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NEORX REPORTS THIRD QUARTER 1993 RESULTS

 SEATTLE, Oct. 15 /PRNewswire/ -- NeoRx Corporation (NASDAQ: NERX) today reported a net loss for the third quarter ended Sept. 30, 1993, of $890,000 or 3 cents per share compared to a net profit of $6,086,000 or 17 cents per share for the same period of last year. Last year's revenue was primarily a result of non-recurring license fees. For the nine month period ended Sept. 30, 1993, the net loss was $5,761,000 or 20 cents per share compared to a net profit of $925,000 or zero cents per share in 1992.
 "These results are in line with our expectations," said Paul G. Abrams, M.D., J.D., NeoRx's president and CEO. "The comparative decrease in revenue from last year's third quarter resulted from one- time fees from Sterling Winthrop Inc. and Boehringer Ingelheim International GmbH received during last year's quarter," Abrams concluded.
 Revenue, earned primarily under license and research agreements for the current quarter was $2,513,000 compared to $8,809,000 for the comparable quarter in 1992. For the current nine month period revenue was $3,461,000 compared to $9,061,000 in last year's comparable period. The current quarter's revenue consisted primarily of a milestone payment from Boehringer Ingelheim.
 Operating expenses of $3,416,000 for the current quarter increased $615,000, or 22 percent, from $2,801,000 recorded in the quarter ended Sept. 30, 1992. Operating expenses of $9,347,000 for the nine months ended Sept. 30, 1993, increased 11 percent from $8,429,000 in the comparable period in 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 preclinical testing.
 NEORX CORPORATION
 Condensed Statements of Operations
 (In thousands, except per share data)
 (unaudited)
 Three Months Nine Months
 Periods
 ended Sept. 30 1993 1992 1993 1992
 Contract revenues $ 2,513 $ 8,809 $ 3,461 $ 9,061
 Operating expenses:
 Research and development 1,695 1,826 5,139 5,085
 General and
 administrative 1,721 975 4,208 3,344
 Total operating
 expenses 3,416 2,801 9,347 8,429
 Income (loss) from
 operations (903) 6,008 (5,886) 632
 Other income 13 78 125 293
 Net income (loss) $(890) $6,086 $(5,761) $925
 Dividends on preferred
 stock (182) (207) (545) (832)
 Net income (loss)
 applicable to
 common shares (1,072) 5,879 (6,306) 93
 Earnings (loss) per common
 share and common
 equivalent share $(.03) $.17 $(.20) --
 Weighted average common
 and common equivalent
 shares outstanding 34,953 34,938 31,686 28,476
 Condensed Balance Sheets
 (In thousands)
 Sept. 30 Sept. 30
 1993 1992
 (unaudited)
 Assets:
 Cash and short-term investments $16,721 $16,359
 Facilities and equipment, net 1,054 1,199
 Other assets 983 953
 Total assets 18,758 18,511
 Liabilities and shareholders' equity:
 Current liabilities 2,350 2,741
 Other liabilities 1,231 1,239
 Shareholders' equity 15,177 14,531
 Total liabilities and shareholders'
 equity 18,758 18,511
 -0- 10/15/93
 /CONTACT: Robert M. Littauer, senior vice president and chief financial officer of NeoRx, 206-286-2519 or Anthony J. Russo, Ph.D., Rhonda Chiger of Noonan/Russo Communications, 212-696-4455/
 (NERX)


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

SH-CL -- NY052 -- 2800 10/15/93 14:26 EDT
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Publication:PR Newswire
Date:Oct 15, 1993
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