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THE LIPOSOME COMPANY, INC. REPORTS THIRD QUARTER RESULTS; THIRD QUARTER REVENUES UP 11 PERCENT

 THE LIPOSOME COMPANY, INC. REPORTS THIRD QUARTER RESULTS;
 THIRD QUARTER REVENUES UP 11 PERCENT
 PRINCETON, N.J., Nov. 3 /PRNewswire/ -- The Liposome Company, Inc. (NASDAQ: LIPO) reported that total revenues for the third quarter ended Sept. 30, 1992 were $2,782,000, an increase of $276,000 or 11.0 percent over the third quarter of 1991. The net loss for the quarter was $2,524,000, or $.11 per share, an increase of $1,809,000 compared to the loss of $715,000 in the same quarter a year ago, primarily due to increased research and development spending.
 The investment of $44,604,000 of net proceeds received in March, 1992 from the sale of 3,4,?000 shares of common stock, as well as cash received from the exercise of warrants and stock options, resulted in interest income of $1,406,000, an increase of 70.4 percent as compared to the third quarter of 1991. Collaborative research and development revenues were $1,371,000 for the third quarter, a decrease of $146,000 as compared to the third quarter of 1991.
 Total expenses for the quarter ended Sept. 30, 1992 were $5,306,000, an increase of $2,085,000 or 64.7 percent compared to the third quarter of 1991. Research and development expenses were $4,161,000 for the third quarter of 1992, an increase of $1,836,000 or 79.0 percent over the same period one year ago. The major components of the increase were costs associated with the expansion of the clinical testing of the company's lead products, TLC C-53, TLC G-65, and TLC D-99. During the third quarter, TLC G-65 entered Phase III testing in Europe, and a Phase IIb study in the United States was expanded to include additional centers. In addition, an IND was filed for TLC C-53, and a Phase I safety test in human volunteers was started. Initial costs associated with a patent infringement suit brought against Vestar, Inc. in July, 1992, are also included. General and administrative expenses for the third quarter of 1991 increased $217,000 or 24.3 percent over the same period one year ago.
 Revenues for the nine months ended Sept. 30, 1992 were $8,172,000, an increase of $1,959,000 or 31.5 percent as compared to the nine months ended Sept. 30, 1991. Total expenses for the period were $13,779,000, an increase of $4,558,000 or 49.4 percent compared to the same nine months of the prior year. Overall, the net loss for the nine months ended Sept. 30, 1992 of $5,607,000 represents an increase of $2,599,000 over last year. The net loss per share for the nine months ended Sept. 30, 1992 was $.25 per share as compared to a loss of $.17 per share for the first nine months of 1991.
 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. TLC ABLC is in Phase II/III studies for the treatment of systemic fungal infections. TLC G-65 is in Phase II trials in the U.S. 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, unaudited)
 Period ended Three months Nine months
 Sept. 30 1992 1991 1992 1991
 Collaborative research
 and development revenues $1,371 $1,517 $4,354 $4,277
 Licensing and other fees 5 164 267 233
 Interest income 1,406 825 3,551 1,703
 Total revenues 2,782 2,506 8,172 6,213
 Research and development
 expenses 4,161 2,325 10,620 6,682
 General and administrative
 expenses 1,110 893 3,124 2,534
 Interest expenses 35 3 35 5
 Total expenses 5,306 3,221 13,779 9,221
 Net loss (2,524) (715) (5,607) (3,008)
 Net loss per common share (.11) (.04) (.25) (.17)
 Weighted average number
 of common shares outstanding 23,252 19,451 22,079 17,760
 CONSOLIDATED BALANCE SHEETS
 (In thousands)
 9/30/92 12/31/91
 (Unaudited) (Audited)
 Current assets, principally
 cash and short term investments $81,644 $46,939
 Property and equipment, net 10,168 2,361
 Other assets, net 1,376 1,503
 Total assets 93,188 50,803
 Current liabilities 3,892 3,335
 Other liabilities 3,075 607
 Stockholders' equity 86,221 46,861
 Total liabilities and
 stockholders' equity 93,188 50,803
 -0- 11/3/92
 /CONTACT: Anne M. Van Lent, senior vice president and chief financial officer of The Liposome Company, Inc., 609-452-7060/
 (LIPO) CO: The Liposome Company, Inc. ST: New Jersey IN: MTC SU: ERN


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Date:Nov 3, 1992
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