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NOVA PHARMACEUTICAL REPORTS 1991 FINANCIAL RESULTS YEAR-END REVENUES UP 39 PERCENT

 NOVA PHARMACEUTICAL REPORTS 1991 FINANCIAL RESULTS
 YEAR-END REVENUES UP 39 PERCENT
 BALTIMORE, Feb. 19 /PRNewswire/ -- Nova Pharmaceutical Corporation (NASDAQ: NOVX) today reported 1991 revenues of $50.1 million, a 39 percent increase over 1990 revenues of $36.1 million. The increase is primarily due to sales of four psychiatric products marketed by the company, which generated revenues of $39 million.
 "Nova began marketing the psychiatric products in July 1990, and in 1991 achieved a 25 percent increase in gross sales and a 10 percent increase in unit sales of the psychiatric products over full-year 1990 results," said Hans Mueller, Nova president and chief executive officer.
 Expenses for 1991 increased to $64.9 million, a 29 percent increase over 1990 expenses of $50.3 million. This increase is attributable to the cost of goods and marketing expenses associated with psychiatric product sales. The company's increasing focus on proprietary research and development resulted in a 13 percent increase in expenses to $12.4 million for the year from $11.0 million in 1990. This change in emphasis is also reflected in decreases in both the revenues and expenses associated with sponsored research and development activities in 1991.
 The net loss for 1991 was $14.9 million, or $.54 per share, compared to $14.2 million, or $.53 per share for 1990. The net loss adjusted for non-cash expenses was $8.4 million in 1991 versus $6.9 million in 1990.
 Revenues for the fourth quarter were $12.5 million versus $14 million reported for the same period in 1990. Total expenses for the quarter were down 9 percent to $16.6 million, compared with $18.3 million for the same period in 1990. The fourth quarter decrease in revenues and expenses reflects the decreased emphasis on sponsored research and development activities. The net loss for the quarter decreased to $4.1 million, or $.15 per share, compared with $4.2 million, or $.16 per share for the fourth quarter of 1990.
 "Over the past twelve months, Nova's financial position was strengthened through a combination of public and private offerings which raised a total of $40.8 million, the latest of which closed in February, 1992," said Mueller.
 Nova Pharmaceutical Corporation, based in Baltimore, is engaged in the discovery, development, and commercialization of pharmaceutical products which address areas of significant medical need. The company's research and development programs are in three principal areas: inflammation, central nervous system disorders, and drug delivery systems. The company's scientific strategy is to employ the tools of receptor technology, rational drug design, and drug delivery technologies to develop novel therapeutic products.
 NOVA PHARMACEUTICAL CORPORATION
 Summary Financial Information
 Periods ended: Three months Year
 Dec. 31 1991 1990 1991 1990
 Revenues:
 Product sales $10,178,932 $ 9,984,129 $39,410,507 $19,056,637
 Sponsored R&D 1,970,713 3,489,610 9,093,867 13,800,452
 Interest & other
 income 317,794 562,339 1,589,514 3,237,639
 Total 12,467,439 14,036,078 50,093,888 36,094,728
 Expenses:
 Cost of goods sold 7,424,271 7,041,572 27,824,238 13,276,572
 Sponsored R&D 1,950,497 3,463,690 8,896,025 12,777,785
 Proprietary R&D 3,273,393 2,595,050 12,412,377 11,013,142
 Marketing, general
 & administrative 2,246,255 2,650,992 8,638,241 6,776,879
 Profit distribution
 to third parties 688,271 776,843 3,026,734 1,480,265
 Other expenses 1,030,281 1,738,240 4,148,513 5,015,480
 16,612,968 18,266,387 64,946,128 50,340,123
 Net loss (4,145,529) (4,230,309) (14,852,240)(14,245,395)
 Net loss per share (.15) (.16) (.54) (.53)
 Weighted average number
 of shares
 outstanding 27,673,000 26,758,000 27,262,000 26,723,000
 -0- 2/19/92
 /CONTACT: Kira Bacon of Nova Pharmaceutical, 410-558-9465, or Noonan/Russo Communications, 212-979-9180, for Nova Pharmaceutical/
 (NOVX) CO: Nova Pharmaceutical Corporation ST: Maryland IN: MTC SU: ERN


TS-OS -- NY013 -- 0342 02/19/92 10:23 EST
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Date:Feb 19, 1992
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