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PROTEIN DESIGN LABS REPORTS THIRD QUARTER 1992 FINANCIAL RESULTS

 PROTEIN DESIGN LABS REPORTS THIRD QUARTER 1992 FINANCIAL RESULTS
 MOUNTAIN VIEW, Calif., Oct. 22 /PRNewswire/ -- Protein Design Labs Inc. (PDL) (NASDAQ: PDLI), a biotechnology company, today reported revenues of $2,181,600 for the third quarter ended Sept. 30, 1992, compared to $300,170 in the comparable period in 1991. A net loss of $225,803, or 2 cents per share, was incurred for the quarter compared to a net loss of $796,302, or 9 cents per share, for the comparable period last year.
 For the nine months ended Sept. 30, 1992, revenues rose 144 percent to $4,766,784 from $1,952,116 in the comparable period of 1991. The net loss for the nine months ended Sept. 30, 1992 was $1,370,514, or 11 cents per share, compared to a loss of $1,237,047, or 13 cents per share, for the same period in 1991.
 Revenues include licensing fees, milestone payments, and R&D funding on drugs under development for pharmaceutical company partners, as well as interest income. PDL expects that quarterly fluctuations in revenues may be anticipated due to the timing of milestone events and resulting payments from strategic partners.
 Expenses for the third quarter and for the nine month period in 1992 increased significantly over 1991 levels. This increase reflects preparation for manufacturing of pre-clinical and clinical material at the company's facility in Plymouth, Minn., and addition of key personnel in areas such as process development, manufacturing and quality assurance/quality control.
 Interest income rose sharply for the third quarter and first nine months of 1992, primarily due to an increase in short- and long-term investments following the company's initial public offering. The IPO, which closed in February, generated net proceeds of $48.8 million.
 "We are pleased to report that we have made important progress during the third quarter," said Laurence Korn, Ph.D., president and chief executive officer of PDL. "We announced that our second potential product, the SMART(TM) M195 Antibody for the treatment of myeloid leukemia, began clinical trials at the Memorial Sloan-Kettering Cancer Center in New York City. We also announced the strengthening of our management team with the addition of Douglas Ebersole as vice president, Licensing and General Counsel, and Peter Dworkin as director, Corporate Communications. It is also gratifying that we have achieved important milestones with our strategic partners which results in additional financial resources becoming available to us."
 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. PDL has entered into corporate partnerships and product licensing agreements with four major pharmaceutical companies: Hoffmann-La Roche, Sandoz, Yamanouchi, and Kanebo.
 The company's initial product development focus is on SMART(TM) Antibodies, which PDL believes will be less immunogenic and have a longer half-life than mouse monoclonal antibodies, and thus will have greater therapeutic efficacy when used to treat humans. 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(TM) Antibodies, which are more than 90 percent human, retain high binding affinity for the target antigens.
 PDL's first product, the SMART(TM) Anti-Tac Antibody, entered clinical trials in January 1992. The SMART Anti-Tac Antibody has been licensed to Hoffmann-La Roche and has potential for the treatment of graft-versus-host disease, organ transplant rejection, and certain autoimmune diseases and blood cancers. Phase 1 trial results will be announced by year end.
 PROTEIN DESIGN LABS INC.
 (a development stage company)
 STATEMENTS OF OPERATIONS
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 (unaudited)
 Revenues:
 Research and
 development under
 collaborative
 agreements-related
 party $225,000 $225,000 $675,000 $675,000
 Research and
 development revenue
 under collaborative
 agreements-other 1,320,550 --- 2,420,550 1,000,000
 Interest and
 other income 636,050 75,170 1,671,234 277,116
 Total revenues: 2,181,600 300,170 4,766,784 1,952,116
 Costs and Expenses:
 Research and
 development 1,984,426 781,477 4,892,704 2,280,550
 General and
 administrative 412,647 297,979 1,210,162 862,585
 Interest expense 10,330 17,016 34,432 46,028
 Total costs
 and expenses: 2,407,403 1,096,472 6,137,298 3,189,163
 Net loss $(225,803) (796,302)(1,370,514)(1,237,047)
 Net loss per share $(0.02) $(0.09) $(0.11) $(0.13)
 Shares used in
 computation of net
 loss per share 12,741,000 9,261,000 12,362,000 9,175,000
 BALANCE SHEET DATA
 Sept. 30, Dec. 31,
 1992 1991
 (unaudited)
 Cash, cash equivalents
 and investments $51,022,121 $ 5,947,338
 Total assets 54,356,999 7,006,046
 Total common
 stockholders' equity 53,046,484 6,169,569
 -0- 10/22/92
 /CONTACT: Peter Dworkin of Protein Design Labs, 415-903-3721/
 (PDLI) CO: Protein Design Labs, Inc. ST: California IN: MTC SU: ERN


CK -- SJ006 -- 3295 10/22/92 08:19 EDT
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