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CYGNUS CONFIRMS PREVIOUSLY REPORTED FIRST QUARTER RESULTS; NICOTINE PATCH RECEIVES FDA APPROVAL

 CYGNUS CONFIRMS PREVIOUSLY REPORTED FIRST QUARTER RESULTS;
 NICOTINE PATCH RECEIVES FDA APPROVAL
 REDWOOD CITY, Calif., May 6 /PRNewswire/ -- Cygnus Therapeutic Systems (NASDAQ: CYGN), a company focused on transdermal drug delivery, today confirmed the first quarter results which it had announced as preliminary results on April 10, 1992.
 Contract revenues were $1,100,000, for the first quarter ended March 31, 1992, compared with $1,161,000 for the fourth quarter ended Dec. 31,1991, and $1,140,000 for the first quarter of 1991. Net loss was $6,789,000, or $0.58 per share, for the first quarter 1992, compared with $2,883,000, or $0.25 per share, for the fourth quarter 1991 ended Dec. 31, 1991 and $1,267,000, or $0.13 per share, for the first quarter a year ago.
 "Our first product, the Nicotrol(TM) 'Day Patch' was approved by the FDA in April. As mentioned in our earlier release, we incurred significant start-up manufacturing costs in the first quarter as we geared up for commercial production of this important product," according to Shirley Clayton, chief financial officer. "Also contributing to the loss for the first quarter were one-time charges which did not impact cash in the quarter."
 Revenues will continue to fluctuate from quarter to quarter depending upon such factors as the timing of lump sum licensing fees received upon signing new contracts and milestone payments for completion of certain contractual requirements.
 Cygnus announced on May 4, 1992, that it had completed a public offering of 1,500,000 shares of its common stock at $15 a share. The closing is scheduled for May 11, 1992.
 Cygnus is a leader in the development of advanced transdermal drug delivery systems. Cygnus, nicotine transdermal product, Nicotrol, was approved by the FDA in April and will be marketed in the United States by Parke-Davis, a division of Warner-Lambert Co. The company has two other products in advanced clinical trials, an estradiol patch for the treatment of the symptoms of menopause and the prevention of osteoporosis; and a fentanyl patch for moderate to severe post- operative pain management. Cygnus Therapeutic Systems has 11 U.S. patents issued or allowed and over 300 patent applications worldwide covering its transdermal technology.
 CYGNUS THERAPEUTIC SYSTEMS
 Quarter Ended March 31 (Unaudited)
 1992 1991
 Contract revenues $ 1,100,000 $1,140,000
 Research & development 5,961,000 2,009,000
 Marketing, general &
 administrative 2,116,000 650,000
 Net income (loss) from
 operations (6,977,000) (1,519,000)
 Net income (loss) (6,789,000) (1,267,000)
 Shares used in computation
 of net loss per share 11,625,623 10,071,152
 Net income (loss) per share ($0.58) ($0.13)
 -0- 5/7/92
 /CONTACT: Shirley Clayton of Cygnus, 415-369-4300/
 (CYGN) CO: Cygnus Therapeutic Systems ST: California IN: MTC SU: ERN


RM-MC -- SF006 -- 7759 05/07/92 15:34 EDT
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Publication:PR Newswire
Date:May 7, 1992
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