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VERTEX PHARMACEUTICALS REPORTS 1993 SECOND QUARTER RESULTS

 CAMBRIDGE, Mass., July 21 /PRNewswire/ -- Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) reported financial results today for the second quarter and the six months ended June 30, 1993. Revenues for the second quarter were $4,970,000, principally from collaborative research and development including approximately $3 million recorded as an up- front technology payment under the Company's new collaborative agreement with Kissei Pharmaceutical Co., Ltd., as compared to $1,483,000 for the second quarter of 1992. Expenditures on research and development for the second quarter of 1993 were $4,850,000 vs. $2,688,000 for the second quarter of 1992. The Company's net loss for the quarter was $791,000, or 6 cents per share, compared to $1,933,000, or 16 cents per share in 1992.
 For the six months ended June 30, 1993 revenues, principally from collaborative research and development including Kissei, increased to $6,239,000 from $2,946,000 for the same period in 1992. Expenditures on research and development were $8,602,000 as compared to $5,263,000 in the first six months of 1992. The first half net loss was $4,089,000, or 33 cents per share, compared to $3,575,000, or 30 cents per share, for the comparable 1992 period.
 "A major event of the second quarter was the signing of a $20 million strategic partnership involving our HIV program with Kissei Pharmaceutical Company," stated Dr. Joshua Boger, president and chief executive officer. "At the same time, preclinical development of our compounds targeted to treat HIV and Cancer Multidrug Resistance is moving forward. Our progress with promising drug candidates in those programs is reflected in the increased R&D expenditures this quarter."
 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, cancer, antiviral therapy and inflammation.
 VERTEX PHARMACEUTICALS INCORPORATED
 STATEMENT OF OPERATIONS DATA
 (In thousands, except per share amounts)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Revenues:
 Collaborative and
 other research and
 development $4,612 $967 $5,549 $1,867
 Interest income 358 516 690 1,079
 Total revenues 4,970 1,483 6,239 2,946
 Costs and expenses:
 Research and
 development 4,850 2,688 8,602 5,263
 General and
 administrative 790 627 1,474 1,056
 Interest 121 101 252 202
 Total costs and
 expenses 5,761 3,416 10,328 6,521
 Net loss $(791) $(1,933) $(4,089) $(3,575)
 Loss per common
 share (6 cents) (16 cents) (33 cents) (30 cents)
 Weighted average
 number of common
 shares outstanding 12,418 12,098 12,298 12,061
 BALANCE SHEET DATA
 (In thousands)
 June 30, Dec. 31,
 1993 1992
 Cash and Investments $43,302 $43,701
 Total Assets 51,606 51,043
 Total Stockholders'
 Equity 43,157 43,850
 -0- 7/21/93
 /CONTACT: Stephanie K. Marrus, director, Corporate Communications of Vertex, 617-499-2490; Robert Gottlieb, senior vice president, Feinstein Partners Inc., 617-577-8110, for Vertex Pharmaceuticals/
 (VRTX)


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

DJ -- NE005 -- 3825 07/21/93 09:46 EDT
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Publication:PR Newswire
Date:Jul 21, 1993
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