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THE IMMUNE RESPONSE CORPORATION REPORTS FIRST QUARTER 1992 FINANCIAL RESULTS

 THE IMMUNE RESPONSE CORPORATION
 REPORTS FIRST QUARTER 1992 FINANCIAL RESULTS
 SAN DIEGO, April 29 /PRNewswire/ -- The Immune Response Corporation (NASDAQ-NMS: IMNR) today announced its financial results for the first quarter ended March 31, 1992. The net income for the first quarter of 1992 was $378,000 vs. a net loss of $2,017,000 reported in the first quarter of 1991. The change was due principally to a decrease in the contractual allocation of expenses to the company from its joint venture with Rhone-Poulenc Rorer Inc. The net income per share for the quarter was $.02, as compared to a net loss per share of $.18 during the first quarter of 1991.
 Contract research revenue from this joint venture for the quarter was $1,060,000, as compared to $1,165,000 in the first quarter of 1991. Investment income for the quarter was $2,174,000, as compared to $552,000 reported for the first quarter of 1991.
 The increase in investment income during the first quarter of 1992 resulted from increased cash and investment balances because of the completion of two public offerings of common stock during 1991. Through these offerings, the company raised approximately $79 million, net of expenses. The company had approximately $102 million in cash and investments as of March 31, 1992.
 Research and development expenses in the first quarter of 1992 increased to $1,778,000 from $1,524,000 in the first quarter of 1991. This increase is due primarily to expanded clinical studies with the HIV therapeutic vaccine and expanded research into potential autoimmune disease treatments, including work in preparation for a Phase I/II clinical trial with a rheumatoid arthritis therapeutic vaccine.
 The HIV therapeutic vaccine is currently being tested in a double- blind,
placebo-controlled, nationwide Phase II/III clinical trial. The


Phase II/III trial is evaluating the effect of treatment with the HIV therapeutic vaccine on patients in the early stages of HIV infection. This trial is scheduled to be completed in September 1992. A separate double-blinded, placebo-controlled dose ranging clinical trial of the HIV therapeutic vaccine was completed in February 1992 and the data is being prepared for unblinding and analysis. Results of the study will not be determinable until the data has been analyzed.
 Development and clinical trials of the HIV therapeutic vaccine are being conducted by the company's joint venture with Rhone-Poulenc Rorer Inc. The allocation of expenses from this joint venture has alternated between the partners and has had a substantial impact on the interim operating results of the company. During the first quarter of 1992, nearly all expenses of the joint venture were allocated to Rhone-Poulenc Rorer Inc., while all joint venture expenses from the first quarter of 1991 were allocated to the company. The expenses of the joint venture began to be allocated equally to the partners during March 1992. The company and Rhone Poulenc Rorer Inc. have agreed that all revenue and expenses incurred by the joint venture will henceforth be allocated equally to the partners.
 The Immune Response Corporation is a biopharmaceutical company focused on developing, manufacturing and marketing proprietary 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)
 Three months ended
 March 31,
 1992 1991
 Contract research revenue under a
 collaborative arrangement with
 a related party $1,060 $1,165
 Expenses:
 Research and development 1,778 1,525
 General and administrative 930 629
 Total 2,708 2,154
 Other revenue and expense:
 Interest income 2,174 552
 Equity in operations of joint venture (148) (1,580)
 Total 2,026 (1,028)
 Net income (loss) $378 ($2,017)
 Net income (loss) per share $0.02 ($0.18)
 Shares used in computing
 net loss per share 15,261,501 11,002,223
 THE IMMUNE RESPONSE CORPORATION
 Consolidated Condensed Balance Sheets
 (dollars in thousands)
 March 31, Dec. 31,
 1992 1991
 Assets
 Cash, cash equivalents
 and short-term investments $102,255 $103,888
 Research contract receivable
 from a related party 1,062 727
 Other current assets 1,657 1,205
 Total 104,974 105,820
 Property and equipment, net 3,416 3,312
 Other assets 1,234 581
 Total assets $109,624 $109,713
 Liabilities and Stockholders'
 Equity
 Current liabilities $829 $1,429
 Stockholders' equity 108,795 108,284
 Total liabilities and
 stockholders' equity $109,624 $109,713
 -0- 4/29/92
 /CONTACT: Charles Cashion, VP-finance of The Immune Response Corporation, 619-431-7080/
 (IMNR) CO: The Immune Response Corporation ST: California IN: MTC SU: ERN


KJ-JL -- SD002 -- 4156 04/29/92 08:01 EDT
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Date:Apr 29, 1992
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