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VESTAR REPORTS SECOND QUARTER 1993 RESULTS; REVENUES UP 34 PERCENT AS R&D AND MARKETING EXPENDITURES ACCELERATE

 SAN DIMAS, Calif., July 28 /PRNewswire/ -- Vestar Inc. (NASDAQ: VSTR) today reported that for the second quarter ended June 30, 1993, total revenues were $9.6 million, representing a 34 percent increase over revenues of $7.2 million for the same period in 1992. Net income for the second quarter was approximately $.1 million, or $.01 per share, compared to $1.1 million, or $.07 per share, for the second quarter or 1992. For the six months ended June 30, 1993, revenues increased 31 percent to $18.1 million, and net income was $.5 million, or $.03 per share, compared to revenues of $13.8 million and net income of $2.0 million, or $.13 per share, for the same period of 1992.
 Research and development expenditures for the first six months of 1993 were $6.8 million, approximately 50 percent over R&D expenditures for the comparable period of 1992. In addition, over the past six months marketing expenditures in support of the company's AmBisome(R) product, including its expansion to new European markets such as Greece and The Netherlands, increased approximately 65 percent over the comparable period of 1992.
 "Our second quarter revenues, the highest in the company's history, keep us on track toward our internal goal of increasing this year's revenues 25-30 percent over 1992," said Roger J. Crossley, M.D., chairman, president and chief executive officer of Vestar. "Our objective is to maintain profitability as we go forward, while continuing to increase our growth opportunities by expanding our marketing of AmBisome(R) and accelerating the clinical programs for DaunoXome(R) and MiKasome."
 Vestar, headquartered in San Dimas, develops, manufactures and markets pharmaceuticals to treat patients with cancer and serious infections, including AIDS. Since 1989, Vestar has been marketing AmBisome(R), a liposomal formulation of amphotericin B, for the treatment of systemic fungal infections, in Europe. DaunoXome(R), Vestar's product for the treatment of AIDS-associated Kaposi's sarcoma, is in Phase II/III clinical trials. A third product, MiKasome, a liposomal formulation of the antibiotic amikacin for the treatment of tuberculosis and mycobacterium avium, is in Phase I clinical trials. The company is also developing proprietary liposomal technologies to encapsulate and deliver pharmaceuticals and lipid prodrug technology for the development of orally active compounds.
 VESTAR INC.
 Condensed Consolidated Statements of Operations
 (Unaudited)
 Three months ended Six months ended
 June 30, June 30,
 1993 1992 1993 1992
 Revenues:
 Product $9,073,000 $6,347,000 $16,997,000 $12,322,000
 Collaborative
 agreement and
 contract 29,000 124,000 65,000 332,000
 Interest income 505,000 712,000 1,085,000 1,165,000
 Total revenues 9,607,000 7,183,000 18,147,000 13,819,000
 Expenses:
 Cost of goods sold 1,230,000 980,000 2,491,000 1,929,000
 Research and
 development 3,714,000 2,373,000 6,787,000 4,513,000
 Selling, general and
 administrative 4,570,000 2,600,000 8,269,000 5,129,000
 Total expenses 9,514,000 5,953,000 17,547,000 11,571,000
 Income (loss) before
 provision for
 income taxes 93,000 1,230,000 600,000 2,248,000
 Provision for
 income taxes (20,000) 111,000 54,000 203,000
 Net income (loss) $113,000 $1,119,000 $546,000 $2,045,000
 Net income (loss) per
 common share $0.01 $0.07 $0.03 $0.13
 Shares used in computation
 of net income (loss)
 per common share 15,660,000 15,977,000 15,869,000 15,545,000
 -0- 7/28/93
 /CONTACT: Michael E. Hart, CFO, of Vestar, 909-394-4119/
 (VSTR)


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

LS-JK -- LA022 -- 6657 07/28/93 09:30 EDT
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Publication:PR Newswire
Date:Jul 28, 1993
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