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ONCOGENE SCIENCE, INC. REPORTS FOURTH QUARTER AND YEAR-END RESULTS

 UNIONDALE, N.Y., Dec. 18 /PRNewswire/ -- Oncogene Science, Inc. (NASDAQ: ONCS), today announced revenues of $2,909,127 for the fourth quarter of fiscal 1992, an increase of 35 percent from the $2,155,143 reported for the fourth quarter of fiscal 1991. The company reported revenues of $11,094,175 for the fiscal year ended Sept. 30, 1992, an increase of 42 percent from the $7,823,883 reported last year. This increase is attributable to increases in collaborative research revenues and higher research product sales.
 For the fourth quarter of fiscal 1992, the company had a net loss of $1,310,862, or ($.09) per share, as compared to a net loss of $694,236, or (.$08) per share, for the fourth quarter of fiscal 1991. The company had a net loss of $4,536,647, or ($.31) per share, for the year, as compared to a net loss of $1,534,250 or ($.17) per share, for fiscal 1991. The increase in net loss is primarily due to the acquisition of Applied bioTechnology, Inc., the associated amortization of intangible assets, and to the start-up investment in the new cancer diagnostics program.
 "Oncogene Science continues to have a very solid balance sheet with much of R&D costs covered by our corporate partners. At our fiscal year end on Sept. 30, 1992, our cash position was at 19 million dollars. This position was further strengthened on Dec. 11, 1992 when Marion Merrell Dow paid an initial seven million dollars as a part of our recently announced collaboration utilizing the company's gene transcription technology in the field of cardiovascular disease," stated Gary E. Frashier, president and chief executive officer.
 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.
 Selective Financial Data
 Year ending Sept. 30 1992 1991
 Revenues $11,094,175 $7,823,883
 Operating loss (5,419,277) (1,916,047)
 Net loss (4,536,647) (1,534,250)
 Net loss per share (.31) (.17)
 Total assets 43,930,705 18,079,405
 Total stockholders' equity 41,960,868 15,867,252
 Three months ended Sept. 30 1992 1991
 Revenues $2,909,127 $2,155,143
 Net loss (1,310,862) (694,236)
 Net loss per share (.09) (.08)
 -0- 12/18/92
 /CONTACT: Robert L. Van Nostrand, vice president - finance and administration of Oncogene Science, 516-222-0023, or Susan Noonan of Noonan/Russo Communications, 212-979-9180, for Oncogene/
 (ONCS)


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

GK-AH -- NY064 -- 8311 12/18/92 14:54 EST
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Publication:PR Newswire
Date:Dec 18, 1992
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