1st-Qtr Revenues Down At IDEC

IDEC Pharmaceuticals has announced a decline of 32.3% in revenues in thefirst three months of 1997 to $6.7 million. The fall was attributed to the recognition in 1996 of certain licensing activities. The net loss for the quarter was $2.2 million, or 12 cents per share, compared with net income of $1.8 million, or 10 cents per share, a year earlier.

Operating expenses grew to $9.7 million in the 1997 first quarter from $7.5 million in 1996 due to higher costs relating to a submission to the US Food and Drug Administration of a Biologics License Application for rituximab (Marketletters passim).