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CAMBRIDGE NEUROSCIENCE REPORTS FIRST QUARTER RESULTS

 CAMBRIDGE NEUROSCIENCE REPORTS FIRST QUARTER RESULTS
 CAMBRIDGE, Mass., May 8 /PRNewswire/ -- Cambridge NeuroScience, Inc. (NASDAQ: CNSI) today reported, in line with expectations, a net loss for the first quarter 1992 of 31 cents a share, or $2,661,530, compared to a net loss of 33 cents a share, or $1,591,939 in the first quarter 1991.
 Revenues from government grants for the first quarter were $252,114 compared with $324,510 in the same period last year. Interest income for the first quarter of 1992 was $382,398 compared with $23,116 for the first quarter 1991 due to the higher cash balances available for investments following the company's two public offerings of common stock in 1991.
 "The first quarter of 1992 was an active one for Cambridge NeuroScience," said Alan Dalby, chairman and chief executive officer. "Our psychiatric product, ECTAPRAM(tm), entered multi-center clinical trials. We expanded our portfolio of growth factors by licensing from Columbia University the worldwide rights to an axonal growth factor, F-Spondin that may have therapeutic value in spinal cord injury, and we were awarded a Phase II SBIR grant to further our novel research in cell death genetics. In addition, we made significant preclinical advancement with our NMDA ion-channel blocker, CNS 1102, keeping us on track to begin Phase I clinical trials by year-end. As planned, operating expenses increased this quarter due to this accelerated development activity as well as to costs associated with being a public company."
 Cambridge NeuroScience is a leading neuroscience company engaged in the discovery and development of proprietary pharmaceuticals with a focus on nerve cell survival. The company is developing a number of products to treat stroke, traumatic brain injury, schizophrenia and chronic neurodegenerative disorders, such as diabetic peripheral neuropathy and amyotrophic lateral sclerosis (Lou Gehrig's disease).
 CAMBRIDGE NEUROSCIENCE, INC.
 Consolidated Statements of Operations
 (unaudited)
 Three Months Ended
 March 31,
 1992 1991
 Revenues $252,114 $324,510
 Operating expenses:
 Research & development 2,508,708 1,536,218
 General and administrative 787,334 403,347
 Total 3,296,042 1,939,565
 Loss from operations (3,043,928) (1,615,055)
 Interest income (net) 382,398 23,116
 Net loss (2,661,530) (1,591,939)
 Net loss per common share (31 cents) (33 cents)
 Weighted average shares
 outstanding 8,612,120 4,819,708
 -0- 5/8/92
 /CONTACT: Philip V. Holberton, vice president and CFO, 617-225-0600, ext. 106, or John T. Smith, 617-225-0600, ext. 151, both of Cambridge NeuroScience/
 (CNSI) CO: Cambridge NeuroScience, Inc. ST: Massachusetts IN: MTC SU: ERN


MP -- NE004 -- 8014 05/08/92 10:29 EDT
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Date:May 8, 1992
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