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MAGAININ PHARMACEUTICALS ANNOUNCES THIRD QUARTER FINANCIAL RESULTS

 PLYMOUTH MEETING, Pa., May 7 /PRNewswire/ -- Magainin Pharmaceuticals Inc. (NASDAQ: MAGN) today reported a net loss of $1.8 million, or $.19 per share, for its third quarter ended March 31, 1993. The company had a net loss of $2.1 million, or $.30 per share, for the same period a year ago. For the first nine months of the fiscal year, Magainin recorded a net loss of $5.8 million, or $.73 per share, as compared to $5.0 million, or $.86 per share, for the same period a year ago.
 Operating expenses for the quarter decreased $0.2 million to $2.1 million. The comparative decrease is due to a large purchase of clinical supplies in the prior year's quarter. The company incurred operating expenses of $6.4 million during the first nine months of the fiscal year, which represented a $1.3 million increase from the same period a year ago. The increase is primarily due to increasing research and development expenditures, including clinical and pre-clinical studies of the company's broad spectrum topical antibacterial and antifungal drug, MSI-78, additional research expenditures in ophthalmic, cancer oral hygiene and wound healing programs, as well as increases in general and administrative expenses.
 "We recently announced that MSI-78 was proceeding to pivotal Phase IIB/III clinical trials for the treatment of impetigo, a serious skin infection which usually occurs in children. We anticipate that this first pivotal clinical trial will commence this summer," said Jay Moorin, president and chief executive officer of Magainin Pharmaceuticals Inc. "The continued progress of MSI-78 and the successful completion of our second public offering highlighted the company's activities during the quarter."
 During the quarter, the company completed its second public offering by selling 3,875,000 shares (including 375,000 for over allotment), at a price of $6.00 per share. As of March 31, 1993, Magainin had cash, cash equivalents and short-term investments of $29.0 million.
 Magainin Pharmaceuticals Inc. is a biopharmaceutical company engaged in the research, development and commercialization of anti-infectives and anti-cancer products based upon compounds isolated from the host defense systems of animals.
 MAGAININ PHARMACEUTICALS INC.
 Condensed Statement of Operations
 (Unaudited -- Amounts in thousands, except per share amounts)
 Periods Ended Three Months Nine Months
 March 31 1993 1992 1993 1992
 Revenue $ 163 $ 63 $ 363 $ 253
 Research & development exp. 1,496 1,856 4,613 3,884
 General & administrative exp. 576 426 1,832 1,234
 Total operating expense 2,072 2,282 6,445 5,118
 Loss from operations (1,909) (2,219) (6,082) (4,865)
 Interest:
 Income 152 162 355 225
 Expense (19) (21) (62) (319)
 Net loss (1,776) (2,078) (5,789) (4,959)
 Net loss per share $(.19) $(.30) $(.73) $(.86)
 Weighted average number of
 shares 9,578 7,037 7,931 5,737
 MAGAININ PHARMACEUTICALS INC.
 Condensed Balance Sheet
 (Amounts in thousands)
 3/31/93 6/30/92
 (Unaudited)
 Assets:
 Cash and cash equivalents $16,076 $ 2,703
 Short-term investments 12,912 10,283
 Other current assets 199 141
 Furniture, equipment and
 leasehold improvements 1,902 2,073
 Other assets 116 88
 Total assets 31,205 15,288
 Liabilities and stockholders' equity:
 Current liabilities $ 901 $ 560
 Other liabilities 412 537
 Stockholders' equity 29,892 14,191
 Total liabilities and stockholders'
 equity 31,205 15,288
 -0- 5/7/93
 /CONTACT: Jay Moorin of Magainin Pharmaceuticals, 215-941-4020, or Fern Lazar of Dewe Rogerson Inc., 212-688-6840, for Magainin Pharmaceuticals/
 (MAGN)


CO: Magainin Pharmaceuticals Inc. ST: Pennsylvania IN: MTC SU: ERN

TS-PS -- NY001 -- 5812 05/07/93 09:06 EDT
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Date:May 7, 1993
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