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MGI PHARMA EXERCISES RIGHT TO CONVERT ALL PREFERRED STOCK TO SHARES OF COMMON STOCK

 MGI PHARMA EXERCISES RIGHT TO CONVERT ALL PREFERRED STOCK
 TO SHARES OF COMMON STOCK
 MINNEAPOLIS, Jan. 8 /PRNewswire/ -- MGI Pharma, Inc. (NASDAQ: MOGN) announced today that it has exercised its right to convert all of its outstanding Series I Preferred Stock into shares of MGI Pharma common stock.
 In accord with the terms of the Series I Preferred Stock, all 352,000 shares of preferred stock, held solely by American Cyanamid Company, will be converted to 414,117 shares of MGI Pharma common stock effective Jan. 10, 1992. After conversion, American Cyanamid holdings in MGI Pharma common stock will be 941,483 shares, which is 8.4 percent of the company's issued and outstanding common shares.
 MGI Pharma, Inc., acquires, develops, and markets pharmaceuticals prescribed and recommended by physician specialists. The company currently sells DIDRONEL(R) I.V. Infusion and Oratect(TM) Gel and has a number of products in various stages of development.
 -0- 1/08/92
 /CONTACT: Lori Weiman of MGI Pharma, 612-939-4666/
 (MOGN) CO: MGI Pharma, Inc.; American Cyanamid Company ST: Minnesota IN: MTC SU:


DS -- MN004 -- 7627 01/08/92 09:16 EST
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Publication:PR Newswire
Date:Jan 8, 1992
Words:187
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