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SYNERGEN REPORTS FIRST QUARTER FINANCIAL RESULTS

 BOULDER, Colo., May 6 /PRNewswire/ -- Synergen Inc. (NASDAQ: SYGN) reported revenues of $9,399,700 for the first quarter of 1993, compared to $10,471,600 for the like period in 1992. The company reported a net loss of $20,625,600 or 82 cents per share for the quarter, compared to a net loss of $520,700 or 2 cents per share for the quarter ended March 31, 1992.
 "During the quarter we released the results of our ANTRIL(TM) Phase III sepsis clinical trial, which showed that the benefit of ANTRIL appeared to be greatest in the most severely ill patients," stated Larry Soll, Ph.D., chairman and chief executive officer. "We believe that ANTRIL has the potential to become an important new treatment for sepsis, and we plan to begin a follow-up study in severely ill sepsis patients in the next several months."
 Kenneth J. Collins, executive vice president, finance and administration said, "We ended the quarter with a cash balance of approximately $224 million. We are now making changes to tighten our research focus, remain competitive and preserve our cash. This process included a significant reduction in planned capital expenditures and the termination of approximately 85 employees in early April. In addition, we are reviewing our preclinical and clinical research programs to determine which should be deferred or canceled so we can focus on the most promising product opportunities."
 Synergen is a biopharmaceutical company engaged in the discovery, development and manufacture of protein-based pharmaceuticals. The company's research is targeted toward 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 Ended March 31,
 1993 1992
 REVENUES:
 Sponsored research
 and development $6,651,200 $6,101,000
 Interest & other income 2,748,500 4,370,600
 TOTAL REVENUES 9,399,700 10,471,600
 EXPENSES:
 Research and development 24,894,100 8,561,200
 General and administrative 5,039,800 2,349,700
 Interest 91,400 81,400
 TOTAL EXPENSES 30,025,300 10,992,300
 NET LOSS $(20,625,600) $(520,700)
 NET LOSS PER SHARE $ (.82) $ (.02)
 WEIGHTED AVERAGE COMMON
 SHARES OUTSTANDING 25,141,800 24,742,400
 SYNERGEN INC. AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 ASSETS
 (unaudited)
 March 31, Dec. 31,
 1993 1992
 CURRENT ASSETS:
 Cash & cash equivalents $ 2,429,900 $ 2,632,100
 Short-term investments 216,633,900 235,898,100
 Accounts receivable
 (No allowance for
 doubtful accounts
 considered necessary) 12,644,800 18,570,300
 Note receivable from
 Synergen Clinical
 Partners 6,200,000 ---
 Accrued interest
 receivable 1,942,000 2,369,600
 Prepaid expenses & other 4,153,100 2,854,800
 TOTAL CURRENT ASSETS 244,003,700 262,324,900
 PROPERTY & EQUIPMENT, Net 87,085,800 79,965,400
 OTHER ASSETS:
 Restricted short-term
 investments 4,836,500 4,498,900
 Note receivable from
 Synergen Clinical
 Partners --- 6,200,000
 Other 6,364,400 6,356,700
 TOTAL OTHER ASSETS 11,200,900 17,055,600
 TOTAL ASSETS $342,290,400 $359,345,900
 SYNERGEN INC. AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 LIABILITIES AND STOCKHOLDERS' EQUITY
 (unaudited)
 March 31, Dec. 31,
 1993 1992
 CURRENT LIABILITIES:
 Accounts payable
 & accrued expenses $13,236,000 $10,844,500
 Unearned revenue 433,700 779,900
 TOTAL CURRENT
 LIABILITIES 13,669,700 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:
 25,225,399 and 25,083,146
 shares 252,200 250,800
 Additional paid-in
 capital 406,002,300 405,244,900
 Deficit (82,833,800) (62,208,200)
 Receivable for warrants
 & deferred compensation,
 net (800,000) (1,566,000)
 TOTAL STOCKHOLDERS'
 EQUITY 322,620,700 341,721,500
 TOTAL LIABILITIES
 AND STOCKHOLDERS'
 EQUITY $ 342,290,400 $ 359,345,900
 -0- 5/6/93
 /CONTACT: Paul Laland (Media), 303-541-1325; or Debra Bannister (Financial), 303-938-6242, both of Synergen/
 (SYGN)


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

BB -- DV002 -- 5188 05/06/93 08:01 EDT
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Date:May 6, 1993
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