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CEPHALON, INC. ANNOUNCES THIRD QUARTER 1992 FINANCIAL RESULTS

 CEPHALON, INC. ANNOUNCES THIRD QUARTER 1992 FINANCIAL RESULTS
 WEST CHESTER, Pa., Oct. 30 /PRNewswire/ -- Cephalon, Inc. (NASDAQ: CEPH) today reported a loss of $1.8 million ($.20 per share) for the quarter ended Sept. 30, 1992, as compared to a net loss of $1.6 million ($.18 per share) reported for the same period last year. For the first nine months of 1992, the company reported a loss of $4.2 million ($.47 per share) compared to breakeven results for the same period last year.
 In the Sept. 30, 1992 quarter, the company incurred operating expenses of $4.5 million compared to $2.5 million during the same period last year. This increase results primarily from increases in research, administration and development costs, including costs associated with the clinical testing of the company's lead product, Myotrophin(TM). In August 1992, Cephalon, Inc. closed a $45 million private placement of limited partnership interests in Cephalon Clinical Partners, L.P. (CCP) to fund the further development and clinical testing of Myotrophin to treat ALS (Lou Gehrig's disease) and peripheral neuropathy; and the company recorded $1.9 million of revenue in the quarter ended Sept. 30, 1992 from CCP. As of Sept. 30, 1992, Cephalon, Inc. employed over 100 full and part-time employees, compared to 68 one year earlier. As of Sept. 30, 1992, Cephalon, Inc. had a cash and investments balance of $50.7 million.
 Cephalon, Inc., focuses on the development of products to treat neurodegenerative diseases. These diseases are characterized by the death of neurons, the specialized conducting cells of the nervous system. The company has concentrated its research programs of the prevention of neuronal death in several disorders, including ALS, Alzheimer's disease, head and spinal cord injuries, stroke, peripheral neuropathy and retinopathy.
 CEPHALON, INC. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (Unaudited, Amounts in Thousands, Except per Share)
 Period Ended Three Months Nine Months
 Sept. 30 1992 1991 1992 1991
 Revenues $1,930 -- $5,930 $5,040
 Expenses:
 Research & Development 3,711 1,905 10,418 5,182
 General & Administration 805 620 2,173 1,533
 Total Expenses 4,516 2,525 12,591 6,715
 Loss from Operations (2,586) (2,525) (6,661) (1,675)
 Interest Income (net) 814 966 2,501 1,670
 Loss $(1,772) $(1,559) $(4,160) (5)
 Loss per Share $ (.20) $ (.18) $ (.47) --
 Weighted Average
 Shares Outstanding 8,915 8,620 8,892 8,211
 Selected Balance Sheet Data
 (Unaudited, Amounts in Thousands)
 Period Ended Sept. 30 Dec. 30
 1992 1991
 Cash & Cash Equivalents
 & Investments $50,669 $58,833
 Total Assets 58,465 69,691
 Accumulated Deficit (13,383) (9,223)
 Stockholders' Equity $57,695 $60,857
 -0- 12/30/92
 /CONTACT: Nicole Vitullo, director of corporate communications of Cephalon, 215-344-0200, or Emily Magowan of Burns McClellan, 212-505-1919, for Cephalon/
 (CEPH) CO: Cephalon, Inc. ST: Pennsylvania IN: MTC SU: ERN


LD-JT -- NY007 -- 6949 10/30/92 08:30 EST
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Date:Oct 30, 1992
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