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MAGAININ PHARMACEUTICALS SECOND QUARTER FINANCIAL RESULTS IN LINE WITH COMPANY EXPECTATIONS

 PLYMOUTH MEETING, Pa., Jan. 15 /PRNewswire/ -- Magainin Pharmaceuticals Inc. (NASDAQ: MAGN) today reported a net loss of $2.1 million or $.29 per share for its second quarter ended Dec. 31, 1992. The company had a net loss of $1.6 million or $.31 per share for the same period a year ago. For the first six months of the fiscal year, Magainin recorded a net loss of $4.0 million or $.56 per share, as compared to $2.9 million or $.57 per share for the same period a year ago.
 The company incurred operating expenses of $2.1 million during the quarter, which represented an increase of $0.7 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 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.
 "The completion of Phase I trials for MSI-78, our broad-spectrum topical antibacterial and antifungal drug, and our recent strategic alliance in cancer with Sandoz highlighted the company's progress during the quarter," said Jay Moorin, president and chief executive officer of Magainin Pharmaceuticals Inc. "The financial results for the quarter reflect our intensified research and development programs and were in line with our expectations."
 Magainin Pharmaceuticals Inc. is a biopharmaceutical company engaged in the research and development 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
 (amounts in thousands, except per share amounts -- unaudited)
 Three months Six months
 Periods ended Dec. 31 1992 1991 1992 1991
 Revenue $ 63 $ 128 $200 $191
 Research & development
 expense 1,483 1,114 3,116 2,028
 General & administration
 expense 718 416 1,257 808
 Total operating 2,201 1,530 4,373 2,836
 Loss from operations (2,138) (1,402) (4,173) (2,645)
 Interest:
 Income 92 40 203 63
 Expense (22) (277) (43) (298)
 Net loss $ (2,068) $ (1,639) $ (4,013) $(2,880)
 Net loss per share $ (.29) $ (.31) $ (.56) $ (.57)
 Weighted average number
 of shares 7,110 5,282 7,108 5,087
 Condensed Balance Sheet
 (amounts in thousands)
 Periods ended 12/31/92 6/30/92
 (unaudited)
 Assets:
 Cash and cash equivalents $ 4,220 $ 2,703
 Short term investments 4,695 10,283
 Other current assets 132 141
 Furniture, equipment and
 leasehold improvements 2,003 2,073
 Other assets 112 88
 Total assets $ 11,162 $ 15,288
 Liabilities and Stockholders Equity:
 Current liabilities $ 511 $ 560
 Other liabilities 471 537
 Stockholders' equity 10,180 14,191
 Total liabilities and
 stockholders equity $ 11,162 $15,288
 -0- 1/15/93
 /CONTACT: Jay Moorin of Magainin Pharmaceuticals, 215-941-4020; or Fern Lazar or Debra Wasser of Dewe Rogerson, Inc., 212-688-6840, for Magainin Pharmaceuticals/
 (MAGN)


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

WB-LR -- NY018 -- 5279 01/15/93 10:26 EST
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Date:Jan 15, 1993
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