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VESTAR REPORTS 1993 FIRST QUARTER RESULTS: TOTAL REVENUES UP 29 PERCENT; COMMERCIAL UNIT SALES OF AMBISOME UP 40 PERCENT

 SAN DIMAS, Calif., April 22 /PRNewswire/ -- Vestar, Inc. (NASDAQ: VSTR) today reported that for the first quarter ended March 31, 1993, total revenues increased 29 percent to $8.5 million, compared to revenues of $6.6 million for the same period in 1992. Net income of approximately $0.4 million, or 3 cents per share, was posted for the 1993 quarter, compared to net income of $0.9 million, or 6 cents per share, for the first quarter of last year.
 Vestar management noted that commercial unit sales of AmBisome(R) grew at 40 percent over the comparable period last year. The company maintained its high level of research and development investment in potential new products now emerging from its product pipeline by increasing R&D expenditures to $3.1 million, or 44 percent over the same period last year. Selling, general and administrative expenditures incrAmsome(R), a liposomal formulation of amphotericin B, to treat systemic fungal infections. DaunoXome(R), a liposomal formulation of the chemotherapeutic agent daunorubicin, is Vestar's second major product. Among the company's proprietary drug delivery technologies are liposomes to encapsulate pharmaceuticals, and lipid prodrug technology for the development of orally active compounds.
 VESTAR, INC.
 CONDENSED STATEMENTS OF OPERATIONS
 For the quarter ended March 31, 1993 and 1992
 (in thousands, except per share amounts)
 Quarter Ended
 March 31,
 1993 1992
 Revenues
 Product $7,924 $5,975
 Collaborative
 agreement and
 contract 36 208
 Interest income 580 453
 Total revenues 8,540 6,636
 Expenses
 Costs of goods sold 1,261 949
 Research and
 development 3,073 2,140
 Selling, general
 and administrative 3,700 2,529
 Total expenses 8,034 5,618
 Income before
 provision for income
 taxes 506 1,018
 Provision for income
 taxes 73 92
 Net income $433 $926
 Net income per common
 share 3 cents 6 cents
 Shares used in
 computation of net
 income per common share 16,012 15,095
 -0- 4/22/93
 /CONTACT: Michael E, Hart, chief financial officer of Vestar, Inc., 909-394-4119, or Marcia A. Kean, executive vice president, Feinstein Partners Inc. 617-577-8110/
 (VSTR)


CO: Vestar, Inc. ST: California IN: MTC SU: ERN

TM -- NE003 -- 9198 04/22/93 08:53 EDT
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Publication:PR Newswire
Date:Apr 22, 1993
Words:361
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