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MAGAININ PHARMACEUTICALS FISCAL 1992 FINANCIAL RESULTS IN LINE WITH EXPECTATIONS

 MAGAININ PHARMACEUTICALS FISCAL 1992 FINANCIAL
 RESULTS IN LINE WITH EXPECTATIONS
 PLYMOUTH MEETING, Pa., Aug. 11 /PRNewswire/ -- Magainin Pharmaceuticals Inc. (NASDAQ: MAGN) today reported that its net loss of $7.3 million or $1.19 per share for the year ended June 30, 1992 was in line with company expectations. The company had a net loss of $4.7 million or 89 cents per share for fiscal 1991.
 The company incurred operating expenses of $7.7 million during fiscal 1992, which represented an increase of $2.8 million from fiscal 1991. The increase is primarily due to increasing research and development expenditures, including 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. Phase I human clinical studies of MSI-78 are expected to begin this year.
 "The continued advancement in the development of the magainins, the discovery of steroid-based host defense system in the shark, the strengthening of our scientific staff and the completion of our initial public offering marked Magainin's progress during fiscal 1992," said Jay Moorin, president and chief executive officer of Magainin. Moorin further emphasized, "The financial results for the fiscal year end have met expectations. Our focus has been to maximize the company's scientific achievements according to a practical strategic plan on a tightly controlled budget."
 Magainin 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.
 Statement of Operations
 (Unaudited; amounts in thousands, except per-share amounts)
 Year ended June 30 1992 1991
 Revenue $391 $243
 R&D expense 5,538 3,569
 G&A expense 2,192 1,408
 Total operating 7,730 4,977
 (Loss) from operations (7,339) (4,734)
 Interest:
 Income 355 151
 Expense (341) (89)
 Net loss (7,325) (4,672)
 Net loss per share $(1.19) $(.89)
 Weighted average shares 6,177 5,236
 -0- 8/11/92
 /CONTACT: Jay Moorin 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


AH-CK -- NY059 -- 8992 08/11/92 13:05 EDT
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Publication:PR Newswire
Date:Aug 11, 1992
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