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THERAPEUTIC DISCOVERY CORP. REPORTS SECOND QUARTER RESULTS

 PALO ALTO, Calif., July 27 /PRNewswire/ -- Therapeutic Discovery Corp. (TDC) (NASDAQ-NMS: TDCAZ) today announced net income of $82,000 or one cent per common share for the quarter ended June 30, 1993. Revenue of $359,000 for the quarter consists of interest income earned. Research and development expenses of $143,000 were incurred under TDC's development agreement with ALZA Corp. (NYSE: AZA) for activities beginning late in the quarter. As research and development activities increase, TDC is expected to report quarterly losses reflecting research and development expenditures, reduced by interest income.
 TDC was recently formed by ALZA for the purpose of selecting and funding the development of human pharmaceutical products combining ALZA's proprietary drug delivery systems with existing drug compounds and commercializing such products. ALZA contributed $250 million to TDC on June 11, 1993, and has an option to license any products developed by TDC for worldwide commercialization. ALZA also has an option to purchase all of the outstanding shares of TDC Class A common stock.
 TDC Class A common stock and warrants to purchase one-eighth of one share of ALZA common stock trade together as units on the NASDAQ National Market System under the trading symbol "TDCAZ." One unit for every 10 shares of ALZA common stock was distributed on June 11, 1993, as a dividend to ALZA stockholders of record on May 28, 1993.
 Therapeutic Discovery Corp.
 Summary Financial Information
 (unaudited)
 (In thousands, except per-share data)
 Three Months
 Ended June 30,
 1993
 Interest income $ 359
 Costs and expenses:
 Research and product development 143
 General and administrative 99
 Total costs and expenses 242
 Income before income taxes 117
 Income taxes (35)
 Net income $ 82
 Net income per common share $ 0.01
 Weighted average common shares 7,733,577
 -0- 7/27/93
 /CONTACT: Michele Mandell of Therapeutic Discovery, 415-496-8200/
 (TDCAZ AZA)


CO: Therapeutic Discovery Corp.; ALZA Corp. ST: California IN: MTC SU: ERN

TB-TM -- SJ001 -- 6237 07/27/93 12:36 EDT
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Publication:PR Newswire
Date:Jul 27, 1993
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