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VERTEX PHARMACEUTICALS REPORTS 1993 FIRST QUARTER RESULTS

 CAMBRIDGE, Mass., April 22 /PRNewswire/ -- Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) reported financial results today for the three months ended March 30, 1993. Revenues for the first quarter were $1,269,000, derived from collaborative research and development and interest income, as compared to $1,463,000 for the first quarter of 1992. The decline in revenues is attributable to lower interest income. Expenditures on research and development for the first quarter of 1993 were $3,752,000 versus $2,575,000 for the first quarter of 1992. The company's net loss for the quarter was $3,298,000, or $.27 per share, compared to $1,642,000, or $.14 per share in 1992.
 "Our first quarter results reflect continuing investment in our three major drug discovery programs. We also began preclinical development in our HIV Program and our Immunophilins Program. Our investment in drug development has increased as our programs advance," said Dr. Joshua Boger, president and chief executive officer.
 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)
 Periods ended March 31 Three months
 1993 1992
 Revenues:
 Collaborative and other
 research and development $ 937 $ 900
 Interest income 332 563
 Total revenues 1,269 1,463
 Costs and expenses:
 Research and development 3,752 2,575
 General and administrative 684 429
 Interest 131 101
 Total costs and expenses 4,567 3,105
 Net loss $(3,298) $(1,642)
 Loss per common share $(0.27) $(.14)
 Weighted average number of
 common shares outstanding 12,178,214 12,024,388
 VERTEX PHARMACEUTICALS INCORPORATED
 Balance Sheet Data
 (In thousands)
 Periods ended March 31, December 31,
 1993 1992
 Cash and investments $40,361 $43,701
 Total assets 48,718 51,043
 Total stockholder's equity 40,622 43,850
 -0- 4/22/93
 /CONTACT: Stephanie K. Marrus, director of corporate communications of Vertex Pharmaceuticals, 617-499-2490, or Robert Gottlieb, senior vice president of Feinstein Partners, Inc., 617-577-8110, for Vertex Pharmaceuticals Inc./
 (VRTX)


CO: Vertex Pharmaceuticals ST: Massachusetts IN: MTC SU: ERN

TM -- NY009 -- 9190 04/22/93 08:45 EDT
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Publication:PR Newswire
Date:Apr 22, 1993
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