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Biotech / Medical : NEXL -- Ignore unavailable to you. Want to Upgrade?

To: GREATMOOD who wrote (1327)	3/31/1998 9:48:00 AM
From: GREATMOOD	Read Replies (1) \| Respond to of 1704

VIMRX Announces Fourth Quarter and Full Year 1997 Results; Management Pleased with Strengthened Company Portfolio WILMINGTON, DE--(BW HealthWire)--March 31, 1998--VIMRX Pharmaceuticals Inc. (NASDAQ:VMRX), a biotechnology company that is commercializing innovative technologies to improve human health, announced that it has filed its results for the year ended December 31, 1997, with the Securities and Exchange Commission on Form 10-K. Full Year 1997 Results For the 12 months ended December 31, 1997, operating expenses were $62.1 million versus $21.7 million for full year 1996. The net loss for fiscal 1997 was $56.2 million, or $1.02 per share. These 1997 results include a $37.7 million, or $0.68 per share, non-recurring charge related to the acquisition of Nexell Therapeutics Inc. Excluding this non- cash charge, the 1997 net loss was $18.7 million, or $0.34 per share, compared to a net loss of $19.9 million, or $0.50 per share for 1996. The 1996 results included a one time charge of $14.5 million related to the acquisition of 68% of Innovir and 100% of Ribonetics. Weighted average shares outstanding for the year ended December 31, 1997 were 55.5 million versus 39.4 million for the comparable 1996 period. Cash and short term investments at December 31, 1997, were $57.8 million versus $46.9 million a year earlier. VIMRX's cash position at the end of 1997 is equal to approximately two years of expenses at the current expense burn rate of VIMRX's consolidated operations, including Innovir and Nexell Therapeutics Inc. "The management team is pleased to have strengthened VIMRX's portfolio over the last year by acquiring promising new technologies and companies that address critical scientific and worldwide medical needs," said Richard L. Dunning, president and chief executive officer of VIMRX. "Through our majority owned subsidiaries, we cover a wide spectrum of drug development activities including discovery, clinical development and delivery of novel diagnostics and therapeutics." Fourth Quarter For the fourth quarter ending December 31, 1997, operating expenses were $44.5 million, as compared to $14.5 million for the same period in 1996. The net loss for the fourth quarter of 1997 was $43.2 million, or $0.76 per share versus a net loss of $13.1 million, or $0.25 per share, for the same period in 1996. The fourth quarter 1997 results include the previously mentioned $37.7 million non-cash charge related to the acquisition of Nexell Therapeutics Inc. The 1996 results contain a one time charge of $10.9 million related to the acquisition of 68% of Innovir. Weighted average shares outstanding for the three months ended December 31, 1997, were 57.1 million versus 51.7 million for the comparable 1996 period. VIMRX Pharmaceuticals Inc. VIMRX Pharmaceuticals Inc. (NASDAQ: VMRX) is a biotechnology company developing innovative technologies to improve human health. VIMRX's portfolio includes: Nexell Therapeutics Inc., a company formed with Baxter Healthcare Corporation focused on cell therapeutics for cancer and other life threatening diseases; Innovir Laboratories, Inc. (NASDAQ: INVR), which develops oligozymes for use as both therapeutics and as pharmaceutical research tools; and collaborations to commercialize Columbia University gene discoveries. VIMRX has three compounds in development: VIMRxyn(R), chemically synthesized hypericin, in clinical trials for brain cancer and skin diseases; VM201, a Factor IXa inhibitor for selective inhibition of blood clotting without the bleeding risk associated with anti-coagulation; and VM301, a Phase I novel wound healing agent. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. The forward- looking statements contained in this release are subject to certain risks and uncertainties. Actual results could differ materially from current expectations. Among the factors which could affect the Company's actual results and could cause results to differ from those contained in the forward-looking statements contained herein are the success of the Company's clinical trials, delays in receiving FDA or other regulatory approvals and the development of competing therapies and/or technologies by other companies. NOTE TO INVESTORS AND EDITORS: VIMRX's press releases are available on the Internet through www.vimrx.com and through BusinessWire's web site at businesswire.com. The releases also are available at no charge through BusinessWire's fax-on-demand service at 800-411-8792. --30--kam/ny* CONTACT: Media Contact: Laura A. Mastrangelo VIMRX Pharmaceuticals 302-998-1734/Pager 800-916-8038 or Contact: Dian Griesel, Ph.D. The Investor Relations Group 212-664-8489