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THE IMMUNE RESPONSE CORPORATION REPORTS FIRST QUARTER 1993 FINANCIAL RESULTS

 CARLSBAD, Calif., April 22 /PRNewswire/ -- The Immune Response Corporation (NASDAQ-NMS: IMNR) today announced results for the first quarter ended March 31, 1993. The net loss for the first quarter of 1993 was $3,875,000 vs. net income of $378,000 reported in the first quarter of 1992. The change was primarily because of an increase in the contractual allocation of expenses to the company from its joint venture with Rhone-Poulenc Rorer Inc. related to the development of the HIV immunotherapeutic and to the additional operating expenses related to TargeTech Inc., the company's wholly owned subsidiary acquired in November 1992. The net loss per share for the quarter was $.23 as compared to net income per share of $.02 during the first quarter of 1992.
 Contract research revenue from the joint venture for the first quarter of 1993 was $1,122,000 as compared to $1,060,000 in the first quarter of 1992. Investment income for the quarter was $980,000 as compared to $2,174,000 reported for the first quarter of 1992.
 The decrease in investment income during the first quarter of 1993 compared to 1992 resulted from decreased cash and investments, as well as reduced yields on those investments.
 Research and development expenses in the first quarter of 1993 increased to $3,048,000 from $1,778,000 in the first quarter of 1992. This increase was primarily because of expanded clinical studies with the HIV immunotherapeutic, the expanded research and development into potential autoimmune disease treatments, including a Phase I/II clinical trial with a rheumatoid arthritis therapeutic vaccine, and the research and development costs associated with TargeTech Inc.
 Development and clinical trials of the HIV immunotherapeutic are being conducted by the company's joint venture with Rhone-Poulenc Rorer Inc. The allocation of expenses from this joint venture alternated between the partners until March 1992 and 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. After March 1992, all revenue and expenses incurred by the joint venture have been allocated equally to the partners.
 The Immune Response Corporation is a biopharmaceutical company engaged in the development of proprietary products for the treatment of HIV infection, certain autoimmune diseases and, through TargeTech Inc., its wholly owned subents of Operations
 (Dollars in thousands, except per share data)
 Three Months Ended
 March 31,
 1993 1992
 Contract research revenue under a
 collaborative arrangement with
 a related party $1,122 $1,060
 Expenses:
 Research and development 3,048 1,778
 General and administrative 913 930
 Total 3,961 2,708
 Other revenue and expense:
 Investment income 980 2,174
 Equity in operations of joint venture (2,016) (148)
 Total (1,035) 2,026
 Net income (loss) ($3,875) $378
 Net loss (loss) per share ($0.23) $0.02
 Shares used in computing net loss
 per share 16,533,441 15,261,501
 THE IMMUNE RESPONSE CORPORATION
 Consolidated Condensed Balance Sheets
 (Dollars in thousands)
 March 31, Dec. 31,
 1993 1992
 Assets
 Cash, cash equivalents and
 short-term investments $86,341 $90,362
 Research contract receivable
 from a related party 1,151 1,304
 Other current assets 940 1,363
 Total 88,432 93,029
 Property and equipment, net 7,365 7,453
 Other assets 2,591 2,646
 Total assets $98,388 $103,128
 Liabilities and stockholders'
 equity
 Current liabilities $1,200 $2,025
 Long-term liabilities 463 527
 Stockholders' equity 96,725 100,576
 Total liabilities and
 stockholders' equity $98,388 $103,128
 -0- 4/22/93
 /CONTACT: Bronwyn LeMelle or Cindy Rollins, investor relations, or Charles J. Cashion, VP-finance, of Immune Response, 619-431-7080/
 (IMNR)


CO: The Immune Response Corporation ST: California IN: MTC SU: ERN

MS-LS -- SD005 -- 9599 04/22/93 15:00 EDT
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Date:Apr 22, 1993
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