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U.S. BIOSCIENCE ANNOUNCES SECOND QUARTER RESULTS

 WEST CONSHOHOCKEN, Penn., July 21 /PRNewswire/ -- U.S. Bioscience, Inc. (AMEX: UBS) today reported a net loss of 18 cents per share in the second quarter ended June 30, 1993, against a loss of 11 cents in the year-ago period.
 Sales in the 1993 quarter were $270,500 compared with $819,400 for the comparable three months in 1992, reflecting the decreased sales of Hexalen(R) which the company believes is due to the introduction of a competing drug for the treatment of ovarian cancer. The increase in licensing and royalty income in the 1993 quarter was primarily due to payments associated with business development activities. The decline in investment income reflects smaller portfolio gains made in the April- June 1993 period compared to the comparable 1992 period.
 During the second quarter and first half, expenses rose as a result of increased marketing expenditures, principally in preparation for commercial launch of NeuTrexin(TM), planned increases in marketing, R&D and operations personnel, and increased expenditures in support of products currently under clinical development. The company also incurred higher facility and depreciation expenses in connection with the establishment of an analytical laboratory and expansion of its principal office.
 Based in West Conshohocken, Penn., 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. The company's product 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
 Periods ended
 June 30 Three Months Six Months
 1993 1992 1993 1992
 Revenue:
 Sales $ 270,500 $ 819,400 $1,303,600 $1,751,000
 Licensing and
 Royalty
 Income 2,009,300 5,800 2,014,000 112,300
 Investment income,
 net 1,196,600 2,875,700 2,392,500 4,129,300
 Total revenues 3,476,400 3,700,900 5,710,100 5,992,600
 Expenses:
 Cost of sales 82,700 233,900 334,300 436,500
 SG & A 4,734,900 3,796,300 8,292,000 6,453,500
 R&D costs 5,735,400 4,163,500 9,290,200 7,134,400
 Total
 expenses 10,553,000 8,193,700 17,916,500 14,024,400
 Net loss $(7,076,600) $(4,492,800) $(12,206,400)$(8,031,800)
 Net loss per
 share $(0.18) $(0.11) $(0.31) $(0.20)
 Weighted average
 number of
 shares 39,595,100 39,325,300 39,583,400 39,322,000
 -0- 7/21/93
 /CONTACT: Robert L. Kriebel, senior vice president-finance and administration of U.S. Bioscience, Inc., 215-832-4503/
 (UBS)


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

TM -- NY007 -- 3744 07/21/93 08:15 EDT
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Publication:PR Newswire
Date:Jul 21, 1993
Words:494
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