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MAGAININ PHARMACEUTICALS FIRST QUARTER FINANCIAL RESULTS IN LINE WITH EXPECTATIONS

 MAGAININ PHARMACEUTICALS FIRST QUARTER FINANCIAL RESULTS
 IN LINE WITH EXPECTATIONS
 PLYMOUTH MEETING, Pa., Oct. 30 /PRNewswire/ -- Magainin Pharmaceuticals Inc. (NASDAQ: MAGN) today reported that its net loss of $1.9 million or $0.27 per share for its first quarter ended Sept. 30, 1992, was in line with company expectations. The company had a net loss of $1.2 million or $0.23 per share for the same period a year ago.
 The company incurred operating expenses of $2.2 million during the quarter, which represented an increase of $0.9 million from the comparable quarter in the prior year. The increase is primarily due to increasing research and development expenditures, including clinical and pre-clinical studies of the company's topical anti-infective product, MSI-78, as well as additional research expenditures in ophthalmic, cancer, oral hygiene and wound healing programs.
 Earlier this month the company announced the beginning of Phase I human clinical trials for MSI-78. Pre-clinical testing of MSI-78 demonstrated potency against a broad spectrum of bacteria and fungi associated with skin infections. In laboratory tests, MSI-78 kills bacteria that are resistant to other antibiotics.
 "The financial results for the quarter reflect our continued research and development efforts," said Jay Moorin, president and chief executive officer of Magainin Pharmaceuticals Inc. "We are very pleased that our topical broad-spectrum antibiotic/antifungal drug MSI-78 is in Phase I human clinical studies. The company remains committed to developing drugs in the quickest fashion possible," he added.
 Magainin Pharmaceutials Inc. is a biopharmaceutical company dedicated to the research, development and commercialization of therapeutic products derived from various host defense systems for the treatment of infections and certain cancers and the promotion of wound healing.
 MAGAININ PHARMACEUTICALS INC.
 Condensed Statement of Operations (Unaudited)
 (Amounts in thousands except per share amounts)
 Three months ended Sept. 30 1992 1991
 Revenue $ 137 $ 62
 R&D expense 1,633 915
 G&A expense 539 391
 Total operating 2,172 1,306
 Loss from operations (2,035) (1,244)
 Interest:
 Income 111 24
 Expense (21) (21)
 Net loss $(1,945) $(1,241)
 Net loss per share $(.27) $(.23)
 Weighted average shares 7,106 5,299
 MAGAININ PHARMACEUTICALS INC.
 Condensed Balance Sheet
 (Amounts in thousands)
 9/30/92 6/30/92
 (Unaudited)
 ASSETS
 Cash and cash equivalents $ 1,053 $ 2,703
 Short-term investments 10,433 10,283
 Other current assets 195 141
 Furniture, equipment and leasehold
 improvements 2,080 2,073
 Other assets 149 88
 Total assets $13,910 $15,288
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities $ 1,139 $ 560
 Other liabilities 524 537
 Stockholders' equity 12,247 14,191
 Total liabilities and stockholders' equity $13,910 $15,288
 -0- 10/30/92
 /CONTACT: Jay Moorin, president and CEO of Magainin Pharmaceuticals, 215-941-4020; or Fern Lazar of Dewe Rogerson, 212-688-6840, for Magainin Pharmaceuticals/
 (MAGN) CO: Magainin Pharmaceuticals Inc. ST: Pennsylvania IN: MTC SU: ERN


GK-SB -- NY064 -- 7214 10/30/92 14:55 EST
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Date:Oct 30, 1992
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