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THE IMMUNE RESPONSE CORPORATION ANNOUNCES SECOND QUARTER 1992 FINANCIAL RESULTS

 THE IMMUNE RESPONSE CORPORATION ANNOUNCES
 SECOND QUARTER 1992 FINANCIAL RESULTS
 SAN DIEGO, July 28 /PRNewswire/ -- The Immune Response Corporation (NASDAQ-NMS: IMNR) today announced its financial results for the second quarter ended June 30, 1992. The net loss for the second quarter of 1992 was $1,133,000, or $.07 per share, compared to a net loss of $927,000, or $.07 per share, reported in the second quarter of 1991. Contract research revenue for the second quarter of 1992 was $796,000 vs. $1,087,000 in the same period of 1991. Investment income for the second quarter of 1992 increased to $1,469,000 from $703,000 in the second quarter of 1991.
 For the six months ended June 30, 1992, the net loss of $754,000, or $.05 per share compares to a net loss of $2,944,000, or $.25 per share, during this period of 1991. Contract research revenue for the six months ended June 30, 1992, was $1,856,000 vs. $2,252,000 for the same period last year. Investment income for the six months ended June 30, 1992, was $3,643,000, as compared to $1,255,000 reported for the six months ended June 30, 1991.
 The decrease in net loss for the six months ended June 30, 1992, compared to the net loss reported during the same period of the prior year is due primarily to the decreased allocation of joint venture expenses to the company and the increase in investment income. During 1991, the company was allocated all joint venture expenses until midway through the second quarter, while during 1992, the company was not allocated joint venture expenses until late in the first quarter. The joint venture contract provides that future expenses will be divided equally between the partners.
 The increase in investment income during the three and six months ended June 30, 1992, from the same periods during 1991, resulted from increased cash and investment balances because of the completion of two equity offerings by the company during 1991.
 The Immune Response Corporation is a biopharmaceutical company engaged in the development of products for the treatment of HIV infection, which leads to AIDS and for the treatment of certain major autoimmune diseases, particularly rheumatoid arthritis, multiple sclerosis and insulin-dependent diabetes.
 THE IMMUNE RESPONSE CORPORATION
 Consolidated Condensed Statements of Operations
 (Dollars in thousands, except per share data)
 (Unaudited)
 Three months ended Six months ended
 June 30, June 30,
 1992 1991 1992 1991
 Contract research
 revenue under a
 collaborative
 arrangement with
 a related party $796 $1,087 $1,856 $2,252
 Expenses:
 Research and
 development 1,605 1,459 3,383 2,983
 General and
 administrative 906 507 1,835 1,137
 Total 2,511 1,966 5,218 4,120
 Other revenue
 and expense:
 Interest income 1,469 703 3,643 1,255
 Equity in operations
 of joint venture (887) (751) (1,035) (2,331)
 Total 582 (48) 2,608 (1,076)
 Net loss ($1,133) ($927) ($754) ($2,944)
 Net loss per share ($0.07) ($0.07) ($0.05) ($0.25)
 Shares used in
 computing net
 loss per share 15,273,914 12,938,338 15,267,708 11,975,629
 THE IMMUNE RESPONSE CORPORATION
 Consolidated Condensed Balance Sheets
 (Dollars in thousands)
 June 30, Dec. 31,
 1992 1991
 (Unaudited)
 Assets
 Cash, cash equivalents
 and short-term
 investments $99,462 $103,888
 Research contract receivable
 from a related party 866 727
 Other current assets 895 1,205
 Total 101,223 105,820
 Property and equipment, net 3,859 3,312
 Other assets 3,420 581
 Total assets $108,502 $109,713
 Liabilities and
 stockholders' equity
 Current liabilities $816 $1,429
 Stockholders' equity 107,686 108,284
 Total liabilities and
 stockholders' equity $108,502 $109,713
 -0- 7/28/92
 /CONTACT: Steven L. Basta (investors), or Charles J. Cashion, VP-finance, of The Immune Response Corporation, 619-431-7080/
 (IMNR) CO: The Immune Response Corporation ST: California IN: MTC SU: ERN


EH-JL -- SD002 -- 3925 07/28/92 09:37 EDT
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Date:Jul 28, 1992
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