Total operating expenses decreased 5 percent from the prior year's comparable quarter.
 In February, NeoRx's board of directors changed its fiscal year end from Sept. 30 to Dec. 31. Results of operations for the first quarter ended March 31, 1993 are reported on the basis of its new fiscal year which will end Dec. 31, 1993 and are compared to the comparable calendar quarter ended March 31, 1992.
 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 its OncoTrac(R) Small Cell Lung Cancer Imaging Product and has completed a phase III trial for a non-small cell lung cancer imaging agent. Targeted biopharmaceuticals to treat cancer and restenosis after angioplasty are in pre-clinical testing.
 NEORX CORPORATION
 Condensed Statements of Operations
 (Unaudited, in thousands, except per share data)
 Three months ended March 31 1993 1992
 Contract revenues and fees $765 $104
 Operating expenses:
 Research & development 1,776 1,665
 General & administrative 1,054 1,322
 Total operating expenses 2,830 2,987
 Loss from operations (2,065) (2,883)
 Other income 79 162
 Net loss (1,986) (2,721)
 Preferred stock dividends (181) (343)
 Net loss applicable to common shares (2,167) (3,064)
 Net loss per common share ($.07) ($.11)
 Weighted average shares outstanding 29,413 27,996
 Condensed Balance Sheets
 (In thousands)
 3/31/93 9/30/92
 (Unaudited)
 Assets:
 Cash and short-term investments $11,073 $16,359
 Facilities and equipment, net 1,120 1,199
 Other assets 975 953
 Total assets 13,168 18,511
 Liabilities and Shareholders' Equity:
 Current liabilities 2,197 2,741
 Other liabilities 1,261 1,239
 Shareholders' equity 9,710 14,531
 Total liabilities and
 shareholders' equity 13,168 18,511
 -0- 4/15/93
 /CONTACT: Robert M. Littauer, vice president and chief financial officer of NeoRx Corporation, 206-286-2519, or Bonnie K. Sterling of Noonan/Russo Communications, 212-979-9180, for NeoRx Corporation/
 (NERX)


CO: NeoRx Corporation ST: Washington IN: MTC SU: ERN

PS-TS -- NY009 -- 6026 04/15/93 08:38 EDT
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Date:Apr 15, 1993
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