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MAGNA-LAB REPORTS RESULTS

 HICKSVILLE, N.Y., July 1 /PRNewswire/ -- Magna-Lab Inc. (NASDAQ: MAGLU, MAGLA, MAGLW, MAGLX), a development stage company that completed its initial public offering on April 6, 1993, today reported results for its fiscal year ended Feb. 28, 1993, pursuant to SEC Rule 15d-2, "Special Financial Report."
 Revenues for the year, consisting entirely of interest income, were $7,111, compared with interest income of $754 for the period from commencement of operations on Feb. 10, 1992 through Feb. 29, 1992. The company sustained a net loss for the year of $1,456,497, or $1.66 per share, on the 875,000 weighted average number of shares then outstanding, compared with a loss of $72,017, or eight cents per share, for the Feb. 10 - Feb. 29, 1992 period of 1992.
 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. On May 5, 1993, the company received net proceeds of $783,000 from the sale of 150,000 units to the underwriter of its initial public offering, D.H. Blair Investment Banking Corp., which exercised an overallotment option.
 MAGNA-LAB INC.
 Statement of Operations
 Year ended 2/28/93 2/29/92(A)
 Interest income $7,111 $754
 Net loss (1,456,497) (72,017)
 Loss per share (1.66) (.08)
 Weighted average number of
 shares outstanding 875,000 875,000
 (A) -- Company commenced operations Feb. 10, 1992.
 -0- 7/1/93
 /CONTACT: John Haytaian, vice president and CFO of Magna-Lab Inc., 516-575-2111/
 (MAGL)


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

TS-LR -- NY028 -- 7598 07/01/93 10:01 EDT
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Publication:PR Newswire
Date:Jul 1, 1993
Words:309
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