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MGI PHARMA REPORTS THIRD QUARTER RESULTS; PROVIDES UPDATE ON SALAGEN NDA

 MGI PHARMA REPORTS THIRD QUARTER RESULTS;
 PROVIDES UPDATE ON SALAGEN NDA
 MINNEAPOLIS, Oct. 20 /PRNewswire/ -- MGI PHARMA, INC. (NASDAQ: MOGN), a specialty pharmaceutical company, reported a net loss of $1,765,132, or 16 cents per share, for the third quarter ended Sept. 30, 1992. This compares with a net loss of $1,870,012, or 18 cents per share, in the corresponding 1991 quarter.
 For the nine months ended Sept. 30, 1992, MGI PHARMA reported a net loss of $6,588,100, or 59 cents per share, compared with a net loss of $6,729,444, or 76 cents per share, for the nine month period in 1991.
 James Adam, MGI PHARMA's chief financial officer, stated, "We anticipate that results beyond the third quarter will include an increase in expenditures for research and development and selling as we begin to enroll patients in new clinical trials and continue to roll out the marketing plan for Salagen(TM). Working capital remains strong with cash and investments of $32,709,877 and total assets of $37,046,679 at the end of the third quarter." The company has no long-term debt.
 Revenues for the 1992 third quarter totalled $1,108,602, which compares with revenues of $2,375,798 in 1991 third quarter. Revenues for the first nine months of 1992 totalled $3,708,745, which compares with revenues of $6,233,997 in 1991.
 Dr. Kenneth F. Tempero, MGI PHARMA's chairman and chief executive officer, stated "1992 revenues continue to be negatively influenced by the competition in the hypercalcemia market, for which the company sells DIDRONEL(R) I.V. Infusion. Revenues from the sale of DIDRONEL I.V. Infusion appear to be leveling off even though our larger competitors seem to continue to outspend us in marketing their respective products."
 Tempero continued, "The importance of DIDRONEL I.V. Infusion should be kept in the right perspective: it is not only a good, safe product from which we receive revenues, but also the product with which we have established our commercial organization. We now have the sales and marketing structure in place to launch larger products. We have also established relationships with oncologists, radiologists, and other physicians and medical professionals who treat cancer patients throughout the United States. The strategic significance of DIDRONEL I.V. Infusion will become more apparent following the approval and launch of Salagen.
 Salagen NDA Update
 MGI PHARMA submitted a New Drug Application (NDA) for Salagen to the Food and Drug Administration (FDA) in February 1992. The FDA currently rates pending NDAs as either "P" (priority) or "S" (standard) depending upon their opinion of the compound's potential medical importance. The Salagen application has been classified a "P", however, this provides no insight into when the FDA will complete their review, nor does it insure that Salagen will ultimately be approved. Since the current classification system has not been used long enough to establish even an average of review times for "P" or "S" compounds, the company believes that there remains no way of predicting when to expect definitive word on the FDA's decision regarding Salagen.
 Should it be approved, Salagen would be used to treat the sever dry mouth that results from radiation used to treat head and neck cancer. The company anticipates attaining profitability following the launch of Salagen.
 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(TM) Gel to cancer specialists throughout the United States. MGI PHARMA has several additional products in various stages of clinical development.
 MGI PHARMA, INC.
 Consolidated Statements of Operations
 (Unaudited)
 Three Months Ended Nine Months Ended
 9/30/92 9/30/91 9/30/92 9/30/91
 Revenues:
 Product sales $583,664 $1,385,067 $2,093,779 $3,541,291
 Co-marketing -- 238,181 10,196 455,086
 Licensing 175,407 136,226 367,932 250,736
 Gain on sales of
 investment -- -- -- 436,782
 Interest and other
 income 349,531 616,324 1,236,838 1,550,102
 -- 1,108,602 2,375,798 3,708,745 6,233,997
 Costs and expenses:
 Research and
 development 1,031,414 2,333,041 4,574,844 7,504,405
 Cost of sales 270,822 102,543 435,733 320,861
 Selling, general
 and administrative 1,183,189 1,397,542 4,121,342 3,889,124
 Amortization of
 intangibles 388,309 412,684 1,164,926 1,249,051
 -- 2,873,734 4,245,810 10,296,845 12,963,441
 Net loss $(1,765,132)$(1,870,012)$(6,588,100)$(6,729,444)
 Loss per common
 share (a) $(0.16) $(0.18) $(0.59) $(0.76)
 Weighted average number
 of common shares
 outstanding 11,230,290 10,574,371 11,201,603 9,052,388
 CONSOLIDATED BALANCE SHEET DATA
 9/30/92 12/31/91
 (Unaudited)
 Cash and cash equivalents and investments $32,709,877 $38,568,978
 Total assets 37,046,679 44,551,041
 Total common stockholders' equity 35,558,293 38,149,825
 (a) 1991 net losses are increased by $44,000 for the three months ended Sept. 30, 1991 and $132,000 for the nine months ended Sept. 30, 1991 for undeclared, unpaid dividends on the redeemable cumulative preferred stock. Common stock equivalents are not included as their effect is antidilutive.
 -0- 10/20/92
 /CONTACT: Lori Weiman of MGI PHARMA, 612-939-4666/
 (MOGN) CO: MGI PHARMA, INC. ST: Minnesota IN: MTC SU: ERN


AL -- MN004 -- 2073 10/20/92 09:47 EDT
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