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CEPHALON ANNOUNCES THIRD QUARTER 1992 FINANCIAL RESULTS

 CEPHALON ANNOUNCES THIRD QUARTER 1992 FINANCIAL RESULTS
 WEST CHESTER, Pa., April 28 /PRNewswire/ -- Cephalon Inc.


(NASDAQ: CEPH) today reported its financial results for its third fiscal quarter ended March 31, 1992.
 The company had a net loss of $3.0 million ($0.34 per share) for the quarter, as compared to a net loss of $1.8 million ($0.31 per share) recorded in the same period last year. For the first nine months of the fiscal year the company recorded a net loss of $6.5 million ($0.75 per share), compared to a net loss of $4.0 million ($0.69 per share).
 In the March 31, 1992, quarter, the company incurred operating expenses of $3.9 million compared to $1.9 million during the same period last year. The increase is largely attributable to toxicological testing and manufacturing, among other costs incurred in preparation for entering clinical trials with the company's proprietary compound Myotrophin(TM). On April 7, 1992, the company announced the initiation of human drug safety studies in the United Kingdom for Myotrophin to treat Amyotrophic Lateral Sclerosis (ALS), a life-threatening disease in which patients experience progressive degeneration of the motor neurons that control muscular activity.
 "We are pleased to have entered clinical trials for Myotrophin ahead of schedule," said Frank Baldino Jr., Ph.D., president and chief executive officer of Cephalon, Inc. "The company is on schedule to file its Investigational New Drug (IND) application with the FDA in June 1992 for human clinical testing of Myotrophin for ALS applications, and a second IND for Myotrophin to treat peripheral neuropathy is expected to be filed by the end of calendar 1992."
 Cephalon, founded in 1987, is a neuroscience company focusing on small molecule therapeutics for the treatment of neurodegenerative diseases. Through a broad-based approach encompassing neurobiology, medicinal chemistry and recombinant DNA technology, Cephalon's researchers are developing novel molecules which can be administered via conventional means. The company's most advanced programs are targeting the prevention of neuronal death in diseases such as stroke, ALS and Alzheimer's Disease.
 CEPHALON, INC.
 Consolidated Statements of Operations
 (Amounts in thousands, except per share)
 Periods ended Three Months Nine Months
 March 31 1991 1992 1991 1992
 Revenues $ -- $ -- $ -- $ --
 R&D expense 1,489 3,252 3,459 7,690
 G&A expense 408 623 903 1,691
 Total operating expense 1,897 3,875 4,362 9,381
 Loss from operations (1,897) (3,875) (4,362) (9,381)
 Interest:
 Income 106 877 442 2,883
 Expense (12) 0 (41) (15)
 Net loss $(1,803) $(2,998) $(3,961) $(6,513)
 Net loss per share $(0.31) $(0.34) $(0.69) $(0.75)
 Weighted average shares
 outstanding 5,727 8,855 5,715 8,720
 Selected Balance Sheet Data
 (Amounts in thousands)
 6/30/91 3/31/92
 Cash, cash equivalents and investments $ 61,739 $ 55,579
 Total assets 65,850 58,998
 Capital lease obligations 491 --
 Accumulated deficit (5,708) (12,221)
 Stockholders' equity $ 64,105 $ 58,003
 -0- 4/28/92
 /CONTACT: Nicole Vitullo of Cephalon, 215-344-0200; or Lilian S. Stern of Burns McClellan, 212-545-1919, for Cephalon/
 (CEPH) CO: Cephalon, Inc. ST: Pennsylvania IN: MTC SU: ERN


GK-OS -- NY003 -- 3559 04/28/92 08:43 EDT
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