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ONCOGENE SCIENCE, INC. REPORTS FIRST QUARTER RESULTS

 UNIONDALE, N.Y., Feb. 19 /PRNewswire/ -- Oncogene Science, Inc. (NASDAQ: ONCS), today announced revenues of $3,270,169 for the first quarter ending Dec. 31, 1992, an increase of 48 percent from the $2,211,725 reported for the first quarter last year. The company had a net loss of $1,080,652 or $(.07) per share, compared to a net loss of $979,495, or $(.07) per share, for the same period last year.
 "The increase in revenues is primarily a result of income from applications of our gene transcription technology. This quarter, we have begun to receive funding from the National Cancer Institute to develop treatments for leukemia and continue to receive funds under our collaboration with Wyeth-Ayerst (a division of American Home Products) to discover drugs for the treatment of diabetes, asthma, osteoporosis and immune system modulators," said Gary E. Frashier, president and chief executive officer. "In addition, product sales have grown and Becton Dickinson has expanded funding under our collaborative agreement with them to develop cancer diagnostics."
 Oncogene Science, Inc. is a biopharmaceutical company, which uses its proprietary gene transcription technology to develop products for the treatment of cancer, cardiovascular and other diseases involving cell regulation.
 ONCOGENE SCIENCE, INC. AND SUBSIDIARY
 Selected Consolidated Financial Data
 Three months ended Dec. 31 1992 1991
 Revenues $ 3,270,169 $2,211,725
 Net loss $(1,080,652) $ (979,495)
 Loss per share $(.07) $(.07)
 12/31/92 9/30/92
 Cash and short term investments $26,006,080 $18,897,238
 Working capital 28,130,539 22,363,383
 Total assets 49,935,220 43,930,705
 Stockholders' equity 47,260,582 41,960,868
 -0- 2/19/93
 /CONTACT: Robert L. Van Nostrand, vice president-finance and administration of Oncogene Science, 516-222-0023/
 (ONCS)


CO: Oncogene Science, Inc. ST: New York IN: MTC SU: ERN

GK-TS -- NY021 -- 8335 02/19/93 10:58 EST
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Date:Feb 19, 1993
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