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CYGNUS REPORTS SECOND QUARTER RESULTS

 CYGNUS REPORTS SECOND QUARTER RESULTS
 REDWOOD CITY, Calif., July 29 /PRNewswire/ -- Cygnus Therapeutic


Systems (NASDAQ: CYGN), today reported revenues of $2,256,000 for the second quarter ended June 30, 1992 compared to revenues of $1,579,000 for the second quarter of 1991. Revenues in the second quarter included $438,000 of product sales, representing the start of shipments to Warner Lambert Co. of Nicotrol(TM), the company's nicotine patch which is being marketed in the United States by the Parke-Davis division of Warner Lambert Co.
 Loss in the second quarter of 1992 was $4,539,000 ($0.36 per share) compared to a loss of $955,000 ($0.08 per share) for the comparable quarter of 1991. For the six month period ending June 30, 1992, the loss was $11,328,000 ($0.93 per share) versus a loss of $2,223,000 ($0.21 per share) for the comparable six months in 1991.
 "Expenses for validation and scale up for Nicotrol continued into the second quarter," according to Shirley Clayton, vice president of Finance. "Now that we have started commercial shipments, these start-up expenses are behind us, and we can look forward to a continued increase in product sales."
 Cygnus is a leader in the development of advanced transdermal drug delivery systems. The company's first product, a nicotine patch, is being marketed by Parke-Davis, a division of Warner Lambert Co., which will also market the product in Canada. Kabi Pharmacia AB will market the product in Europe under the trade name Nicorette(TM). Nicorette is on the market in Sweden, approval has been obtained in Italy and is expected in a number of other European countries by year-end.
 In addition to the nicotine patch, Cygnus 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 June 30 (Unaudited):
 1992 1991
 Revenues $ 2,256,000 $ 1,579,000
 Research & development 2,871,000 2,074,000
 Cost of products sold 2,372,000 --
 Marketing, general & administrative 1,840,000 846,000
 Loss from operations (4,827,000) (1,341,000)
 Net loss $ (4,539,000) $ (955,000)
 Shares used in computation of
 net loss per share 12,685,593 11,153,629
 Net loss per share $(0.36) $(0.08)
 Six Months Ended June 30 (Unaudited):
 1992 1991
 Revenues $ 3,356,000 $ 2,719,000
 Research & development 8,832,000 4,083,000
 Cost of products sold 2,372,000 --
 Marketing, general & administrative 3,956,000 1,495,000
 Loss from operations (11,804,000) (2,859,000)
 Net loss $ (11,328,000) $ (2,223,000)
 Shares used in computation of
 net loss per share 12,155,608 10,612,391
 Net loss per share $(0.93) $(0.21)
 -0- 7/29/92
 /CONTACT: Shirley Clayton of Cygnus Therapeutic Systems, 415-369-4300/
 (CYGN) CO: Cygnus Therapeutic Systems ST: California IN: HEA SU: ERN


RM -- SF007 -- 4677 07/29/92 14:09 EDT
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Date:Jul 29, 1992
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