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SYNERGEN INC. REPORTS THIRD QUARTER FINANCIAL RESULTS

 BOULDER, Colo., Oct. 28 /PRNewswire/ -- Synergen Inc. (NASDAQ: SYGN) reported revenues of $4,703,000 for the third quarter of 1993, compared to $16,470,700 for the same period in 1992. The company reported a net loss of $18,236,900, or 72 cents per share for the quarter, compared to a net loss of $2,226,500 or 9 cents per share for the quarter ended Sept. 30, 1992.
 The net loss for the nine months ended Sept. 30, 1993, was $64,472,700, or $2.56 per share, compared to a net loss of $5,630,800, or 23 cents per share, for the same period in 1992. Revenues for the first nine months of 1993 were $17,740,800, compared to revenues of $39,964,600 for the same period in 1992.
 "During the last nine months, our revenues from sponsored research and development and interest income decreased substantially and our clinical research expenses have increased," said Kenneth J. Collins, executive vice president, finance and administration. "Sponsored research and development revenue is down this quarter primarily because funding from Synergen Clinical Partners, a $50 million partnership formed in 1991 to fund clinical development of ANTRIL(TM), was fully accrued during the first quarter of 1993. We ended the third quarter with a cash balance of approximately $175 million."
 "Our clinical development program focuses on ANTRIL for severe sepsis and rheumatoid arthritis and on ciliary neurotrophic factor (CNTF) for the treatment of amyotrophic lateral sclerosis or Lou Gehrig's disease," said Robert C. Thompson, executive vice president, research and clinical affairs.
 Recently, additional data from the last Phase III trial of ANTRIL for sepsis was presented at the 33rd Interscience Conference on Antimicrobial Agents and Chemotherapy. ANTRIL appeared to provide a survival benefit in sepsis patients with documented infection. The data suggests a more significant survival benefit in the more severely ill patient group.
 Results from the first Phase II trial of ANTRIL for rheumatoid arthritis will be presented on Nov. 8 at the annual meeting of the American College of Rheumatology in San Antonio.
 Synergen is a biopharmaceutical company engaged in the discovery, development and manufacture of protein-based pharmaceuticals. The company's research is targeted at products for inflammatory diseases and neurological disorders. The company is headquartered in Boulder, with manufacturing operations in Boulder and Delaware, and business operations in The Netherlands and Japan.
 SYNERGEN INC. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (Unaudited)
 Three Months Nine Months
 Ended Sept. 30, Ended Sept. 30,
 1993 1992 1993 1992
 Revenues:
 Sponsored
 research and
 development $2,641,000 $9,470,400 $10,112,200 $24,101,400
 Interest and
 other income 2,062,000 7,000,300 7,628,600 15,863,200
 Total revenues 4,703,000 16,470,700 17,740,800 39,964,600
 Expenses:
 Research and
 development 19,379,700 15,233,100 66,602,200 36,473,400
 General and
 adminis-
 trative 3,386,500 3,374,600 13,254,500 8,860,700
 Restructuring
 charge --- --- 2,000,000 ---
 Interest 173,700 89,500 356,800 261,300
 Total expenses 22,939,900 18,697,200 82,213,500 45,595,400
 Net loss ($18,236,900) ($2,226,500) ($64,472,700) ($5,630,800)
 Net loss per share ($.72) ($.09) ($2.56) ($.23)
 Weighted average
 common shares
 outstanding 25,274,500 24,801,600 25,163,900 24,772,800
 SYNERGEN INC. AND SUBSIDIARIES
 Consolidated Balance Sheets
 Assets
 (Unaudited)
 Sept. 30, Dec. 31,
 1993 1992
 Current Assets:
 Cash and cash equivalents $61,084,000 $2,632,100
 Short-term investments 109,571,500 235,898,100
 Accounts receivable (no
 allowance for doubtful
 accounts considered
 necessary) 13,036,900 18,570,300
 Receivable from Synergen
 Clinical Partners 6,200,000 ---
 Accrued interest receivable 1,495,400 2,369,600
 Prepaid expenses and other 3,237,400 2,854,800
 Total current assets 194,625,200 262,324,900
 Property and equipment, net 88,582,500 79,965,400
 Other Assets:
 Restricted short-term
 investments 4,557,200 4,498,900
 Receivable from Synergen
 Clinical Partners --- 6,200,000
 Other 6,822,400 6,356,700
 Total other assets 11,379,600 17,055,600
 Total assets $294,587,300 $359,345,900
 SYNERGEN INC. AND SUBSIDIARIES
 Consolidated Balance Sheets
 Liabilities and Stockholders' Equity
 (Unaudited)
 Sept. 30, Dec. 31,
 1993 1992
 Current Liabilities:
 Accounts payable
 and accrued expenses $9,319,600 $10,844,500
 Unearned revenue --- 779,900
 Total current liabilities 9,319,600 11,624,400
 Industrial development
 revenue bonds 6,000,000 6,000,000
 Stockholders' Equity:
 Preferred Stock, $.01 par
 value; authorized,
 10,000,000 shares; none
 issued
 Common Stock, $.01 par
 value; authorized,
 120,000,000 shares;
 issued: 25,368,126 and
 25,083,146 shares 253,700 250,800
 Additional paid-in
 capital, net 406,860,000 405,244,900
 Deficit (126,680,900) (62,208,200)
 Receivable for warrants
 and deferred
 compensation, net (1,165,100) (1,566,000)
 Total stockholders' equity 279,267,700 341,721,500
 Total liabilities and
 stockholders' equity $294,587,300 $359,345,900
 -0- 10/28/93
 /CONTACT: Paul Laland, 303-541-1325; or Susan Eustes (investor contact), 303-938-6242/
 (SYGN)


CO: Synergen Inc. ST: Colorado IN: MTC SU: ERN

LM-JL -- LA006 -- 7697 10/28/93 08:03 EDT
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Date:Oct 28, 1993
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