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CAMBRIDGE NEUROSCIENCE REPORTS FOURTH QUARTER AND 1991 YEAR-END FINANCIAL RESULTS

 CAMBRIDGE NEUROSCIENCE REPORTS FOURTH QUARTER AND 1991 YEAR-END
 FINANCIAL RESULTS
 CAMBRIDGE, Mass., Feb. 19 /PRNewswire/ -- Cambridge NeuroScience, Inc. (NASDAQ: CNSI) today reported, in line with expectations, a net loss of $1.26 per share, or $7,951,558, for the year ended Dec. 31, 1991, compared to a net loss of $1.30 per share, or $5,989,269, for the year ended Dec. 31, 1990. For the fourth quarter, the net loss was 30 cents per share or $2,398,643, compared with a net loss of 36 cents per share or $1,684,056, in the same period last year. Revenues for the year were $1,085,258 compared with $1,032,370 in 1990, and for the fourth quarter of 1991 were $224,471 compared with $316,707 in the same period last year.
 "During 1991, we were able to advance our commercial development on several fronts. We positioned two of our lead compounds to enter human trials in 1992, broadened our product portfolio by in-licensing several potential products and increased our financial resources by $44 million through two equity offerings. Also, during 1991, we increased our research and development budget in an effort to advance our longer-term goal of commercializing major products. We expect that in 1992 we will make significant progress toward reaching that goal," said Alan J. Dalby, chairman and chief executive officer of Cambridge NeuroScience.
 Cambridge NeuroScience has product development efforts focused in three areas: products for stroke, head injury and acute brain damage; growth factors for neurodegenerative diseases such as diabetic peripheral neuropathies and amyotrophic lateral sclerosis (Lou Gehrig's disease); and novel antipsychotic compounds for the treatment of mental illnesses such as schizophrenia.
 CAMBRIDGE NEUROSCIENCE, INC.
 Consolidated Statements of Operations
 Three Months Ended 12 Months Ended
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 Revenues:
 Government grants and
 sponsored research $224,471 $316,707 $1,085,258 $1,032,370
 Operating expenses:
 Research and
 development 2,346,792 1,488,259 7,505,626 5,819,859
 General and
 administrative 650,922 530,486 2,315,319 1,416,882
 Total 2,997,714 2,018,745 9,820,945 7,236,741
 Loss from operations (2,773,243)(1,702,038) (8,735,687)(6,204,371)
 Interest income, net 374,600 17,982 784,129 215,102
 Net loss (2,398,643)(1,684,056) (7,951,558)(5,989,269)
 Net loss per
 common share (30 cents) (36 cents) $(1.26) $(1.30)
 Weighted average
 shares outstanding 8,041,791 4,653,041 6,332,426 4,591,882
 -0- 2/19/92
 /CONTACT: Philip V. Holberton, vice president and CFO, or John T. Smith, manager-corporate communications, of Cambridge NeuroScience, 617-225-0600/
 (CNSI) CO: Cambridge NeuroScience, Inc. ST: Massachusetts IN: MTC SU: ERN


SH -- NE006 -- 0474 02/19/92 12:50 EST
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Publication:PR Newswire
Date:Feb 19, 1992
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