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SYNERGEN REPORTS 1991 FINANCIAL RESULTS

 SYNERGEN REPORTS 1991 FINANCIAL RESULTS
 BOULDER, Colo., Feb. 18 /PRNewswire/ -- Synergen Inc.


(NASDAQ: SYGN) reported revenues for the year ended Dec. 31, 1991 of $23,822,400, up 87 percent from $12,746,200 in 1990. The company reported a net loss of $7,119,800 or 36 cents per share, compared to a net loss of $6,412,300, or 42 cents per share in 1990.
 Fourth quarter revenues were $8,724,900 in 1991, compared with $1,937,200 in 1990. Net loss for the fourth quarter of 1991 was $2,013,600, or 9 cents per share, compared with $3,822,500 or 24 cents per share in 1990.
 "We experienced a very high level of activity at Synergen in 1991," stated Jon S. Saxe, president and chief executive officer. "We had three products in clinical trials; began construction of our 75,000 sq. ft. manufacturing plant; continued significant and productive discovery research; presented our first clinical results for ANTRIL in both rheumatoid arthritis and sepsis syndrome at national scientific meetings and significantly expanded our internal resources with an aggressive recruiting program.
 "1992 promises to be another eventful year," Saxe added. "We have recently begun clinical trials for ANTRIL in three new areas of therapy, testing the anti-inflammatory product in patients with asthma, graft vs host disease and inflammatory bowel disease. Based on the results of our Phase II study of ANTRIL in sepsis syndrome, we will soon initiate a multinational Phase III clinical trial in eight countries, which we expect will be completed before the end of this year."
 Synergen is a biopharmaceutical company developing products to treat inflammatory diseases, chronic skin ulcers and neurological disorders, using the latest advances in recombinant DNA technology, molecular and cellular biology, and manufacturing technology.
 SYNERGEN INC.
 CONSOLIDATED BALANCE SHEETS
 Dec. 31, Dec. 31,
 1991 1990
 ASSETS:
 Current Assets:
 Cash and cash equivalents $141,822,700 $23,006,800
 Short-term investments 179,443,200 21,238,000
 Accounts receivable 4,996,500 1,832,900
 Accrued interest receivable 2,878,200 418,200
 Prepaid expenses and other 828,500 439,500
 Total Current Assets 329,969,100 46,935,400
 Property and Equipment, Net 32,277,400 12,925,900
 Other Assets 12,221,700 5,017,100
 TOTAL ASSETS $374,468,200 $64,878,400
 LIABILITIES AND STOCKHOLDERS' EQUITY:
 Current Liabilities:
 Accounts payable
 and accrued expenses $4,608,400 $2,801,900
 Unearned revenue 2,729,500 668,000
 Total Current Liabilities 7,337,900 3,469,900
 Industrial Development Revenue
 Bonds 6,000,000 6,000,000
 Stockholders' Equity 361,130,300 55,408,500
 TOTAL LIABILITIES AND
 STOCKHOLDERS' EQUITY $374,468,200 $64,878,400
 SYNERGEN INC.
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (unaudited)
 Three Months Ended
 Dec. 31,
 1991 1990
 REVENUES:
 Research and development $5,219,800 $819,200
 Interest and other 3,505,100 1,118,000
 TOTAL REVENUES 8,724,900 1,937,200
 EXPENSES:
 Research and development 8,210,600 4,604,200
 General and administrative 2,439,000 1,006,800
 Interest 88,900 148,700
 TOTAL EXPENSES 10,738,500 5,759,700
 NET LOSS $(2,013,600) $(3,822,500)
 NET LOSS PER SHARE $(.09) $(.24)
 WEIGHTED AVERAGE
 COMMON SHARES OUTSTANDING 21,209,500 16,026,900
 SYNERGEN INC.
 CONSOLIDATED STATEMENTS OF OPERATIONS
 Twelve Months Ended
 Dec. 31,
 1991 1990
 REVENUES:
 Research and development $14,243,300 $8,717,000
 Interest and other 9,579,100 4,029,200
 TOTAL REVENUES 23,822,400 12,746,200
 EXPENSES:
 Research and development 24,101,100 15,151,300
 General and administrative 6,368,200 3,528,200
 Interest 472,900 479,000
 TOTAL EXPENSES 30,942,200 19,158,500
 NET LOSS $(7,119,800) $(6,412,300)
 NET LOSS PER SHARE $(.36) $(.42)
 WEIGHTED AVERAGE
 COMMON SHARES OUTSTANDING 19,528,900 15,403,200
 -0- 2/18/92
 /CONTACT: Debra Catz Bannister of Synergen, 303-938-6242/
 (SYGN) CO: Synergen Inc. ST: Colorado IN: MTC SU: ERN


TS-BB -- DV005 -- 9731 02/18/92 08:32 EST
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