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VERTEX PHARMACEUTICALS REPORTS 1991 YEAR END RESULTS

 VERTEX PHARMACEUTICALS REPORTS 1991 YEAR END RESULTS
 CAMBRIDGE, Mass., Feb. 13 /PRNewswire/ -- Vertex Pharmaceuticals


Incorporated (NASDAQ: VRTX) reported financial results today for the fourth quarter and the year ended Dec. 31, 1991. The company's net loss for the quarter was $1,368,000, or 13 cents per share, compared to $1,152,000, or 17 cents per share in 1990. Revenues for the fourth quarter were $1,280,000 principally from collaborative research and development and interest income. This figure compares to revenues of $903,000 for the fourth quarter of 1990. During 1991, Vertex completed two public offerings of common stock in which the company raised $51,889,000, net of offering costs.
 "Vertex had a very successful year in 1991," stated Dr. Joshua Boger, Vertex's president. "We made significant progress in our drug development programs and we established a solid financial foundation upon which we can build our company. Our fourth quarter results reflect the continued expansion of our program to develop immunosuppressive drugs to treat transplant rejection and autoimmune diseases, and our HIV Protease Program, which is aimed at developing antiviral drugs to treat AIDS and HIV infection. We also launched our inflammation program, which is aimed at the development of novel anti-inflammatory drugs. We expect additional progress in 1992 as our initial drug candidates advance through preclinical development."
 For the year ended December 31, 1991, revenues increased to $4,077,000, primarily from collaborative research and development, from $2,303,000 for the same period in 1990. Expenditures on research and development were $7,679,000, compared to $5,530,000 in 1990. The net loss for the year ended Dec. 31, 1991 was $5,143,000, or 64 cents per share, compared to $4,330,000 or 65 cents per share for the comparable 1990 period.
 Vertex is a leader in the use of structure-based rational drug design, a scientific approach to drug discovery which uses atomic level information to design synthetic compounds that interact with protein targets involved in disease processes. Vertex is using advanced techniques of biology, chemistry and biophysics to create novel, small molecule compounds that the company plans to develop as orally deliverable drugs to treat major human diseases. Vertex is concentrating on the development of drugs in the areas of immunology, inflammation and antiviral therapy.
 VERTEX PHARMACEUTICALS INCORPORATED
 STATEMENT OF OPERATIONS DATA
 (In thousands, except per share amounts)
 Three Months Ended Year Ended
 12/31 12/31
 1991 1990 1991 1990
 Revenues:
 Collaborative and other
 research and development $812 $800 $3,233 $2,083
 Interest income 468 103 844 220
 Total revenues 1,280 903 4,077 2,303
 Costs and expenses:
 Research and
 development 2,208 1,752 7,679 5,530
 General and
 administrative 351 209 1,138 850
 Interest 89 94 403 253
 Total costs and
 expenses 2,648 2,055 9,220 6,633
 Net loss $1,368 $1,152 $5,143 $4,330
 Loss per common
 share 13 cents 17 cents 64 cents 65 cents
 Weighted average
 number of common
 shares outstanding 10,314,215 6,747,549 8,094,771 6,674,949
 Balance Sheet Data
 (In thousands)
 12/31/91 12/31/90
 Cash and short-term
 investments $51,489 $4,433
 Total assets 57,084 9,403
 Total stockholders'
 equity 52,207 5,412
 -0- 2/13/92
 /CONTACT: Richard Aldrich vice president of Vertex, 617-576-3111, or Robert Gottlieb of Feinstein Partners, 617-577-8110, for Vertex/
 (VRTX) CO: Vertex Pharmaceuticals Incorporated ST: Massachusetts IN: MTC SU: ERN


EG-DH -- NE003 -- 9623 02/13/92 10:00 EST
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Date:Feb 13, 1992
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