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MAGNA-LAB REPORTS FIRST QUARTER RESULTS

 HICKSVILLE, N.Y., July 14 /PRNewswire/ -- Magna-Lab Inc. (NASDAQ: MAGLU, MAGLA, MAGLW, MAGLZ), a development stage company that completed its initial public offering on April 6, 1993, today reported results for its first fiscal quarter ended May 31, 1993.
 Revenues for the quarter, consisting entirely of interest income, were $17,841, compared with interest income of $5,015 for the comparable year-ago period. The company sustained a net loss of $554,834, or 36 cents a share for the three months, on 1,536,600 average shares outstanding, compared with a year-ago loss of $332,016, or 38 cents per share, on the 875,000 shares then outstanding.
 Magna-Lab is developing and intends to manufacture and market a magnetic resonance imaging (MRI) device to scan the extremities of the human body such as hands, elbows, knees feet and head. Its initial public offering produced net proceeds to the company of approximately $4.63 million from the sale of one million units at $6 per unit and $783,000 from the exercise of the over-allotment option of 150,000 units.
 Joel M. Stutman, vice president and chief operating officer, said, "The development of the company's first product, the Magna-SL Extremity and Head MRI Scanner, is proceeding as scheduled, and our goal to demonstrate clinically acceptable extremity and head images and submit a 510-k application to the FDA during the third quarter is expected to be achieved on time."
 MAGNA-LAB INC.
 Statement of Operations
 Three months ended
 May 31, 1993 1992
 Interest income $17,841 (A) $5,015
 Net loss (554,834) (332,016)
 Loss per share (.36) (.38)
 Weighted average number
 of shares outstanding 1,536,600 875,000
 (A) Company completed its initial public offering on April 6, 1993 and closed an overallotment option on May 4.
 -0- 7/14/93
 /CONTACT: John Haytaian, vice president and CFO of Magna-Lab, 516-575-2111/
 (MAGL)


CO: Magna-Lab Inc. ST: New York IN: HEA SU: ERN

MP-LG -- NY029 -- 1286 07/14/93 10:14 EDT
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Publication:PR Newswire
Date:Jul 14, 1993
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