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PROTEIN DESIGN LABS REPORTS FIRST QUARTER 1992 FINANCIAL RESULTS

 PROTEIN DESIGN LABS REPORTS FIRST QUARTER 1992 FINANCIAL RESULTS
 MOUNTAIN VIEW, Calif., April 30 /PRNewswire/ -- Protein Design Labs Inc. (PDL) (NASDAQ: PDLI), a development-stage company, today reported a net loss of $(224,400), or $(0.02) per share, on revenues of $1,466,000 for the first quarter ended March 31, 1992. This is compared with a net profit of $298,000, or $0.03 per share, on revenues of $1,335,000 for the same period last year. Quarter to quarter fluctuations in PDL's revenues may be anticipated due to timing of receipt of strategic partnering milestone payments.
 PDL successfully completed an initial public offering on Jan. 28, 1992. "We are very excited about the next phase of PDL's development, having raised $52.5 million in our initial public offering," said Laurence Korn, Ph.D., president of PDL. "We hope that proceeds from PDL's IPO will enable us to move beyond research into product development and clinical trials as we work toward our long-term goal of becoming a fully integrated pharmaceutical company."
 In February, PDL leased a 30,000 sq. ft. manufacturing facility in Minneapolis. The company hopes to begin the manufacturing of certain of its SMART Antibodies(TM) in the fourth quarter of 1992 for use in human clinical trials, which are expected to begin in mid-1993.
 In March 1992, PDL and Kanebo Ltd., a Japanese corporation, announced a development and license agreement providing Kanebo with an exclusive license in Asia to PDL's SMART M195 Antibody for potential treatment of myeloid leukemia.
 PDL is engaged in the computer-based design of antibodies and other novel proteins to treat certain disease conditions, including viral infections, autoimmune diseases, and cancer. PDL's initial products are SMART Antibodies that combine parts of human antibodies with the binding sites of mouse antibodies. To address the limitations of mouse monoclonal antibodies for human therapy, PDL uses proprietary computer modeling techniques to ensure that the SMART Antibodies, which are more than 90 percent human, retain high binding affinity for the target antigens. PDL expects that SMART Antibodies will be less immunogenic and have a longer half-life than mouse antibodies, and thus have greater therapeutic efficacy when used to treat humans.
 PROTEIN DESIGN LABS INC.
 (a development stage company)
 Statement of Operations
 Three Months Ended
 March 31,
 1992 1991
 (unaudited)
 Revenues:
 Research and development under
 collaborative agreements-related party $ 225,000 $ 225,000
 Research and development revenue under
 collaborative agreements-other 855,800 1,000,000
 Interest income 384,938 109,682
 Total revenues 1,465,738 1,334,682
 Costs and expenses:
 Research and development 1,218,764 764,609
 General and administrative 459,073 257,492
 Interest expense 12,309 14,969
 Total costs and expenses 1,690,146 1,037,070
 Net income (loss) $ (224,408) $ 297,612
 Net income (loss) per share $ (0.02) $ 0.03
 Shares used in computation of net
 income (loss) per share 11,732,000 9,124,000
 Balance Sheet Data
 March 31, Dec. 31,
 1992 1991
 (unaudited)
 Cash, cash equivalents and investments $ 53,675,922 $ 5,947,338
 Total assets 55,804,925 7,006,046
 Total common stockholders' equity 54,119,779 6,169,569
 -0- 4/30/92
 /CONTACT: Harold Voelkel of Protein Design Labs, 415-903-3700/
 (PDLI) CO: Protein Design Labs ST: California IN: MTC SU: ERN


DG-MM -- SJ001 -- 4772 04/30/92 09:15 EDT
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Date:Apr 30, 1992
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