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NEORX REPORTS SECOND QUARTER 1993 RESULTS

 SEATTLE, July 19 /PRNewswire/ -- NeoRx Corporation (NASDAQ: NERX) today reported a net loss for the second quarter ended June 30, 1993 of $2,885,000 ($.10 per share) compared to $2,440,000 ($.10 per share) for the quarter ended June 30, 1992. For the six month period ended June 30, 1993, the net loss decreased $290,000 to $4,871,000 ($.18 per share) from $5,161,000 ($.21 per share) in 1992.
 Revenue, earned primarily under collaborative research agreements, was $183,000 for the current quarter compared to $149,000 for the comparable quarter in 1992 and the six months was $948,000 compared to $253,000 in last year's comparative period.
 Operating expenses of $3,101,000 for the current increased $459,000, or 17 percent, from $2,642,000 recorded in the quarter ended June 30, 1992. Operating expenses of $5,931,000 for the six months ended June 30, 1993 increased 5 percent from $5,629,000 in the comparable period in 1992.
 Research and development expenses for the second quarter of 1993 increased 5 percent to $1,668,000 from $1,595,000 for the comparable 1992 quarter and increased 6 percent from $3,260,000 for the six months ended June 30, 1992 to $3,444,000 for the six months ended June 30, 1993.
 General and administrative expenses for the second quarter of 1993 increased 37 percent to $1,433,000 from $1,047,000 for the comparable 1992 quarter and increased 5 percent from $2,369,000 for the six months ended June 30, 1992 to $2,487,000 for the six months ended June 30, 1993.
 NeoRx Corporation develops targeted bipharmaceutical 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 preclinical testing.
 NEORX CORPORATION
 Condensed Statements of Operations
 (Unaudited -- In thousands, except per share data)
 Periods Ended Three Months Six Months
 June 30 1993 1992 1993 1992
 Contract revenues $ 183 $ 149 $ 948 $ 253
 Operating expenses:
 Research & development 1,668 1,595 3,444 3,260
 General & administrative 1,433 1,047 2,487 2,369
 Total operating expenses 3,101 2,642 5,931 5,629
 Loss from operations (2,918) (2,493) (4,983) (5,376)
 Other income 33 53 112 215
 Net loss (2,885) (2,440) (4,871) (5,161)
 Dividends on preferred stock (182) (282) (363) (625)
 Net loss applicable to com. shares (3,067) (2,722) (5,234) (5,786)
 Net loss per common share $(.10) $(.10) $(.18) $(.21)
 Weighted avg. shrs. outstanding 29,632 28,397 29,536 28,180
 Condensed Balance Sheets
 (In thousands)
 6/30/93 9/30/92
 (Unaudited)
 ASSETS:
 Cash and short-term investments $8,200 $16,359
 Facilities and equipment, net 1,073 1,199
 Other assets 1,085 953
 Total assets 10,358 18,511
 LIABILITIES AND SHAREHOLDERS' EQUITY:
 Current liabilities $ 2,207 $ 2,741
 Other liabilities 1,248 1,239
 Shareholders' equity 6,903 14,531
 Total liabilities and shareholders' equity 10,358 18,511
 -0- 7/19/93 R
 /CONTACT: Robert M. Littauer, senior vice president, chief financial officer of NeoRx, 206-286-2519, or Bonnie K. Sterling of Noonan/Russo Communications, 212-979-9180, for NeoRx/
 (NERX)


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

TS-PS -- NY014R -- 3163 07/19/93 14:50 EDT
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Date:Jul 19, 1993
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