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MGI PHARMA REPORTS 1992 RESULTS

 MINNEAPOLIS, Feb. 16 /PRNewswire/ -- MGI PHARMA, INC. (NASDAQ: MOGN), a specialty pharmaceutical company, reported a loss for the year ended Dec. 31, 1992 totalling $9,246,728, or 83 cents per share, which compares with a net loss of $8,714,946, or 94 cents per share, for 1991. For the 1992 fourth quarter, MGI PHARMA reported a loss of $2,658,628, or 24 cents per share, compared with a loss of $1,985,502, or 19 cents per share in the corresponding 1991 quarter.
 MGI PHARMA reported revenues of $4,692,763 for fiscal year 1992 compared with revenues of $8,657,234 in 1991. Revenues for the fourth quarter 1992 totalled $984,018 compared with $2,423,237 for the corresponding quarter in 1991.
 As of Dec. 31, 1992, MGI PHARMA had $32,216,440 in cash and liquid investments and $35,955,984 in total assets.
 Dr. Kenneth F. Tempero, MGI PHARMA's chairman and chief executive officer, stated "Various events affected 1992 results. Product sales were adversely affected by the introduction of new competition in the hypercalcemia market for which we sell DIDRONEL(R) I.V. Infusion. Research and development expenditures decreased due to the timing of completing, discontinuing and initiating several different clinical programs and selling expense increased as a result of our preparations for the launch of Salagen(TM). As we start 1993, DIDRONEL I.V. Infusion sales appear stable, several clinical programs are underway, our product pipeline has been expanded with some new and exciting intellectual property, and the key components in place needed to launch Salagen are in place as we await its approval by the Food and Drug Administration. Overall, we are pleased with the progress we've made thus far and look forward to the challenges and opportunities that lie ahead."
 MGI PHARMA acquires, develops and markets pharmaceuticals prescribed and recommended by physician specialists. Its initial focus is on developing products that improve the quality of life for critically and chronically ill patients. It currently sells DIDRONEL I.V. Infusion and Oratect(R) Gel to cancer specialists throughout the United States. The company submitted its New Drug Application for Salagen to the Food and Drug Administration in February 1992. MGI PHARMA also has several additional products in various stages of clinical development.
 MGI PHARMA, INC.
 Consolidated Statements of Operations
 Three Months Ended Year Ended
 12/31/92 12/31/91 12/31/92 12/31/91
 (Unaudited)
 Revenues:
 Product sales 584,015 1,526,700 2,677,794 5,067,991
 Co-marketing 0 241,901 10,196 696,987
 Licensing 92,495 76,701 460,427 327,437
 Gain on sale
 of investment 0 0 0 436,782
 Interest and
 other income 307,508 577,935 1,544,346 2,128,037
 -- 984,018 2,423,237 4,692,763 8,657,234
 Costs and Expenses:
 Research and
 development 1,755,389 2,321,167 6,330,233 9,825,572
 Cost of sales 124,684 162,563 560,417 483,424
 Selling, general and
 administrative 1,374,265 1,512,325 5,495,607 5,401,449
 Amortization of
 intangibles 388,308 412,684 1,553,234 1,661,735
 -- 3,642,646 4,408,739 13,939,491 17,372,180
 Net loss (2,658,628) (1,985,502) (9,246,728) (8,714,946)
 Loss per common
 share (1) (0.24) (0.19) (0.83) (0.94)
 Weighted average
 number of
 common shares
 outstanding 11,236,246 10,645,824 11,210,311 9,454,021
 Consolidated Balance Sheet Data
 12/31/92 12/31/91
 Cash and cash
 equivalents and
 investments $32,216,440 $38,568,978
 Total assets 35,955,984 44,551,041
 Total common
 stockholders' equity 33,043,604 38,149,825
 (1) 1991 net losses are increased by $44,000 for the three months ended Dec. 31, 1991 and $176,000 for the year ended Dec. 31, 1991 for undeclared, unpaid dividends on the redeemable cumulative preferred stock. Common stock equivalents are not included as their effect is antidilutive.
 -0- 2/16/93
 /CONTACT: Lori Weiman of MGI PHARMA, 612-939-4666/
 (MOGN)


CO: MGI Pharma, Inc. ST: Minnesota IN: MTC SU: ERN

DS -- MN004 -- 6697 02/16/93 08:31 EST
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Date:Feb 16, 1993
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