SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarter ended March 31, 1996 Commission File Number 0-19041
American Biogenetic Sciences, Inc.
A Delaware Corporation 11-2655906
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
1375 Akron Street 516-789-2600
Copiague, New York 11726 (Telephone number)
(Address of Principal Executive Offices)
1539 North Ironwood Drive, South Bend, IN 46635
(Former Name or Former Address, if Changed Since Last Report)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90
days. YES X NO
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
Class Outstanding at May 10, 1996
Class A Common Stock, par value $.001 15,857,634
Class B Common Stock, par value $.001 1,375,500
<PAGE>
AMERICAN BIOGENETIC SCIENCES, INC. AND SUBSIDIARY
(a development stage company)
Form 10-Q for the Quarter Ended March 31, 1996
INDEX
Part I - FINANCIAL INFORMATION
Item 1: Financial Statements: Page No.
Consolidated Balance Sheets -
March 31, 1996 and December 31, 1995 3
Consolidated Statements of Operations -
Three Months Ended March 31, 1996 and March 31, 1995
and For the Period from Inception (September 1, 1983)
Through March 31, 1996 4
Consolidated Statements of Cash Flows -
Three Months Ended March 31, 1996 and March 31, 1995
and For the Period from Inception (September 1, 1983)
Through March 31, 1996 5
Consolidated Statements of Stockholders' Equity -
For the Period from Inception (September 1, 1983)
Through March 31, 1996 6 - 7
Notes to Consolidated Financial Statements 8 - 9
Item 2: Management's Discussion and Analysis of Financial Condition
and Results of Operations 10 - 11
Part II - OTHER INFORMATION
Item 6: Exhibits and Reports on Form 8-K 12
Signature 12
<PAGE>
<TABLE>
AMERICAN BIOGENETIC SCIENCES, INC. AND SUBSIDIARY
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED BALANCE SHEETS
<CAPTION>
March 31, December 31,
Assets 1996 1995
(UNAUDITED)
----------- -----------
<S> <C> <C>
Current Assets:
Cash and cash equivalents 2,056,000 5,436,000
Marketable securities 7,446,000 4,397,000
Other current assets 112,000 163,000
------------ ------------
Total current assets 9,614,000 9,996,000
------------ ------------
Fixed assets, at cost, net of accumulated
depreciation and amortization of $970,000
and $902,000, respectively 667,000 714,000
Patent costs, net of accumulated
amortization of $168,000 and $154,000,
respectively 760,000 766,000
Debt issuance costs, net of accumulated
amortization of $235,000 and $168,000,
respectively 290,000 1,022,000
Other assets 21,000 23,000
------------ ------------
11,352,000 12,521,000
============ ============
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable and accrued expenses 529,000 508,000
Current portion of capital lease obligation 3,000 3,000
------------ ------------
Total current liabilities 532,000 511,000
------------ ------------
Long Term Liabilities:
8% convertible debentures 2,450,000 7,850,000
Long-term portion of capital lease obligation 14,000 15,000
------------ ------------
Total Liabilities 2,996,000 8,376,000
------------ ------------
Commitments and Contingencies (Note 1)
Stockholders' Equity:
Class A common stock, par value $.001 per
share; 25,000,000 shares authorized;
15,838,884 and 13,431,364 shares issued
and outstanding, respectively 16,000 13,000
Class B common stock, par value $.001 per
share; 3,000,000 shares authorized;
1,375,500 shares issued and outstanding 1,000 1,000
Additional paid-in capital 44,473,000 38,699,000
Deficit accumulated during the
development stage (36,134,000) (34,568,000)
------------ ------------
Total stockholders' equity 8,356,000 4,145,000
------------ ------------
11,352,000 12,521,000
============ ============
See notes to unaudited consolidated financial statements
Page 3
</TABLE>
<PAGE>
<TABLE>
AMERICAN BIOGENETIC SCIENCES, INC. AND SUBSIDIARY
(a development stage company)
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Period
From Inception
Three Months Ended (September 1,
1983) Through
March 31, March 31, March 31,
1996 1995 1996
------------ ------------ -------------
<S> <C> <C> <C>
Revenues:
Royalties / license fees $ - $ - $1,000,000
Collaborative agreements 18,000 - 257,000
------------ ------------ --------------
18,000 - 1,257,000
------------ ------------ --------------
Expenses:
Research and development 564,000 783,000 21,264,000
General and administrative 976,000 673,000 18,330,000
------------ ------------ --------------
Loss from operations (1,522,000) (1,456,000) (38,337,000)
------------ ------------ --------------
Other Income (Expense):
Interest expense (173,000) - (1,050,000)
Net gain on sale of fixed assets - - 6,000
Investment income 129,000 86,000 3,247,000
------------ ------------ --------------
Net loss ($1,566,000) ($1,370,000) ($36,134,000)
============ ============ ==============
Net Loss Per Common Share ($0.10) ($0.09) ($5.70)
============ ============ ==============
Weighted Average Number of Common
Shares Outstanding 16,349,000 14,440,000 6,342,000
============ ============ ==============
See notes to unaudited consolidated financial statements
Page 4
</TABLE>
<PAGE>
<TABLE>
AMERICAN BIOGENETIC SCIENCES, INC. AND SUBSIDIARY
(a development stage company)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Period
<CAPTION>
From Inception
(September 1,
Three Months Ended 1983)
Through
March 31, March 31, March 31,
1996 1995 1996
------------ ------------ -------------
<S> <C> <C> <C>
Cash Flows From Operating Activities:
Net loss ($1,566,000) ($1,370,000) ($36,134,000)
Adjustments to reconcile net (loss) to
net cash used in operating activities:
Depreciation and amortization 149,000 77,000 1,302,000
Net (gain)/loss on sale of fixed assets - - (6,000)
Net (gain)/loss on sale of marketable securities - - (217,000)
Other non-cash expenses accrued primarily for warrants 159,000 - 1,311,000
Write off of patent costs - - 93,000
(Increase) decrease in other current assets 51,000 19,000 (112,000)
(Increase) decrease in other assets 2,000 - 74,000
Increase (decrease) in payables and accruals 151,000 31,000 549,000
Increase in interest payable to stockholder - - 112,000
------------ ------------ --------------
Net cash used in operating activities (1,054,000) (1,243,000) (33,028,000)
------------ ------------ --------------
Cash Flows From Investing Activities:
Capital expenditures (21,000) (9,000) (1,643,000)
Proceeds from sale of fixed assets - - 16,000
Payments for patent costs and other assets (8,000) (27,000) (998,000)
Proceeds from maturity and sale of marketable securities 987,000 645,000 51,621,000
Purchases of marketable securities (4,036,000) - (58,850,000)
------------ ------------ --------------
Net cash provided by (used in) investing activities (3,078,000) 609,000 (9,854,000)
------------ ------------ --------------
Cash Flows From Financing Activities:
Proceeds from issuance of common stock, net 753,000 - 34,782,000
Proceeds from issuance of 8% convertible debentures, net - - 7,790,000
Principal payments under capital lease obligation (1,000) - (3,000)
Capital contributions from chairman - - 1,000,000
Increase in loans payable to stockholder / affiliates - - 2,669,000
Repayment of loans payable to stockholder and affiliates
(remainder contributed to capital by the stockholder) - - (1,300,000)
------------ ------------ --------------
Net cash provided by (used in) financing activities 752,000 - 44,938,000
------------ ------------ --------------
Net Increase (Decrease) in Cash and Cash Equivalents (3,380,000) (634,000) 2,056,000
Cash and Cash Equivalents at Beginning of Period 5,436,000 2,029,000 -
------------ ------------ --------------
Cash and Cash Equivalents at End of Period $2,056,000 $1,395,000 $2,056,000
============ ============ ==============
Supplemental Disclosure of Noncash Activities:
Capital expenditures made under capital lease obligation - - $20,000
============ ============ ==============
8% Convertible Debentures converted into 2,066,145, 0,
and 2,420,349 shares of Common Stock, respectively $4,865,000 - $5,436,000
============ ============ ==============
Warrants issued to placement agent - - $480,000
============ ============ ==============
See notes to unaudited consolidated financial statements
Page 5
</TABLE>
<PAGE>
<TABLE>
AMERICAN BIOGENETIC SCIENCES, INC. AND SUBSIDIARY
(a development stage company)
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
<CAPTION>
Class A Class B
Per Common Stock Common Stock
Share ---------------------- --------------------
Amount Shares Dollars Shares Dollars
------- ------------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C>
BALANCE, AT INCEPTION, (SEPTEMBER 1, 1983) $ - $ - - $ -
Sale of common stock to chairman for cash .33 78,000 - - -
Net (loss) for the period - - - -
------------ ------------- ----------- -----------
BALANCE, DECEMBER 31, 1983 78,000 - - -
Sale of common stock to chairman for cash .33 193,500 - - -
Net (loss) for the period - - - -
------------ ------------- ----------- -----------
BALANCE, DECEMBER 31, 1984 271,500 - - -
Sale of common stock to chairman for cash .33 276,700 - - -
Net (loss) for the period - - - -
------------ ------------- ----------- -----------
BALANCE, DECEMBER 31, 1985 548,200 1,000 - -
Sale of common stock to chairman for cash .33 404,820 - - -
Net (loss) for the period - - - -
------------ ------------- ----------- -----------
BALANCE, DECEMBER 31, 1986 953,020 1,000 - -
Sale of common stock to chairman for cash .33 48,048 - - -
Net (loss) for the period - - - -
------------ ------------- ----------- -----------
BALANCE, DECEMBER 31, 1987 1,001,068 1,000 - -
Exchange of common stock for Class B stock (1,001,068) (1,000) 1,001,068 1,000
Sale of Class B stock to chairman for cash .33 - - 1,998,932 2,000
Net (loss) for the period - - - -
------------ ------------- ----------- -----------
BALANCE, DECEMBER 31, 1988 - - 3,000,000 3,000
Net (loss) for the period - - - -
------------ ------------- ----------- -----------
BALANCE, DECEMBER 31, 1989 - - 3,000,000 3,000
Conversion of loans payable to stockholder into
additional paid-in capital - - - -
Sale of 1,150,000 Units to public consisting of
3,450,000 shares of Class A common stock and
warrants (net of $1,198,000 underwriting exp 2.00 3,450,000 3,000 - -
Conversion of Class B stock into
Class A stock 668,500 1,000 (668,500) (1,000)
Net (loss) for the period - - - -
------------ ------------- ----------- -----------
BALANCE, DECEMBER 31, 1990 4,118,500 $4,000 2,331,500 $2,000
------------ ------------- ----------- -----------
CONTINUED
Page 6
<PAGE>
BALANCE, DECEMBER 31, 1990 4,118,500 $4,000 2,331,500 $2,000
Exercise of Class A Warrants (net of $203,000
in underwriting expenses) for cash 3.00 3,449,955 3,000 - -
Exercise of Class B Warrants for cash 4.50 79,071 - - -
Conversion of Class B stock
into Class A stock 850,000 1,000 (850,000) (1,000)
Exercise of stock options 2.00 417,750 1,000 - -
Expense for warrants issued - - - -
Net (loss) for the period - - - -
------------ ------------- ----------- -----------
BALANCE, DECEMBER 31, 1991 8,915,276 9,000 1,481,500 1,000
Exercise of Class B Warrants (net of $701,000
in underwriting expenses) for cash 4.50 3,370,884 3,000 - -
Conversion of Class B stock
into Class A stock 106,000 - (106,000) -
Exercise of stock options 2.49 348,300 1,000 - -
Net (loss) for the period - - - -
------------ ------------- ----------- -----------
BALANCE, DECEMBER 31, 1992 12,740,460 13,000 1,375,500 1,000
Sale of common stock to Medeva PLC. 7.50 200,000 - - -
Exercise of stock options 2.00 32,700 - - -
Net (loss) for the period - - - -
------------ ------------- ----------- -----------
BALANCE, DECEMBER 31, 1993 12,973,160 13,000 1,375,500 1,000
Exercise of stock options 2.16 91,250 - - -
Net (loss) for the period - - - -
------------ ------------- ----------- -----------
BALANCE, DECEMBER 31, 1994 13,064,410 13,000 1,375,500 1,000
Conversion of 8% Convertible Debentures into
Class A Common Stock 1.85 354,204 -
Exercise of stock options 1.82 12,750 -
Expense for warrants/options issued - - - -
Net (loss) for the period - - - -
------------ ------------- ----------- -----------
BALANCE, DECEMBER 31, 1995 13,431,364 13,000 1,375,500 1,000
Conversion of 8% Convertible Debentures into
Class A Common Stock 2.68 2,066,145 2,000
Exercise of stock options 2.21 341,375 1,000
Expense for warrants/options issued - - - -
Net (loss) for the period - - - -
------------ ------------- ----------- -----------
BALANCE, MARCH 31, 1996 15,838,884 $16,000 1,375,500 $1,000
============ ============= =========== ===========
See notes to unaudited consolidated financial statements
Page 7
</TABLE>
<PAGE>
<TABLE>
AMERICAN BIOGENETIC SCIENCES, INC. AND SUBSIDIARY
(a development stage company)
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Deficit
Accumulated
Additional During the
Paid-in Development
Capital Stage Total
------------- ------------- -----------
<S> <C> <C> <C>
BALANCE, AT INCEPTION, (SEPTEMBER 1, 1983) $ - $ - $ -
Sale of common stock to chairman for cash 26,000 - 26,000
Net (loss) for the period - (25,000) (25,000)
------------ ------------- -----------
BALANCE, DECEMBER 31, 1983 26,000 (25,000) 1,000
Sale of common stock to chairman for cash 65,000 - 65,000
Net (loss) for the period - (242,000) (242,000)
------------ ------------- -----------
BALANCE, DECEMBER 31, 1984 91,000 (267,000) (176,000)
Sale of common stock to chairman for cash 92,000 - 92,000
Net (loss) for the period - (305,000) (305,000)
------------ ------------- -----------
BALANCE, DECEMBER 31, 1985 183,000 (572,000) (388,000)
Sale of common stock to chairman for cash 134,000 - 134,000
Net (loss) for the period - (433,000) (433,000)
------------ ------------- -----------
BALANCE, DECEMBER 31, 1986 317,000 (1,005,000) (687,000)
Sale of common stock to chairman for cash 16,000 - 16,000
Net (loss) for the period - (730,000) (730,000)
------------ ------------- -----------
BALANCE, DECEMBER 31, 1987 333,000 (1,735,000) (1,401,000)
Exchange of common stock for Class B stock - - -
Sale of Class B stock to chairman for cash 664,000 - 666,000
Net (loss) for the period - (1,031,000) (1,031,000)
------------ ------------- -----------
BALANCE, DECEMBER 31, 1988 997,000 (2,766,000) (1,766,000)
Net (loss) for the period - (1,522,000) (1,522,000)
------------ ------------- -----------
BALANCE, DECEMBER 31, 1989 997,000 (4,288,000) (3,288,000)
Conversion of loans payable to stockholder into
additional paid-in capital 1,481,000 - 1,481,000
Sale of 1,150,000 Units to public consisting of
3,450,000 shares of Class A common stock and
warrants (net of $1,198,000 underwriting expenses) 5,699,000 - 5,702,000
Conversion of Class B stock into
Class A stock - - -
Net (loss) for the period - (2,100,000) (2,100,000)
------------ ------------- -----------
BALANCE, DECEMBER 31, 1990 $8,177,000 ($6,388,000) $1,795,000
------------ ------------- -----------
CONTINUED
Page 6 (column continuation)
<PAGE>
BALANCE, DECEMBER 31, 1990 $8,177,000 ($6,388,000) $1,795,000
Exercise of Class A Warrants (net of $203,000
in underwriting expenses) for cash 10,143,000 - 10,146,000
Exercise of Class B Warrants for cash 356,000 - 356,000
Conversion of Class B stock
into Class A stock - - -
Exercise of stock options 835,000 - 836,000
Expense for warrants issued 900,000 - 900,000
Net (loss) for the period - (4,605,000) (4,605,000)
------------ ------------- -----------
BALANCE, DECEMBER 31, 1991 20,411,000 (10,993,000) 9,428,000
Exercise of Class B Warrants (net of $701,000
in underwriting expenses) for cash 14,465,000 - 14,468,000
Conversion of Class B stock
into Class A stock - - -
Exercise of stock options 865,000 - 866,000
Net (loss) for the period - (4,016,000) (4,016,000)
------------ ------------- -----------
BALANCE, DECEMBER 31, 1992 35,741,000 (15,009,000) 20,746,000
Sale of common stock to Medeva PLC. 1,500,000 - 1,500,000
Exercise of stock options 65,000 - 65,000
Net (loss) for the period - (6,521,000) (6,521,000)
------------ ------------- -----------
BALANCE, DECEMBER 31, 1993 37,306,000 (21,530,000) 15,790,000
Exercise of stock options 197,000 - 197,000
Net (loss) for the period - (7,431,000) (7,431,000)
------------ ------------- -----------
BALANCE, DECEMBER 31, 1994 37,503,000 (28,961,000) 8,556,000
Conversion of 8% Convertible Debentures into
Class A Common Stock 571,000 - 571,000
Exercise of stock options 23,000 - 23,000
Expense for warrants/options issued 602,000 - 602,000
Net (loss) for the period - (5,607,000) (5,607,000)
------------ ------------- -----------
BALANCE, DECEMBER 31, 1995 38,699,000 (34,568,000) 4,145,000
Conversion of 8% Convertible Debentures into
Class A Common Stock 4,863,000 - 4,865,000
Exercise of stock options 752,000 - 753,000
Expense for warrants/options issued 159,000 - 159,000
Net (loss) for the period - (1,566,000) (1,566,000)
------------ ------------- -----------
BALANCE, MARCH 31, 1996 $44,473,000 ($36,134,000) $8,356,000
============ ============= ===========
See notes to unaudited consolidated financial statements
Page 7 (column continuation)
</TABLE>
<PAGE>
AMERICAN BIOGENETIC SCIENCES, INC. AND SUBSIDIARY
(a development stage company)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
March 31, 1996
(1) INTERIM FINANCIAL STATEMENTS
The interim unaudited consolidated financial statements presented
herein have been prepared in accordance with generally accepted
accounting principles for interim financial statements and with the
instructions to Form 10-Q and Regulation S-X pertaining to interim
financial statements. Accordingly, they do not include all
information and footnotes required by generally accepted accounting
principles for complete financial statements. The interim financial
statements presented herein reflect all adjustments (consisting of
normal recurring adjustments and accruals) which, in the opinion of
management, are necessary for a fair presentation of financial
position as of March 31, 1996 and results of operations for the three
months ended March 31, 1996 and March 31, 1995. The Company's
financial statements should be read in conjunction with the summary of
significant accounting policies and the notes to consolidated
financial statements included in the Company's Annual Report on Form
10-K for the year ended December 31, 1995. The results of operations
for the three months ended March 31, 1996 are not necessarily
indicative of the results for the full year.
<PAGE>
(2) STOCKHOLDERS' EQUITY
Stock Options - The following summarizes the stock option activity for
the three months ended March 31, 1996.
1986 Plan Shares Price
Granted 46,500 $2.50
Exercised 341,375 $1.75 - $4.375
Cancelled 40,000 $2.00 - $4.375
1993 Plan There were no shares granted, exercised or
cancelled during the three months ended March
31, 1996.
1996 Plan
Granted 100,000 $4.78
Exercised - -
Cancelled - -
Each option entitles the holder to purchase one share of Class A
Common Stock of the Company.
On March 29, 1996, the Board of Directors adopted, subject to
stockholder approval at the Company's 1996 Annual Meeting of
Stockholders, the Company's 1996 Stock Option Plan. The 1996 Plan
authorizes the grant of options to purchase a maximum of 1,000,000
shares of the Company's Class A Common Stock to employees and
consultants. If the 1996 Plan is not approved by stockholders, the
options granted thereunder will terminate.
Other Options Granted
Pursuant to an October 1995 agreement with an unaffiliated third
party, during the three months ended March 31, 1996, the Company
granted options for 12,500 shares at $3.00 per share and 12,500 shares
at $5.50 per share. The Company recorded a noncash charge of $87,000
relating to these options.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
Results of Operations
The Company's net loss of $1,566,000 for the first quarter ended March
31, 1996 increased by $196,000 as compared to the net loss of
$1,370,000 for the first quarter ended March 31, 1995.
Research and development expenses decreased from $783,000 to $564,000
primarily as a result of reduced personnel, reduced payments for
research/collaborative projects, and reduced travel and meeting costs.
General and administrative expenses increased from $673,000 to
$976,000 as a result of increased public relations costs, consulting
costs, professional services and travel and meeting costs.
Interest expense of $173,000 resulted from the issuance of $8.5
million of 8% Convertible Debentures in late October 1995. Included
in the 1996 interest expense is $67,000 of amortization of the debt
issuance costs. The debt issuance costs are being amortized as a
component of interest expense over the term of the debentures. Upon
the conversion of debentures ($5,400,000 during the first quarter of
1996) the related unamortized debt issuance costs ($665,000 during the
first quarter of 1996) are charged to paid-in capital.
Investment income increased $43,000 from $86,000 in 1995 to $129,000
in 1996 as a result of higher average fund balances. Interest rates
on U.S. Government obligations were similar during both periods.
Liquidity and Capital Resources
As of March 31, 1996, the Company had working capital of $9,082,000
compared to $9,485,000 at December 31, 1995. The Company's management
believes that current working capital will be sufficient to fund its
<PAGE>
liquidity needs through 1996 and beyond. During the three months
ended March 31, 1996, $5,400,000 of the 8% Convertible Dentures were
converted into 2,066,145 Class A Common shares.
The Company expects to continue to incur substantial expenditures in
research and product development and the FDA approval process,
relating to Phase I and Phase II human clinical testing of the MH1
imaging product and 510(k) filings for TpP , the Company's Thrombus
Precursor Protein diagnostic tests, and FiF , the Company's Functional
Intact Fibrinogen diagnostic test. Currently product development plans
of the Company include entering into collaborative, licensing and co-
marketing arrangements with large pharmaceutical companies to provide
additional funding and clinical expertise to perform tests necessary
to obtain regulatory approvals, provide manufacturing expertise and
market the Company's products. Without such collaborative, licensing
or co-marketing arrangements, longer term, additional sources of
funding will be required to finance the Company.
<PAGE>
PART II
OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
10.1 The Company's 1996 Stock Option Plan -
Incorporated by reference to Exhibit A to the
Company's Proxy Statement dated April 29, 1996
related to the Company's 1996 Annual Meeting of
Stockholders, File No. 0-19041.
27 Financial Data Schedule - filed herewith.
(b) Reports on Form 8-K
No reports on Form 8-K were filed during the quarter
ended March 31, 1996.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
AMERICAN BIOGENETIC SCIENCES, INC.
(Registrant)
Date May 14, 1996 /s/ Josef C. Schoell
_____________ _________________________
Josef C. Schoell
Vice President, Finance
(Principal Financial and
Accounting Officer)
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS THRE MONTH YEAR-TO-DATE SUMMARY FINANCIAL
INFORMATION EXTRACTED FROM AMERICAN BIOGENETIC SCIENCES 1996 FIRST
QUARTER FORM 10-Q
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1996
<CASH> 2,056,000
<SECURITIES> 7,446,000
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 9,614,000
<PP&E> 1,637,000
<DEPRECIATION> 970,000
<TOTAL-ASSETS> 11,352,000
<CURRENT-LIABILITIES> 532,000
<BONDS> 2,450,000
0
0
<COMMON> 17,000
<OTHER-SE> 8,339,000
<TOTAL-LIABILITY-AND-EQUITY> 11,352,000
<SALES> 0
<TOTAL-REVENUES> 18,000
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 564,000
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 173,000
<INCOME-PRETAX> (1,566,000)
<INCOME-TAX> 0
<INCOME-CONTINUING> (1,566,000)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,566,000)
<EPS-PRIMARY> (.10)
<EPS-DILUTED> (.10)
</TABLE>
