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THE IMMUNE RESPONSE CORPORATION ANNOUNCES FOURTH QUARTER AND YEAR-END 1991 FINANCIAL RESULTS

 THE IMMUNE RESPONSE CORPORATION ANNOUNCES FOURTH QUARTER
 AND YEAR-END 1991 FINANCIAL RESULTS
 SAN DIEGO, Feb. 18 /PRNewswire/ -- The Immune Response Corporation (NASDAQ-NMS: IMNR) today reported a net loss of $3,001,000 or $.23 per share for the year ended Dec. 31, 1991, compared to a net loss of $1,240,000, or $.12 per share for the prior year. Contract research revenue in 1991 of $4,253,000 compares to $4,284,000 in 1990. Interest income in 1991 was $3,732,000, an increase from $1,923,000 in 1990.
 The increase in net loss in 1991 vs. 1990 resulted from an increase in the company's operating expenses associated with the development of the HIV therapeutic vaccine and autoimmune disease treatments, and from an increase in contractually allocated losses from the company's AIDS research joint venture with Rhone-Poulenc Rorer Inc. The increase in interest income resulted from the successful completion of two public offerings during 1991.
 For the fourth quarter of 1991, contract research revenue of $1,008,000 compares to $1,089,000 for the same period last year. Net loss of $75,000, or $.01 per share compares to a net loss of $1,639,000, or $.15 per share, during the fourth quarter of 1990.
 "As of Dec. 31, 1991, we had approximately $104 million in cash and no outstanding long-term debt. This financial strength enabled us to aggressively develop our HIV therapeutic vaccine and autoimmune disease programs during the past year," said James B. Glavin, president and chief executive officer of The Immune Response Corporation.
 A joint venture between Immune Response and Rhone-Poulenc Rorer is currently conducting a multicenter Phase II/III clinical trial of the HIV therapeutic vaccine. This trial is scheduled for completion in late 1992. The primary objective of this trial is to provide the data necessary to support a Product License Application (PLA) planned for 1993 and to secure Food and Drug Administration approval for commercial marketing of the HIV therapeutic vaccine. The PLA is expected to be submitted while the company is conducting additional studies designed to assess clinical endpoints. FDA approval must be obtained prior to marketing the HIV therapeutic vaccine in the United States.
 In its autoimmune disease research program, the company has developed a proprietary T cell receptor peptide-based technology for treating rheumatoid arthritis, multiple sclerosis and insulin-dependent diabetes. Following the discovery of a critical population of T cells in the joints of rheumatoid arthritis patients, the company filed an Investigational New Drug (IND) application with the FDA in December 1991 requesting permission to begin clinical trials with a rheumatoid arthritis therapeutic vaccine.
 The Immune Response Corporation is a biopharmaceutical company developing proprietary products for the treatment of HIV infection which leads to AIDS and for the treatment of certain autoimmune diseases, particularly rheumatoid arthritis, multiple sclerosis and insulin- dependent diabetes.
 THE IMMUNE RESPONSE CORPORATION
 Consolidated Statements of Operations
 (Dollars in thousands, except per share data)
 Three months ended Year ended
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 Contract research
 revenue under a
 collaborative
 arrangement with
 a related party $1,008 $1,089 $4,253 $4,284
 Expenses:
 Research and
 development 1,971 1,413 6,367 4,882
 General and
 administrative 686 366 2,360 1,172
 Total 2,657 1,779 8,727 6,054
 Other revenue
 and expense:
 Interest income 1,547 595 3,732 1,923
 Equity in operations
 of joint venture 27 (1,544) (2,259) (1,393)
 Total 1,574 (949) 1,473 530
 Net loss ($75) ($1,639) ($3,001) ($1,240)
 Net loss per share ($0.01) ($0.15) ($0.23) ($0.12)
 Shares used in
 computing net
 loss per share 14,758,139 11,001,810 13,115,610 9,939,239
 THE IMMUNE RESPONSE CORPORATION
 Consolidated Balance Sheets
 (Dollars in thousands)
 Dec. 31, Dec. 31,
 1991 1990
 Assets
 Cash, cash equivalents
 and short-term
 investments $103,888 $25,498
 Research contract receivable
 from a related party 727 1,117
 Other current assets 1,205 979
 Total 105,820 27,594
 Property and equipment, net 3,312 3,033
 Other assets 581 1,965
 Total assets $109,713 $32,592
 Liabilities and
 stockholders' equity
 Current liabilities $1,429 $677
 Stockholders' equity 108,284 31,915
 Total liabilities and
 stockholders' equity $109,713 $32,592
 -0- 2/18/92
 /CONTACT: Steven Basta, investor relations, or Charles Cashion, VP-finance of The Immune Response Corporation, 619-431-7080/
 (IMNR) CO: The Immune Response Corporation ST: California IN: MTC SU: ERN


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Date:Feb 18, 1992
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