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MYCOGEN ANNOUNCES THIRD QUARTER RESULTS

 SAN DIEGO, Oct. 25 /PRNewswire/ -- Mycogen Corp. (NASDAQ: MYCO) today reported third quarter revenues of $15.7 million for the period ended Sept. 30, 1993, compared to $11.7 million in the same period last year. Net loss was $6.8 million or $.40 per share, compared to a net loss of $1.5 million, or $.11 per share, for the same period in 1992.
 For the nine months ended Sept. 30, 1993, revenues were $119.3 million, compared to $29.0 million for the same period last year. The net loss was $1.9 million or $.11 per share, compared to $3.0 million, or $.21 per share last year. Revenue and expense increases over 1992 are largely attributable to the December 1992 acquisition of Agrigenetics, which has been renamed Mycogen Plant Sciences.
 "The bad weather and flooding that wiped out crops and prevented planting in the Midwest had a significant negative impact on sales, and returns of seeds sold earlier in the year were considerably higher than in previous years," said James R. Glynn, Mycogen's executive vice president and chief financial officer. "These weather-related revenue shortfalls, taken together with charges relating to severance payments, relocation and other expenses associated with restructuring and the closure of our AgriGene seed division add up to a disappointing quarter."
 Cash and short-term investments at the end of the third quarter totaled $65.4 million, or approximately $3.85 per share.
 "It is now clear that our 1993 loss will be larger than we had hoped," Glynn said. "However, we believe that the groundwork we have laid with our restructuring and other expense control measures, and the expected increase in planted acreage next year will help us to achieve our goal of profitability in 1994."
 Mycogen is a diversified biotechnology company that develops and markets environmentally compatible biopesticides and improved crop varieties to control pests and increase food and fiber production.
 MYCOGEN CORP.
 Condensed Consolidated Statements Of Operations
 (Unaudited; Dollars in thousands, except per share data)
 Three months ended Nine months ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Revenues:
 Net operating
 revenues $14,082 $11,394 $114,989 $26,789
 Contract revenue 1,469 300 3,994 1,303
 Royalty and license
 income 147 --- 329 900
 Total Revenues 15,698 11,694 119,312 28,992
 Costs and expenses:
 Cost of operating
 revenues 10,991 6,837 64,914 17,578
 Selling, general and
 administrative 12,923 2,771 39,109 8,202
 Research and
 development 5,704 2,017 15,418 6,407
 Amortization of
 intangible assets 377 326 1,511 891
 Patent litigation
 settlement --- 2,094 --- 2,094
 Total costs &
 expenses 29,995 14,045 120,952 35,172
 Operating loss (14,297) (2,351) (1,640) (6,180)
 Interest income and
 expense, net 759 818 2,242 3,208
 Minority interest 7,258 --- (1,024) ---
 Net loss (6,280) (1,533) (422) (2,972)
 Dividends on
 preferred stock (507) --- (1,502) ---
 Net loss applicable to
 common shares ($6,787) ($1,533) ($1,924) ($2,972)
 Net loss per
 common share ($0.40) ($0.11) ($0.11) ($0.21)
 Weighted average number
 of shares 16,969,000 14,458,000 16,935,000 14,417,000
 Condensed Consolidated Balance Sheets
 (Dollars in thousands)
 Sept. 30, 1993 Dec. 31, 1992
 (Unaudited) (Audited)
 Assets:
 Cash and short-term investments $65,403 $68,448
 Other current assets 66,866 76,336
 Net property, plant and
 equipment 46,839 46,761
 Other assets 20,625 21,208
 Total assets $199,733 $212,753
 Liabilities and Stockholders' Equity:
 Current liabilities $18,420 $33,672
 Long-term liabilities 1,247 1,256
 Minority interest 32,402 31,378
 Redeemable convertible preferred
 stock 41,066 39,564
 Stockholders' equity 106,598 106,883
 Total liabilities and
 stockholders' equity $199,733 $212,753
 -0- 10/25/93
 /CONTACT: James R. Glynn, executive VP & CFO, or Michael W. Sund, director-corporate communications, both of Mycogen, 619-453-8030/
 (MYCO)


CO: Mycogen Corp. ST: California IN: ENV SU: ERN

LM-MF -- SD002 -- 6129 10/25/93 08:36 EDT
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Date:Oct 25, 1993
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