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MAGAININ PHARMACEUTICALS ANNOUNCES THIRD QUARTER FINANCIAL RESULTS

 MAGAININ PHARMACEUTICALS ANNOUNCES THIRD QUARTER FINANCIAL RESULTS
 PLYMOUTH MEETING, Pa., May 6 /PRNewswire/ -- Magainin Pharmaceuticals Inc. (NASDAQ: MAGN) today reported a net loss of $2.1 million or 30 cents per share for the third quarter of fiscal 1992, as compared to a net loss of $1.2 million or 28 cents per share for the same period a year ago.
 For the first nine months of the fiscal year, Magainin recorded a net loss of $5 million or 86 cents per share, as compared to $3.4 million or 79 cents per share for the same period a year ago.
 The company incurred operating expenses of $2.2 million for the quarter ended March 31, 1992, which represents an increase of $1 million from the comparable quarter in the prior year. The increase is primarily the result of increasing research and development expenditures in advancing therapeutic candidates for the treatments of infection, cancer and wound healing. Additionally, final safety testing is being completed and clinical supplies prepared in preparation for planned human clinical studies with MSI-78, anticipated to commence this fall.
 "The results for the third quarter are in line with the company's expectations," stated Jay Moorin, president and chief executive officer. "Our research and development programs are proceeding on schedule, with the planned start of clinical studies for our broad spectrum topical antibiotic. As previously announced, Dr. Taffy Williams has joined the company as vice president of research.
 "Dr. Williams comes to Magainin from the Naval Medical Research Institute, Bethesda, Maryland, where he served as director of their Septic Shock Research Program. His experience will allow us to explore unique research opportunities and could accelerate the generation of new systemic therapeutic candidates for clinical trials."
 Magainin is a biopharmaceutical company dedicated to the research, development and commercialization of novel host defense pharmaceuticals for treatment of infections, wounds and cancer. The company completed its initial public offering of its common stock in December 1991.
 MAGAININ PHARMACEUTICALS INC.
 Statement of Operations
 (Unaudited; amounts in thousands, except per-share amounts)
 Periods ended Three months Nine months
 March 31 1992 1991 1992 1991
 Revenue $63 $113 $253 $176
 R&D expense 1,856 926 3,884 2,629
 G&A expense 426 393 1,234 1,034
 Total operating 2,282 1,319 5,118 3,663
 (Loss) from operations (2,219) (1,206) (4,865) (3,487)
 Interest:
 Income 162 9 225 130
 Expense (21) (25) (319) (66)
 Net loss (2,078) (1,222) (4,959) (3,423)
 Net loss per share ($.30) ($.28) ($.86) ($.79)
 Weighted average shares 7,037 4,381 5,737 4,346
 /delval/
 -0- 5/6/92
 /CONTACT: Jay Moorin, president and chief executive officer of Magainin Pharmaceuticals, 215-941-4020/
 (MAGN) CO: Magainin Pharmaceuticals Inc. ST: Pennsylvania IN: MTC SU: ERN


MP-KA -- PH009 -- 6980 05/06/92 10:16 EDT
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Publication:PR Newswire
Date:May 6, 1992
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