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MGI PHARMA REPORTS SECOND QUARTER 1992 RESULTS

 MGI PHARMA REPORTS SECOND QUARTER 1992 RESULTS
 MINNEAPOLIS, July 16 /PRNewswire/ -- MGI Pharma, Inc.,


(NASDAQ: MOGN) today reported a net loss of $2,260,900, or 20 cents per share, on revenues of $1,172,991 in the second quarter ended June 30, 1992. This is compared with a net loss of $3,287,207, or 40 cents per share, on revenues of $1,598,418 in the corresponding 1991 quarter.
 For the six months ended June 30, 1992, MGI Pharma reported a net loss of $4,822,968, or 43 cents per share, on revenues of $2,600,143. This is compared with a net loss of $4,859,432, or 60 cents per share, on revenues of $3,858,199 in the first six months of 1991. The 1991 period included a one time gain of $436,782 on the sale of the company's remaining interest in MOGEN International, N.V.
 Revenues for 1992 continue to be influenced by the increased competition in the hypercalcemia market, which has resulted in decreased sales of DIDRONEL(R) I.V. Infusion, and by lower interest rates on investments. The company continues to expect sales of DIDRONEL I.V. Infusion to be down for the year. Dr. Kenneth F. Tempero, MGI Pharma's chairman and chief executive officer, commented, "Although the use of DIDRONEL I.V. Infusion has declined with the introduction of additional competition, it is important to remember that the product's strategic purpose was to enable us to establish our commercial operation. We now have the sales and marketing structure in place to launch larger products, such as Salagen(TM). (The New Drug Application (NDA) for Salagen was submitted to the Food and Drug Administration (FDA) in February 1992.) We continue to anticipate that sustainable profitability will not occur before the launch of Salagen."
 Tempero added, "With sustained profitability as our goal, we will continue to concentrate our efforts on developing our compounds, responding to requests from the FDA in support of the NDA for Salagen, aggressively selling our products, and expanding the strength and sophistication of our commercial operation. We also continue to search for additional compounds that will enhance our product pipeline."
 MGI Pharma is in the business of acquiring, developing and marketing pharmaceuticals prescribed by physician specialists. The company sells DIDRONEL I.V. Infusion and Oratect(TM) Gel, has a pending NDA for Salagen, and a portfolio of other compounds in various stages of development.
 MGI PHARMA, INC.
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (UNAUDITED)
 Three Months Ended Six Months Ended
 6/30/92 6/30/91 6/30/92 6/30/91
 Revenues:
 Product sales $625,938 $1,033,466 $1,510,115 $2,156,224
 Co-marketing -- 72,107 10,196 216,905
 Licensing 148,700 69,492 192,525 114,510
 Gain on sale of
 investment -- -- -- 436,782
 Interest and
 other income 398,353 423,353 887,307 933,778
 -- 1,172,991 1,598,418 2,600,143 3,858,199
 Costs and expenses:
 Research and
 development 1,271,542 2,905,233 3,543,430 5,171,364
 Cost of sales 82,824 117,572 164,911 218,318
 Selling, general and
 administrative 1,691,216 1,447,387 2,938,153 2,491,582
 Amortization of
 intangibles 388,309 415,433 776,617 836,367
 -- 3,433,891 4,885,625 7,423,111 8,717,631
 Net loss $(2,260,900) $(3,287,207) $(4,822,968) $(4,859,432)
 Loss per common
 share (a) $(.20) $(.40) $(.43) $(.60)
 Weighted average number
 of common shares
 outstanding 11,211,064 8,305,562 11,187,101 8,278,693
 CONSOLIDATED BALANCE SHEET DATA
 6/30/92 12/31/91
 (Unaudited)
 Cash and cash
 equivalents and investments $33,540,258 $38,568,978
 Total assets 38,521,720 44,551,041
 Total common stockholders' equity 37,294,542 38,149,825
 (a) 1991 net losses are increased by $44,000 for the three months ended June 30, 1991, and $88,000 for the six months ended June 30, 1991, for undeclared, unpaid dividends on the redeemable cumulative preferred stock. Common stock equivalents are not included as their effect is antidilutive.
 -0- 7/16/92
 /CONTACT: Lori Weiman of MGI Pharma, 612-939-4666/
 (MOGN) CO: MGI Pharma, Inc. ST: Minnesota IN: MTC SU: ERN


DS -- MN003 -- 9900 07/16/92 09:32 EDT
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Date:Jul 16, 1992
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