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SAN DIEGO, Nov. 6 /PRNewswire/ -- The following was released today by Alliance Pharmaceutical Corp. (NASDAQ: ALLP):

    SAN DIEGO, Nov. 6 /PRNewswire/ -- The following was released today by Alliance Pharmaceutical Corp. (NASDAQ: ALLP):
         ALLIANCE PHARMACEUTICAL CORP. AND SUBSIDIARIES
            (Condensed Consolidated Balance Sheets)
                                          Sept. 30,         June 30,
                                            1991              1991
                                         (Unaudited)
    Assets
    Current assets:
     Cash and cash equivalents           $4,354,000       $7,747,000
     Marketable securities                7,040,000        9,065,000
     Accounts receivable - net                7,000            6,000
     Inventories                            226,000           95,000
     Prepaid expenses and other             825,000          756,000
      Total current assets               12,452,000       17,669,000
     Property, plant and
      equipment - net                     5,708,000        5,378,000
     Other assets - net                  21,836,000       21,801,000
      Total                             $39,996,000      $44,848,000
     Liabilities & Stockholders' Equity
     Current liabilities:
      Accounts payable and
       accrued expenses                  $1,926,000       $1,872,000
     Current portion of long-term
      debt (principally related
      party)                                162,000          154,000
     Total current liabilities            2,088,000        2,026,000
     Convertible subordinated notes       8,000,000        8,000,000
     Long-term debt (principally
      related party)                        246,000          336,000
     Other                                  592,000          631,000
    Stockholders Equity:
     Preferred stock - par value
      $.01 per share; authorized
      5,000,000 shares; no shares issued
     Common stock - par value $.01
      per share; authorized 25,000,000
      shares; outstanding 14,574,387
      shares at Sept. 30, 1991;
      14,511,554 shares at June 30,
      1991                                  146,000          145,000
     Additional paid-in capital         109,122,000      108,847,000
     Accumulated deficit                (79,489,000)     (74,251,000)
      Total                              29,779,000       34,741,000
    Less: Deferred compensation            (709,000)        (886,000)
     Stockholders' equity                29,070,000       33,855,000
      Total                             $39,996,000      $44,848,000
           ALLIANCE PHARMACEUTICAL CORP. AND SUBSIDIARIES
           Condensed Statements of Consolidated Operations
                             (Unaudited)
                                           Three Months Ended
                                                 Sept. 30,
                                          1991               1990
      Revenues:
    Product revenue - net               $3,000              $16,000
    Research revenue                   339,000              310,000
    Total                              342,000              326,000
      Operating Expenses:
    Research and development         4,132,000            3,337,000
    General and administrative
     (including good-will
     amortization of $290,000 for
     both 1991 and 1990)             1,564,000            1,494,000
    Total                            5,696,000            4,831,000
    Loss From Operations            (5,354,000)          (4,505,000)
      Other Income (Expense):
    Interest income and other          328,000              490,000
    Interest expense                  (212,000)            (223,000)
    Other income - net                 116,000              267,000
    Net loss                       ($5,238,000)         ($4,238,000)
    Net loss per share                  ($0.36)              ($0.30)
    Weighted average number of shares
     outstanding                    14,529,000           14,141,000
    NOTE:  See notes to condensed financial statements.
    -0-                       11/6/91
    /CONTACT: Stuart Gauld, VP of Alliance Pharmaceutical, 619-558-4300/
    (ALLP) CO:  Alliance Pharmaceutical Corp. ST:  California IN:  MTC SU:  ERN EH-KJ -- SD009 -- 1949 11/06/91 17:46 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Date:Nov 6, 1991
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