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MAGAININ PHARMACEUTICALS ANNOUNCES SECOND QUARTER FINANCIAL RESULTS

 MAGAININ PHARMACEUTICALS ANNOUNCES SECOND QUARTER FINANCIAL RESULTS
 PLYMOUTH MEETING, Pa., Feb. 12 /PRNewswire/ -- Magainin Pharmaceuticals Inc. (NASDAQ: MAGN) today reported a net loss of $1.6 million or 31 cents per share for the second quarter of fiscal 1992, as compared to a net loss of $1.1 million or 26 cents per share for the same period a year ago.
 For the first six months of the fiscal year, Magainin recorded a net loss of $2.9 million or 57 cents per share, as compared to $2.2 million or 51 cents per share for the same period a year ago.
 The company said it incurred operating expenses of $1.5 million for the quarter ended Dec. 31, 1991, which represents an increase of $0.3 million from the comparable quarter in the prior year. The increase is primarily the result of increasing research and development expenditures.
 "The results for the second quarter reflect the expansion of our research and development program," stated Jay Moorin, president and chief executive officer. "The successful completion of our initial public offering highlighted Magainin's progress during this past quarter."
 Magainin is a biopharmaceutical company dedicated to the research, development and commercialization of novel host defense pharmaceuticals for treatment of infections, wounds and cancer. The company said it completed its initial public offering of its common stock in December 1991, through Smith Barney, Harris Upham & Co., Inc., and Tucker Anthony, Inc.
 MAGAININ PHARMACEUTICALS INC.
 Statement of Operations
 (Unaudited; in thousands, except per-share amounts)
 Periods ended Three months Six months
 Dec. 31 1991 1990 1991 1990
 Revenue $128 $63 $191 $64
 R&D expense 1,114 890 2,028 1,703
 G&A expense 416 331 808 642
 Total operating expense 1,530 1,221 2,836 2,345
 (Loss) from operations (1,402) (1,158) (2,645) (2,281)
 Interest:
 Income 40 49 63 121
 Expense (277) (21) (298) (40)
 Net loss (1,639) (1,130) (2,880) (2,200)
 Net loss per share $(.31) $(.26) $(.57) $(.51)
 Weighted average shares
 outstanding 5,282 4,339 5,087 4,328
 /delval/
 -0- 2/12/92
 /CONTACT: Jay Moorin of Magainin Pharmaceuticals, 215-941-4020/
 (MAGN) CO: Magainin Pharmaceuticals Inc. ST: Pennsylvania IN: MTC SU: ERN


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Publication:PR Newswire
Date:Feb 12, 1992
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