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PROTEIN DESIGN LABS REPORTS 1992 FINANCIAL RESULTS

 MOUNTAIN VIEW, Calif., Feb. 9 /PRNewswire/ -- Protein Design Labs Inc. (PDL) (NASDAQ: PDLI) announced a net loss of $920,804 (7 cents per share) for 1992, on revenues of $8.4 million. The company reported 1991 net income of $305,153 (3 cents per share), on revenues of $4.7 million.
 For the fourth quarter of 1992, PDL posted net income of $449,710 (4 cents per share), on revenues of $3.6 million, compared to $1.5 million in net income (17 cents per share) on $2.8 million in revenues in the comparable prior-year period.
 Cash and investments on Dec. 31, 1992, totaled $50.9 million, compared to $5.9 million at the end of 1991. The increase in cash and investments reflects net proceeds of $48.8 million from the company's initial public offering in January 1992.
 "PDL's strong financial performance is due to success in meeting our corporate and collaborative milestones in drug development and to our careful management of expenses," said Laurence Jay Korn, Ph.D., president and chief executive officer. "We expect both trends to continue in 1993, although our expense levels will rise as we bring more products into the clinic and selectively add personnel." Since its inception in August 1986, the company's accumulated losses amount to $4.2 million.
 Revenues in 1992 increased 77 percent from the previous year level and 30 percent for the quarter. Fourth-quarter revenues include milestone payments for drugs developed in collaboration with Hoffmann- La Roche and Yamanouchi Pharmaceuticals as well as R&D funding from corporate partners. Full-year revenues include milestone payments from Sandoz Pharma and Kanebo in addition to those from Hoffmann-La Roche and Yamanouchi, as well as license fees and R&D funding from corporate partners.
 Expenses for the year and the quarter increased considerably primarily due to employment growth and investments in process development and manufacturing in support of PDL's clinical program. Company employment increased from 44 to 86 during the year.
 During the fourth quarter of 1992, PDL made a number of significant announcements about potential products. Results of a Phase I clinical trial of SMART(TM) Anti-Tac in 17 patients who have graft-versus-host- disease, an autoimmune condition, showed safety and the absence of an immune (HAMA) response to the humanized antibody in all of the evaluated patients. PDL also announced that it created two SMART(TM) Antibodies to adhesion molecules, which have potential for the treatment of inflammatory diseases.
 Patient enrollment is continuing as planned in the Phase I clinical trial of PDL's second compound, the SMART(TM) M195 Antibody, which has potential of myeloid leukemia.
 Protein Design Labs, founded in 1986, is engaged in the computer- based design and development of antibodies and other novel proteins to treat various disease conditions, including viral infections, autoimmune diseases and cancer.
 The company's initial product development focus is on SMART Antibodies, which PDL believes will be less immunogenic than mouse monoclonal antibodies and thus will be more effective as human therapeutics. PDL uses proprietary computer-modeling techniques to combine the binding site of a mouse antibody with a large part of a human antibody. The resulting SMART Antibodies are more than 90 percent human, and they retain high-binding affinity for the target antigens.
 PROTEIN DESIGN LABS INC.
 (a development stage company)
 STATEMENTS OF OPERATIONS
 Three Months Years
 Ended Dec. 31: 1992 1991 1992 1991
 Revenues:
 Research and development
 under collaborative
 agreements-related
 party $ 2,725,000 $1,725,000 $3,400,000 $2,400,000
 Research and development
 revenue under collaborative
 agreements --
 other 324,950 1,000,000 2,745,500 2,000,000
 Interest and other
 income 568,197 60,434 2,239,431 337,550
 Total revenues 3,618,147 2,785,434 8,384,931 4,737,550
 Costs and expenses:
 Research and
 development 2,371,759 823,021 7,264,463 3,103,571
 General and
 administrative 787,151 409,517 1,997,313 1,272,102
 Interest expense 9,527 10,696 43,959 56,724
 Total costs &
 expenses 3,168,437 1,243,234 9,305,735 4,432,397
 Net income/(loss) $ 449,710 $1,542,200 $ (920,804) $ 305,153
 Net income/(loss)
 per share $ 0.04 $ 0.17 $ (0.07) $ 0.03
 BALANCE SHEET DATA
 Dec. 31, Dec. 31,
 1992 1991
 Cash, cash equivalents
 and investments $ 50,903,690 $ 5,947,338
 Total Assets 55,623,183 7,006,046
 Total common stockholders'
 equity 53,533,516 6,169,569
 -0- 2/9/93
 /CONTACT: Peter Dworkin, director of corporate communications of PDL, 415-903-3721/
 (PDLI)


CO: Protein Design Labs Inc. ST: California IN: MTC SU: ERN

SG-GT -- SJ003 -- 4411 02/09/93 07:06 EST
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Date:Feb 9, 1993
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