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SYNERGEN REPORTS 1992 FINANCIAL RESULTS

 BOULDER, Colo., Feb. 17 /PRNewswire/ -- Synergen Inc. (NASDAQ-NMS: SYGN) reported revenues for the year ended Dec. 31, 1992 of $51,409,300, compared to 1991 revenues of $23,822,400. The company reported a net loss of $41,242,100 or $1.66 per share, after an $18.1 million one-time, non-cash charge for the purchase of the assets of Synergen Development Partners Ltd. Net loss exclusive of this charge was $23,142,100 or 93 cents per share. This compares to a net loss of $7,119,800 or 36 cents per share in 1991.
 Fourth quarter revenues were $11,444,700 in 1992, compared with $8,724,900 in 1991. Net loss for the fourth quarter of 1992 was $35,611,300 or $1.43 per share, compared with $2,013,600, or 9 cents per share in 1991.
 "Synergen experienced significant growth in 1992, which contributed to the progress we made in our clinical development program. We initiated multiple clinical trials and completed construction of our commercial-scale manufacturing plant," stated Jon S. Saxe, president and chief executive officer. "We completed a multinational 900-patient Phase III clinical study of ANTRIL(TM) in sepsis and septic shock in December, and expect to have the results of this trial later this quarter."
 "The loss in the fourth quarter is directly attributable to the non-cash charge from the buyout of our first R&D partnership, as well as expenses related to our extensive clinical programs," said Kenneth J. Collins, vice president of finance and administration. "Expenses incurred in the fourth quarter reflect the significant effort involved in the completion of the ANTRIL sepsis study, as well as ongoing studies in six additional indications."
 "Investment to support our global development strategy will continue to increase, as we expand our clinical and marketing programs in the U.S., Europe and Japan. Earlier this month, we began our first Phase I clinical trial for ANTRIL in Japan," Saxe added.
 Synergen is a biopharmaceutical company engaged in the discovery, development and manufacture of protein-based pharmaceuticals. The company's research is targeted towards products for inflammatory diseases, tissue repair and neurological diseases. The company is headquartered in Boulder, with manufacturing operations in Boulder and Delaware, and business operations in The Hague and Kobe, Japan.
 SYNERGEN INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF OPERATIONS
 Three Months Ended Twelve Months Ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 REVENUES:
 Sponsored research
 and development
 revenues $7,532,700 $5,219,800 $31,634,100 $14,243,300
 Interest and
 other Income 3,912,000 3,505,100 19,775,200 9,579,100
 TOTAL REVENUES 11,444,700 8,724,900 51,409,300 23,822,400
 EXPENSES:
 Research &
 Development 23,790,600 8,210,600 60,264,000 24,101,100
 General,
 Administrative
 and Marketing 5,074,700 2,439,000 13,935,400 6,368,200
 Purchase of
 In-Process R&D 18,100,000 --- 18,100,000 ---
 Interest 90,700 88,900 352,000 472,900
 TOTAL EXPENSES: 47,056,000 10,738,500 92,651,400 30,942,200
 NET LOSS $(35,611,300) $(2,013,600) $(41,242,100) $(7,119,800)
 NET LOSS
 PER SHARE $ (1.43) $ (.09) $ (1.66) $ (.36)
 WEIGHTED AVERAGE
 COMMON SHARES
 OUTSTANDING 24,902,550 21,209,500 24,805,352 19,528,900
 SYNERGEN INC. AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 ASSETS
 Dec. 31, Dec. 31,
 1992 1991
 CURRENT ASSETS:
 Cash and cash equivalents $2,632,100 $141,822,700
 Short-Term investments 235,898,100 179,443,200
 Accounts receivable 18,570,300 4,996,500
 Accrued interest receivable 2,369,600 2,878,200
 Prepaid expenses and other 2,854,800 828,500
 TOTAL CURRENT ASSETS 262,324,900 329,969,100
 PROPERTY AND EQUIPMENT, Net 79,965,400 32,277,400
 OTHER ASSETS 17,055,600 12,221,700
 TOTAL ASSETS $ 359,345,900 $ 374,468,200
 SYNERGEN INC. AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Dec. 31, Dec. 31,
 1992 1991
 CURRENT LIABILITIES:
 Accounts payable
 and accrued expenses $ 10,844,500 $4,608,400
 Unearned revenue 779,900 2,729,500
 TOTAL CURRENT LIABILITIES 11,624,400 7,337,900
 INDUSTRIAL DEVELOPMENT
 REVENUE BONDS 6,000,000 6,000,000
 STOCKHOLDERS' EQUITY:
 Common Stock, $.01 par value;
 authorized, 120,000,000 and
 40,000,000 shares; issued:
 25,083,146 and 24,640,577
 shares, respectively 250,800 246,400
 Additional paid-in capital 405,244,900 385,462,900
 Deficit (62,208,200) (20,966,100)
 Receivable for warrants and
 deferred compensation, net (1,566,000) (3,612,900)
 TOTAL STOCKHOLDERS' EQUITY 341,721,500 361,130,300
 TOTAL LIABILITIES AND
 STOCKHOLDERS' EQUITY $359,345,900 $374,468,200
 -0- 2/17/93
 /CONTACT: Paul Laland (media), 303-541-1325; or Debra Bannister (financial), 303-938-6242, both of Synergen/
 (SYGN)


CO: Synergen Inc. ST: Colorado IN: MTC SU: ERN

MC -- DV007 -- 7504 02/17/93 16:26 EST
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