WALTHAM, Mass., Oct. 29 /PRNewswire/ -- ImmuLogic Pharmaceutical
Corporation (Nasdaq: IMUL) reported today financial results for the third
quarter of 1996 ended September 30, 1996.  Revenues for the third quarter were
$762,000 compared to $727,000 for the third quarter of 1995.  The net loss for
the quarter was $ 7,496,000 [$(0.37) per share] versus $5,232,000 [$(0.31) per
share] in 1995.  The increase in the net loss resulted primarily from
increased clinical trial expenses associated with the 1996 ragweed season
trial and the addition of new employees to support the development, clinical
and regulatory requirements of late-stage product development.
    For the nine months ended September 30, 1996, revenues were $2,012,000
compared to $7,133,000 in the same nine month period in 1995.  The net loss
for the first nine months of 1996 was $18,768,000 [$(0.93) per share] versus
$12,946,000 [$(0.81) per share] in the same period last year.  Revenues in the
first nine months of 1995 included the final of three scheduled license
payments from Hoechst Marion Roussel, Inc., ("HMRI") for the ALLERVAX(R)
program.
    Since March 7, 1996, when HMRI informed ImmuLogic that it was withdrawing
from the ALLERVAX(R) joint collaboration agreement between ImmuLogic and HMRI,
the companies have been working together to ensure a smooth transition as the
ALLERVAX program shifted entirely to ImmuLogic.  Subsequent to the end of the
third quarter, the parties resolved their obligations relating to the program
in a manner agreeable to both, which will result in the payment of $7,000,000
in the fourth quarter of 1996 by HMRI to ImmuLogic, and the transfer, from
HMRI to ImmuLogic, of ALLERVAX CEDAR and MITE peptide inventories to be used
by ImmuLogic in future product development activities.
    "Our 1996 ragweed season trial began in July and is now fully enrolled and
nearing completion across the country; results from this trial will be
released in the first quarter of 1997," said Robert J. Gerety, President and
Chief Executive Officer of ImmuLogic Pharmaceutical Corporation.  "We continue
an active dialogue with the FDA regarding our ALLERVAX CAT product and will
share our plans for the program once these discussions are complete.  In
addition, discussions continued during the quarter with potential partners to
commercialize the ALLERVAX product line.
    "Two of our preclinical product candidates, a multiple sclerosis peptide
therapeutic and a vaccine to treat cocaine abuse are both nearing the clinic.
We intend to file an IND with the FDA by year-end for our multiple sclerosis
therapeutic.  In the third quarter we received a $700,000 small business
innovation research grant from the National Institute on Drug Abuse to
complete the preclinical development of the cocaine vaccine.  In the October
issue of Nature Medicine the exciting results of our cocaine vaccine
preclinical studies were published.  We plan to move this product into the
clinic in 1997."
    ImmuLogic Pharmaceutical Corporation is a biopharmaceutical company,
located in Waltham, Massachusetts, developing peptide therapeutics to treat
allergies and autoimmune diseases.  ALLERVAX products to treat cat and ragweed
allergies are in late-stage clinical development.  In addition to treatments
for allergies, ImmuLogic is developing a multiple sclerosis therapeutic, the
first candidate in the company's autoimmune disease program.  The company also
has used its expertise in immunology to develop a poison ivy/poison oak
therapeutic and a vaccine to treat cocaine abuse.  ImmuLogic Pharmaceutical
Corporation press releases are now available through Company News On-Call by
fax, 800-758-5804, extension 114501 or at the internet address:
http://www.prnewswire.com.
    This press release contains certain forward-looking statements that
involve a number of risks and uncertainties.  Important factors that could
cause actual results to differ materially from those indicated by such
forward-looking statements are set forth in the Company's Annual Report on
Form 10-K for the year ended December 31, 1995 filed with the Securities and
Exchange Commission.

                     IMMULOGIC PHARMACEUTICAL CORPORATION
                        SELECTED FINANCIAL INFORMATION

    Statements of Operations
    (in thousands, except per share data)
                                         (Unaudited)          (Unaudited)
                                      Three Months Ended    Nine Months Ended
                                         September 30,        September 30,
                                       1996       1995      1996       1995

    License and research revenues      $762       $727    $2,012     $7,133

    Operating expenses:
     Research & development           7,447      5,687    19,532     18,391
     General & administrative         1,785      1,394     4,770      4,535
      Total operating expenses        9,232      7,081    24,302     22,926

    Operating loss                  $(8,470)   $(6,354) $(22,290)  $(15,793)
    Interest income                     974      1,122     3,522      2,847

    Net loss                        $(7,496)   $(5,232) $(18,768)  $(12,946)

    Net loss per common share        $(0.37)    $(0.31)   $(0.93)    $(0.81)

    Weighted average number
     of common shares                20,232     16,913    20,207     16,074


    Condensed Balance Sheets                     (Unaudited)
    (in thousands)                              September 30,   December 3l,
                                                     1996           1995
    Cash and cash equivalents and
     short-term investments                        $41,609        $60,988
    Other current assets                             1,632            732
    Property and equipment, net                      9,445         10,834
    Long-term investments                           27,318         24,972
    Other assets                                        49             53

    Total assets                                   $80,053            $97,579

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