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CYGNUS THERAPEUTIC SYSTEMS ANNOUNCES RECOMMENCEMENT OF SECONDARY OFFERING

 CYGNUS THERAPEUTIC SYSTEMS ANNOUNCES RECOMMENCEMENT
 OF SECONDARY OFFERING
 REDWOOD CITY, May 1 /PRNewswire/ -- Cygnus Therapeutic Systems (NASDAQ: CYGN), announced today that it has recommenced its secondary offering of common stock. The company had originally filed a registration statement on March 5, 1992 with the Securities and Exchange Commission with respect to a proposed offering of 3,000,000 shares. In a recent filing with the Securities and Exchange Commission the company reduced the number of shares to be offered to 1,500,000. The company has also granted the underwriters an over- allotment option to purchase up to 225,000 shares of common stock. The offering is being managed by Robertson, Stephens & Co., PaineWebber Inc. and Hambrecht & Quist Inc. The company anticipates that the offering will take place early in the week of May 4, 1992.
 Cygnus is a leader in the development of transdermal drug delivery systems and has 200 employees located at its Redwood City headquarters. The company's nicotine transdermal product, Nicotrol(TM), has recently received FDA approval for marketing in the United States. The company also has two products in advanced clinical trials, an estradial patch for the treatment of symptoms of menopause and the prevention of osteoporosis, and a fentanyl patch for post- operative pain management. The company has 11 U.S. patents issued or allowed and over 300 patent applications worldwide covering its transdermal technology.
 A registration statement relating to theses securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Copies of the prospectus may be obtained from Robertson, Stephens & Co., One Embarcadero Center, Suite 3100, San Francisco, CA 94111, Attention: Syndicate Department (telephone: 415-781-9700); PaineWebber Inc., 1285 Avenue of the Americas, New York, NY 10019, Attention: Syndicate Department (telephone: 212-713-2000); and Hambrecht & Quist Inc., One Bush St., San Francisco, CA 94104, Attention: Syndicate Department, (telephone: 415-576-3300).
 -0- 5/1/92
 /CONTACT: Shirley Clayton of Cygnus, 415-369-4300/
 (CYGN) CO: Cygnus Therapeutic Systems ST: California IN: MTC SU: OFR


MM-DG -- SF002 -- 5501 05/01/92 13:23 EDT
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Publication:PR Newswire
Date:May 1, 1992
Words:414
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