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U.S. BIOSCIENCE ANNOUNCES FIRST QUARTER RESULTS

 WEST CONSHOHOCKEN, Pa., April 21 /PRNewswire/ -- U.S. Bioscience, Inc. (AMEX: UBS), today reported a loss of $5,129,800, or 13 cents per common share in the first quarter ended March 31, 1993, compared with a loss of 9 cents in the year-ago period.
 Sales increased 11 percent to $1,033,100. Total revenues were $2.2 million compared with $2.3 million in the 1992 quarter, reflecting a slight decrease in investment income and licensing fees.
 The wider loss for the first quarter of 1993 is due principally to increased personnel costs as the R&D, marketing and operations staffs were expanded; higher facility and depreciation expenses connected with the establishment in mid-1992 of an analytical laboratory and an expansion at its principal offices; increased legal costs due to stockholder litigation; higher R&D clinical and preclinical expenses; and increased administrative expenses and costs to support the market development activities for Hexalen, Ethyol and NeuTrexin. The company noted that with $70.2 million in cash and marketable securities, it believes it has sufficient funds to conduct its research and clinical development activities, as well as prepare for commercialization of its products presently undergoing regulatory review.
 Based in West Conshohocken, U.S. Bioscience is a pharmaceutical company specializing in the development and commercialization of products to increase the survival and quality of life for patients with cancer and allied diseases such as AIDS. The company's portfolio includes a broad spectrum of compounds, including two products for which new drug applications have been filed and two others in the late stages of development. One compound, altretamine, is marketed under the name Hexalen in the United States for the treatment of ovarian cancer.
 U.S. BIOSCIENCE, INC.
 CONDENSED STATEMENT OF OPERATIONS
 Three Months Ended
 March 31,
 1993 1992
 Revenue:
 Sales $ 1,033,100 $ 931,600
 Investment Income, Net 1,193,900 1,253,600
 Licensing/Other 6,700 106,500
 Total Revenues 2,233,700 2,291,700
 Expenses:
 Cost of Sales 251,600 202,600
 Selling, General & Administrative 3,556,200 2,657,200
 Research & Development Costs 3,555,700 2,970,900
 Total Expenses 7,363,500 5,830,700
 Net Loss $(5,129,800) $(3,539,000)
 Net Loss Per Share $(0.13) $(0.09)
 Weighted Average Number of Shares 39,571,500 39,319,600
 /delval/
 -0- 4/21/93
 /CONTACT: Robert I. Kriebel, senior vice president, finance and administration, U.S. Bioscience, 215-832-4503/
 (UBS)


CO: U.S. Bioscience, Inc. ST: Pennsylvania IN: MTC SU: ERN

DC-KD -- DC010 -- 8491 04/21/93 08:38 EDT
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Publication:PR Newswire
Date:Apr 21, 1993
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