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THE LIPOSOME COMPANY, INC. REPORTS FOURTH QUARTER AND YEAR END RESULTS; YEAR HIGHLIGHTED BY PROGRESS IN CLINICAL TRIALS AND MANUFACTURING

 PRINCETON, N.J., Feb. 4 /PRNewswire/ -- The Liposome Company, Inc. (NASDAQ: LIPO, LIPOZ), announced today total revenues of $10,889,000 for the fiscal year ended Dec. 31, 1992, a 23 percent increase as compared to 1991. The company announced a loss for the year of $9,675,000 or $.43 per share for 1992, as compared to a loss of $4,086,000 or $.22 per share in 1991. Expenses for the year rose 59 percent from $12,918,000 in 1991 to $20,564,000 in 1992. A $5,674,000 increase in research and development spending was primarily the result of expanded clinical testing for the company's four products in clinical trials, as well as increased costs related to the company's clinical supplies facility and initial commercial manufacturing activities.
 Reflecting on the results of the year, Chairman and Chief Executive Officer Charles A. Baker stated, "1992 has been a year of important expansion for The Liposome Company. We reacquired worldwide rights to our flagship product ABLC(TM) from Bristol-Myers Squibb and expanded our rights to TLC C-53 under an agreement with Taisho. Our three lead products advanced well in the clinic, and a fourth product, TLC C-53, entered clinical trials in the third quarter. In addition, we greatly expanded our manufacturing capabilities through the construction of a clinical supplies facility at our headquarters site, and the acquisition of a commercial manufacturing facility in Indianapolis."
 Revenues for the fourth quarter of 1992 were $2,717,000, a 4 percent increase versus revenues of $2,619,000 in the fourth quarter of 1991. The company reported a loss of $4,068,000 or $.17 per share in the fourth quarter of 1992 as compared to a loss of $1,078,000 or $.05 per share for the fourth quarter of 1991. Included in the fourth quarter results are the one-time costs associated with reacquiring all rights for TLC C-53 for territories outside of North America.
 In January 1993 the company 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 carrying a 7-3/4 percent dividend rate. Each depositary share is convertible at any time into shares of the company common stock at a conversion price of $12.85 per share of common stock. The proceeds to the company were approximately $66 million net of underwriter fees and expenses.
 A leading company dedicated exclusively to the development of liposome and lipid-based pharmaceuticals, The Liposome Company selectively develops proprietary parenteral pharmaceuticals for the treatment, prevention and diagnosis of life-threatening illnesses. The company has four drugs in clinical trials. ABLC is in Phase II/III studies for the treatment of systemic fungal infections, TLC G-65 is in Phase II trials in the United States and Phase III in Europe for the treatment of Mycobacterium avium-intracellulare (MAI) infections in AIDS patients, TLC D-99 is in Phase II for treatment of metastatic breast cancer, and TLC C-53 is in Phase I safety testing in preparation for trials in Adult Respiratory Distress Syndrome (ARDS) and other indications.
 THE LIPOSOME COMPANY, INC.
 Consolidated Statements of Operations
 (In thousands, except per share figures)
 Periods ended Three Months Year
 Dec. 31 1992 1991 1992 1991
 (Unaudited) (Audited)
 Collaborative research
 and development revenues $ 1,413 $ 1,661 $ 5,767 $ 5,938
 Licensing and other fees 45 86 312 319
 Interest income 1,259 872 4,810 2,575
 Total revenues 2,717 2,619 10,889 8,832
 Research and development expenses 4,380 2,644 15,000 9,326
 General and administrative
 expenses 2,364 1,052 5,488 3,586
 Interest expense 41 1 76 6
 Total expenses 6,785 3,697 20,564 12,918
 Net loss $(4,068) $(1,078) $(9,675) $(4,086)
 Net loss per common share $(.17) $(.05) $(.43) $(.22)
 Weighted average number
 of common shares outstanding 23,300 19,603 22,384 18,221
 Consolidated Balance Sheets
 (In thousands)
 (Audited)
 12/31/92 12/31/91
 Current assets, principally
 cash and short term investments $78,480 $46,939
 Property and equipment, net 12,966 2,361
 Other assets, net 1,310 1,503
 Total assets $92,756 $50,803
 Current liabilities $ 6,570 $ 3,335
 Other liabilities 2,986 607
 Stockholders' equity 83,200 46,861
 Total liabilities and
 stockholders' equity $92,756 $50,803
 -0- 2/4/93
 /CONTACT: Anne M. Van Lent, senior vice president and chief financial officer of The Liposome Company, 609-452-7060/
 (LIPO)


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

GK-SM -- NY018 -- 2830 02/04/93 09:40 EST
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Date:Feb 4, 1993
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