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MGI PHARMA REPORTS 1991 RESULTS

 MGI PHARMA REPORTS 1991 RESULTS
 MINNEAPOLIS, Feb. 13 /PRNewswire/ -- MGI Pharma, Inc. (NASDAQ: MOGN)


reported revenues of $8,657,234 for the year ended Dec. 31, 1991, compared with revenues of $6,363,801 in 1990. Revenues for the fourth quarter 1991 totaled $2,423,237 compared with $1,594,965 for the corresponding quarter in 1990.
 As expected, MGI Pharma reported a net loss of $8,714,946, or 94 cents per share, for fiscal year 1991 compared with a net loss of $6,428,555, or 80 cents per share, for 1990. For the fourth quarter 1991, the company reported a net loss of $1,985,502, or 19 cents per share, compared with a net loss of $2,115,087, or 26 cents per share, in 1990. As of Dec. 31, 1991, the company had $38,568,978 in cash and liquid investments compared with $26,695,254 at the close of 1990.
 Dr. Kenneth Tempero, MGI Pharma's CEO and chairman, said, "In light of the reaction to our recently announced (Feb. 10) temporary suspension of MGI 136's trials, I want to emphasize that MGI Pharma is not a one- product company. We are currently marketing two products, DIDRONEL(R) I.V. Infusion and Oratect(TM) Gel, to oncologists across the United States through our own sales and marketing operation. We will file our New Drug Application for Salagen(TM) with the Food and Drug Administration within the next couple of weeks. I believe this drug will demonstrate itself to be a breakthrough in the treatment of radiation-induced xerostomia and thus be a significant factor in a $100 million annual market. We also have several development options we may begin to accelerate if our MGI 136 program suffers prolonged delay or termination. For instance, we could develop Salagen for additional dry mouth indications using either the current tablet form of the drug or the patented mouthwash formulation. Other options include the development of DIDRONEL I.V. Infusion for the treatment and prevention of osteoporosis in patients on total parenteral nutrition (TPN) and/or initiation of studies on MGI 650, a drug that eliminates excess ammonia resulting from liver diseases and cancer cachexia. We will also continue to add new compounds to our portfolio."
 Dr. Tempero added, "With $38 million in cash, no debt and a dedicated staff of experts, we have the resources to maintain our momentum in becoming a significant and profitable pharmaceutical company."
 MGI Pharma, Inc., acquires, develops and markets pharmaceuticals prescribed and recommended by physician specialists. The company currently sells DIDRONEL I.V. Infusion and Oratect Gel and will file a New Drug Application for Salagen imminently.
 MGI PHARMA, INC.
 CONSOLIDATED STATEMENTS OF OPERATIONS
 Three Months Ended Year Ended
 12/31/91 12/31/90 12/31/91 12/31/90
 (Unaudited)
 Revenues:
 Product sales $1,526,700 $793,279 $5,067,991 $3,245,789
 Co-marketing 241,901 75,000 696,987 300,000
 Royalty 76,701 182,234 327,437 370,381
 Gain on sale of
 investment 0 0 436,782 0
 Interest and
 other income 577,935 544,452 2,128,037 2,447,631
 --- 2,423,237 1,594,965 8,657,234 6,363,801
 Costs and expenses:
 Research and
 development 2,321,167 2,034,129 9,825,572 6,524,823
 Cost of sales 162,563 68,449 483,424 361,146
 Selling, general and
 administrative 1,512,325 1,074,791 5,401,449 3,729,653
 Amortization of
 intangibles 412,684 532,683 1,661,735 2,176,734
 --- 4,408,739 3,710,052 17,372,180 12,792,356
 Net loss $(1,985,502) $(2,115,087) $(8,714,946) $(6,428,555)
 Loss per common
 share(a) $(.19) $(.26) $(.94) $(.80)
 Weighted average number
 of common shares
 outstanding 10,645,824 8,226,034 9,454,021 8,213,361
 CONSOLIDATED BALANCE SHEET DATA
 12/31/91 12/31/90
 Cash and cash equivalents
 and investments $38,568,978 $26,695,254
 Total assets 44,551,041 34,026,001
 Total common stockholders'
 equity 38,069,825 28,866,117
 (a) Quarterly and year to date losses per common share are computed independently based upon the weighted average number of shares outstanding during each period. Common stock equivalents are not included as their effect is antidilutive. Net loss is increased for unpaid dividends (less amortization of exchange premium) on preferred stock of $44,000 for each of the quarters ended Dec. 31, 1991 and 1990, and $176,000 for each of the years ended Dec. 31, 1991 and 1990, in computing loss per common share.
 -0- 2/13/92
 /CONTACT: Lori Weiman of MGI Pharma, 612-939-4666/
 (MOGN) CO: MGI Pharma ST: Minnesota IN: MTC SU: ERN


DS -- MN002 -- 9605 02/13/92 09:43 EST
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