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U.S. BIOSCIENCE REPORTS SECOND QUARTER RESULTS OF OPERATIONS

 U.S. BIOSCIENCE REPORTS SECOND QUARTER RESULTS OF OPERATIONS
 WEST CONSHOHOCKEN, Pa., July 22 /PRNewswire/ -- U.S. Bioscience Inc. (AMEX: UBS) today reported a loss in the second quarter ended June 30, 1992, of $4.5 million, or 11 cents per share compared with a loss of 6 cents in the year-ago period. For the first six months of 1992, the company reported a loss of $8.0 million, or 20 cents per share against a loss of 11 cents in the first half of 1991.
 Philip S. Schein, M.D., chairman and chief executive officer of the pharmaceutical company, said that the wider losses in both the quarter and year-to-date were largely the result of organizational growth required to support the company's operations, including expanded marketing activities and product development programs for Ethyol(R), trimetrexate and other products.
 Investment income advanced significantly in both periods due to portfolio gains and increased funds, resulting from the company's May 1991 secondary offering. The company's balance sheet remained strong, with cash, cash equivalents and marketable securities of approximately $87 million.
 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. The company's portfolio includes a broad spectrum of cancer drugs, including four products in the late stages of development. One compound, altretamine, is marketed under the name Hexalen(R) in the United States.
 U.S. BIOSCIENCE INC.
 Condensed Statement of Operations
 Three Months Ended, Six Months Ended,
 June 30, June 30,
 1992 1991 1992 1991
 Revenue:
 Sales $819,400 $1,074,000 $1,751,000 $1,728,900
 Investment income,
 net 2,881,500 891,400 4,241,600 1,739,600
 Total Revenues 3,700,900 1,965,400 5,992,600 3,468,500
 Expenses:
 Cost of sales 233,900 166,900 436,500 277,200
 Selling,
 general and
 administrative 3,796,300 1,846,100 6,453,500 3,179,300
 Research &
 development costs 4,163,500 2,200,300 7,134,400 3,757,700
 Total expenses 8,193,700 4,213,300 14,024,400 7,214,200
 Net loss $(4,492,800) $(2,247,900) $(8,031,800) $(3,745,700)
 Net loss per share $(0.11) $(0.06) $(0.20) $(0.11)
 Weighted average
 number of shares 39,325,300 37,046,800 39,322,000 35,490,400
 -0- 7/22/92
 /CONTACT: Robert I. Kriebel of U.S. Bioscience, 215-832-4503/
 (UBS) CO: U.S. Bioscience Inc. ST: California IN: MTC SU: ERN


MM-DG -- SJ005 -- 1918 07/22/92 12:37 EDT
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Publication:PR Newswire
Date:Jul 22, 1992
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