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THE LIPOSOME COMPANY, INC. REPORTS FIRST QUARTER RESULTS

 PRINCETON, N.J., May 10 /PRNewswire/ -- The Liposome Company, Inc. (NASDAQ: LIPO, LIPOZ), today reported that revenues for the first quarter ended March 31, 1993, were $2,847,000, an increase of 11.9 percent over the first quarter of 1992. An increase in interest income was partially offset by decreases in collaborative research and development funding and licensing and other fees.
 Total expenses for the first quarter of 1993 were $6,354,000, an increase of $2,695,000 or 73.7 percent compared to the first quarter of 1992. The increase was primarily the result of research and development spending and, to a lesser extent, greater general and administrative expenses. The net loss for the quarter was $3,507,000 or 15 cents per share of common stock, compared to a loss of $1,115,000 or 5 cents per share for the first quarter of 1992.
 In January of this year, the company successfully completed an offering of 2,760,000 depositary shares, each of which represents one-tenth of a share of Series A cumulative convertible exchangeable preferred stock, raising net proceeds of approximately $66 million. As of March 31, 1993, the company had $135,892,000 in cash and marketable securities.
 "With our recent reacquisition of all rights to ABLC(TM) and TLC C-53, we are now responsible for funding three of our four lead products," said Charles A. Baker, chairman and chief executive officer. "We anticipate several of our products will soon be entering Phase III clinical trials. Moreover, we are continuing to build a management team and manufacturing infrastructure that we believe will provide us with a significant competitive advantage in the future. Therefore, our expenses and, consequently, our losses will continue to increase. Our objective is to have in place the necessary resources so that in the future we can maximize the financial return that our products can potentially bring us. With almost $136 million in cash and marketable securities, we are now in an excellent position to make significant investments, which we believe will pay off in future revenues and profits."
 The Liposome Company has four drugs currently in clinical trials. ABLC is in Phase II/III studies for the treatment of systemic fungal infections; Maitec(TM) (formerly TLC G-65) is in Phase II trials in the United States and Phase III trials in Europe for the treatment of Mycobacterium avium-intracellulare (MAI), an infection that eventually strikes 30 to 50 percent of people with AIDS; TLC D-99 is in Phase II for treatment of metastatic breast cancer; and TLC C-53 has completed Phase I trials in preparation for studies in Acute Respiratory Distress Syndrome.
 A leading company dedicated exclusively to the development of liposome and lipid-based pharmaceuticals, The Liposome Company develops proprietary parenteral pharmaceuticals for the treatment, prevention, and diagnosis of life-threatening diseases.
 THE LIPOSOME COMPANY, INC. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (Unaudited; in thousands except per share figures)
 Three months ended March 31 1993 1992
 Collaborative research and
 development revenues $ 1,077 $ 1,516
 Licensing and other fees 25 254
 Interest income 1,745 774
 Total revenues 2,847 2,544
 Research and development expenses 4,779 2,696
 General and administrative expenses 1,525 962
 Interest expenses 50 1
 Total expenses 6,354 3,659
 Net loss $(3,507) $(1,115)
 Net loss per share of common stock $(.15) $(.05)
 Weighted average number of shares
 of common stock outstanding 23,487 20,903
 Consolidated Balance Sheets
 (In thousands)
 3/31/93 12/31/92
 (Unaudited) (Audited)
 Current assets, principally cash
 and short term investments $121,939 $78,480
 Long-term investments 16,447 --
 Property and equipment, net 14,471 12,966
 Other assets, net 694 1,310
 Total assets $153,551 $92,756
 Current liabilities $ 7,099 $ 6,570
 Other liabilities 2,321 2,986
 Stockholders' equity 144,131 83,200
 Total liabilities and
 stockholders' equity $153,551 $92,756
 -0- 5/10/93
 /CONTACT: Anne Van Lent, senior vice president of The Liposome Company, 609-452-7060/
 (LIPO)


CO: The Liposome Company, Inc. ST: New Jersey IN: MTC SU: ERN

GK-TS -- NY081 -- 6617 05/10/93 15:45 EDT
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Date:May 10, 1993
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