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MGI PHARMA REPORTS FIRST QUARTER 1992 RESULTS; FINAL DECISION ON MGI 136 REACHED

 MGI PHARMA REPORTS FIRST QUARTER 1992 RESULTS;
 FINAL DECISION ON MGI 136 REACHED
 MINNEAPOLIS, April 16 /PRNewswire/ -- MGI Pharma, Inc. (NASDAQ: MOGN) today reported its first quarter 1992 results and announced that it is terminating all development efforts for MGI 136, a chemoprotective agent.
 First Quarter 1992 Results
 For the first quarter ended March 31, 1992, MGI Pharma reported a net loss of $2,562,068, or 23 cents per share, compared with a net loss of $1,572,225, or 20 cents per share, for the corresponding period in 1991. Research and development expenses totalling $2,271,888 in the 1992 first quarter reflect the company's final push on the New Drug Application (NDA) for Salagen(TM) (resulting in the NDA submission in February 1992) and the Phase III clinical trials for MGI 136 as well as the exploratory analyses conducted on this drug following the suspension of its clinical trials in February.
 MGI Pharma reported revenues for the 1992 first quarter totalling $1,427,152 compared to revenues of $2,259,781 in 1991 (which included a one-time gain of $436,782 on the sale of MGI Pharma's remaining interest in MOGEN International, N.V.). 1992 revenues reflect the increased competition in the hypercalcemia market (which is affecting product sales of DIDRONEL(R) I.V. Infusion and co-marketing revenues related to DIDRONEL(R) oral tablets) and the impact of lower interest rates on investments.
 Dr. Kenneth F. Tempero, MGI Pharma's chairman and chief executive officer, stated, "We anticipate sales of DIDRONEL(R) I.V. Infusion will be down for the year due to the additional competition. We continue to market the drug aggressively because it is a solid product with a proven track record of safety and efficacy that continues to be well received by many physicians treating hypercalcemic patients." MGI Pharma bought DIDRONEL(R) I.V. Infusion from Norwich Eaton (a Procter & Gamble company) in January 1990 with the main objective of using the product as a means by which to set up its commercial organization in anticipation of launching its drugs in development, such as Salagen(TM), for which the company submitted an NDA in February.
 Final Decision on MGI 136
 After completing its analyses of available clinical data, MGI Pharma has decided to terminate all development efforts for MGI 136, a drug that was in Phase III clinical trials to evaluate its ability to reduce the toxic effects of platinum-based chemotherapy products.
 On Saturday, Feb. 8, 1992, an independent safety committee met to conduct MGI 136's scheduled safety check during which certain unfavorable observations were made. Based on this committee's recommendation, the company announced on Monday, Feb. 10, 1992, that it was temporarily suspending the trials to analyze these observations. Commenting on the company's decision, Tempero stated, "Our analyses confirmed the committee's concern that patients on MGI 136 appeared to tolerate therapy less well. Therefore, we have decided to make permanent the suspension of MGI 136's clinical trials. Based on the currently available data, we do not intend to invest further in the development of this drug for any indication."
 The company is preparing to begin Phase II clinical trials for two of its products: MGI 650, an ammonia scavenging agent, and MGI 330, a product that could enhance thallium imaging to detect viable but compromised heart tissue. The company also plans to initiate additional studies on Salagen to explore its usefulness as a treatment for dry mouth to include patients with Sjogren's syndrome, an autoimmune disease that causes dry mouth and dry eyes. The company's recently submitted NDA for Salagen was for the treatment of radiation-induced dry mouth in head and neck cancer patients.
 MGI Pharma is in the business of acquiring, developing and marketing pharmaceuticals prescribed by physician specialists. The company sells DIDRONEL(R) I.V. Infusion and Oratect(TM) Gel and has a portfolio of other compounds in various stages of development.
 MGI PHARMA, INC.
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 Three Months Ended
 3/31/92 3/31/91
 Revenues:
 Product sales $884,176 $1,122,758
 Co-marketing 10,196 144,798
 Royalty 43,825 45,018
 Gain on sale of investment -- 436,782
 Interest and other income 488,955 510,425
 -- 1,427,152 2,259,781
 Costs and expenses:
 Research and development 2,271,888 2,266,131
 Cost of sales 82,087 100,746
 Selling, general and
 administrative 1,246,936 1,044,195
 Amortization of intangibles 388,309 420,934
 -- 3,989,220 3,832,006
 Net loss $(2,562,068) $(1,572,225)
 Loss per common share (1) $(.23) $(.20)
 Weighted average number of
 common shares outstanding 11,163,139 8,251,526
 CONSOLIDATED BALANCE SHEET DATA
 3/31/92 12/31/91
 (Unaudited)
 Cash and cash equivalents
 and investments $35,822,784 $38,568,978
 Total assets 41,559,915 44,551,041
 Total common stockholders'
 equity 39,329,519 38,069,825
 (1) 1991 net loss is increased by $44,000 for undeclared, unpaid dividends on the redeemable cumulative preferred stock. Common stock equivalents are not included as their effect is antidilutive.
 -0- 4/16/92
 /CONTACT: Lori Weiman of MGI Pharma, 612-939-4666/
 (MOGN) CO: MGI Pharma, Inc. ST: Minnesota IN: MTC SU: ERN


DS -- MN003 -- 9178 04/16/92 10:23 EDT
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