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MGI PHARMA REPORTS FIRST QUARTER 1993 RESULTS

 MINNEAPOLIS, April 15 /PRNewswire/ -- MGI PHARMA, INC. (NASDAQ: MOGN), a specialty pharmaceutical company, reported a loss of $2,266,080, or 20 cents per share, for the quarter ended March 31, 1993. This compares with a net loss of $2,562,068, or 23 cents per share, for the corresponding 1992 quarter.
 Revenues for the 1993 first quarter were $940,117, which compares with revenues of $1,427,152 in the 1992 first quarter. The 1993 revenues reflect the impact of increased competition in the hypercalcemia market, for which MGI markets DIDRONEL(R) I.V. Infusion, lower interest rates, and the government-mandated discounts imposed under the newly enacted federal legislation relating to purchases by the Veteran's Administration, Department of Defense and other government agencies. A comparison of the current quarter revenues with those of $984,015 from the previous quarter, ended Dec. 31, 1992, indicates that the rate of decline of company revenues has diminished.
 As of March 31, 1993, MGI PHARMA had $29,857,289 in cash and liquid investments and $33,430,525 in total assets. The company has no long term debt.
 Dr. Kenneth F. Tempero, MGI PHARMA's chairman and chief executive officer, stated "While we await word from the Food and Drug Administration (FDA) on the completion of their review of our NDA for Salagen(R) tablets as a treatment for radiation-induced dry mouth in head and neck cancer patients, we are actively attending to the other areas of our business. We recently completed patient enrollment in a Phase I study for MGI 650 (a potential treatment for hyperammonemia) and are now compiling the data for analyses. We continue to sponsor Phase II studies with MGI 330 for two different indications and expect patient enrollment in our Phase III study for Salagen tablets as a treatment for dry mouth and eyes in Sjogren's syndrome patients to begin in the second quarter. Initiation of in the Sjogren study has taken longer than expected due to administrative delays. We are also continuing to expand our product pipeline with some promising new cancer-related products for future development."
 MGI PHARMA acquires, develops and markets pharmaceuticals prescribed and recommended by physician specialists. Its initial focus is on developing products that improve the quality of life for critically and chronically ill patients. It currently sells DIDRONEL I.V. Infusion and Oratect(R) Gel to cancer specialists throughout the United States. The company submitted its New Drug Application for Salagen tablets to the FDA in February 1992. MGI PHARMA also has several additional products in various stages of clinical development.
 MGI PHARMA, INC.
 Consolidated Statements of Operations
 Three Months Ended
 March 31
 1993 1992
 (Unaudited)
 Revenues:
 Product sales $546,590 $884,176
 Licensing 117,135 43,825
 Interest and other 276,392 499,151
 -- 940,117 1,427,152
 Costs and Expenses:
 Research and development 1,443,954 2,271,888
 Cost of sales 70,072 82,087
 Selling, general
 and administrative 1,303,862 1,246,936
 Amortization of intangibles 388,309 388,309
 -- 3,206,197 3,989,220
 Net loss $(2,266,080) $(2,562,068)
 Loss per common share $(0.20) $(0.23)
 Weighted average number
 of common shares outstanding 11,276,756 11,163,139
 Consolidated Balance Sheet Data
 March 31, Dec. 31,
 1993 1992
 (Unaudited)
 Cash and cash equivalents
 and investments $29,857,289 $32,216,440
 Total assets 33,430,525 35,955,984
 Total common
 stockholders' equity 30,879,799 33,043,604
 -0- 4/15/93
 /CONTACT: Lori Weiman of MGI PHARMA, 612-939-4666/
 (MGON)


CO: MGI PHARMA, INC. ST: Minnesota IN: MTC SU: ERN

AL -- MN001 -- 6005 04/15/93 08:01 EDT
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Date:Apr 15, 1993
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