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SYNERGEN REPORTS SECOND QUARTER FINANCIAL RESULTS

 SYNERGEN REPORTS SECOND QUARTER FINANCIAL RESULTS
 BOULDER, Colo., Aug. 4 /PRNewswire/ -- Synergen Inc.


(NASDAQ: SYGN) reported revenues of $13,022,300 for the second quarter of 1992, compared to $5,349,300 for the like period in 1991. The company reported a net loss of $2,883,600 or 12 cents per share for the quarter, compared to a net loss of $1,323,400 or 7 cents per share for the quarter ended March 31, 1991.
 The net loss for the six months ended June 30, 1992 was $3,404,300 or 14 cents per share, compared to a net loss of $3,641,900 or 20 cents per share for the like period in 1991. Revenues for the first half of 1992 were $23,493,900, compared to revenues of $8,335,000 for the first half of 1991.
 "Patient enrollment in our Phase III clinical trial of ANTRIL(TM) for sepsis syndrome is on schedule. More than one half of the 900 patients have been enrolled to date and we expect to complete the trial before the end of this year," stated Kenneth J. Collins, vice president of finance and administration. "In early May we initiated a Phase I clinical trial with CNTF for people with amyotrophic lateral sclerosis (Lou Gehrig's disease). The increase in our research and development expenses and increased use of cash reflects the progress we are seeing in our clinical programs."
 Synergen is a biopharmaceutical company engaged in the discovery, development and manufacture of protein based pharmaceuticals. The company's research is targeted toward products to treat inflammatory diseases, chronic ulcers and neurological diseases. Synergen's lead product, ANTRIL, is in clinical testing for seven indications including sepsis syndrome, rheumatoid arthritis and graft vs. host disease.
 SYNERGEN INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (unaudited)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 REVENUES:
 Sponsored research
 and development
 revenues $8,530,000 $3,040,100 $14,631,000 $4,917,300
 Interest and
 other income 4,492,300 2,309,200 8,862,900 3,417,700
 TOTAL REVENUES 13,022,300 5,349,300 23,493,900 8,335,000
 EXPENSES:
 Research and
 development
 expense 12,679,100 5,009,400 21,240,300 9,212,500
 General and
 administrative
 expense 3,136,400 1,534,600 5,486,100 2,510,400
 Interest expense 90,400 128,700 171,800 254,000
 TOTAL EXPENSES 15,905,900 6,672,700 26,898,200 11,976,900
 NET EARNINGS
 (LOSS) $(2,883,600) $(1,323,400) $(3,404,300) $(3,641,900)
 NET LOSS
 PER SHARE $ (.12) $ (.07) $ (.14) $ (.20)
 WEIGHTED AVERAGE
 COMMON SHARES
 OUTSTANDING 24,775,200 20,247,600 24,758,800 18,181,800
 CONSOLIDATED BALANCE SHEETS
 ASSETS
 (unaudited)
 June 30, Dec. 31,
 1992 1991
 CURRENT ASSETS:
 Cash and cash equivalents $108,413,700 $141,822,700
 Short-term investments 165,221,100 179,443,200
 Accounts receivable
 (No allowance for doubtful
 accounts considered necessary) 16,894,900 4,996,500
 Accrued interest receivable 4,486,100 2,878,200
 Prepaid expenses and other assets 958,400 828,500
 TOTAL CURRENT ASSETS 295,974,200 329,969,100
 PROPERTY AND EQUIPMENT, Net 63,723,700 32,277,400
 OTHER ASSETS:
 Restricted short-term investments 3,221,600 3,014,600
 Receivable from Synergen
 Clinical Partners 6,200,000 6,200,000
 Other 3,473,300 3,007,100
 TOTAL OTHER ASSETS 12,894,900 12,221,700
 TOTAL ASSETS $372,592,800 $374,468,200
 LIABILITIES AND STOCKHOLDERS' EQUITY
 (unaudited)
 June 30, Dec. 31,
 1992 1991
 CURRENT LIABILITIES:
 Accounts payable
 and accrued expenses $4,209,400 $4,608,400
 Unearned revenue 1,948,300 2,729,500
 TOTAL CURRENT LIABILITIES 6,157,700 7,337,900
 INDUSTRIAL DEVELOPMENT REVENUE
 BONDS 6,000,000 6,000,000
 STOCKHOLDERS' EQUITY:
 Preferred Stock, $.01 par value;
 authorized, 10,000,000 shares;
 none issued --- ---
 Common Stock, $.01 par value;
 authorized, 120,000,000 shares;
 issued: 24,780,109 and
 24,640,577 shares 247,800 246,400
 Additional paid-in capital 387,316,200 385,462,900
 Deficit (24,370,400) (20,966,100)
 Receivable for warrants and
 deferred compensation, net (2,758,500) (3,612,900)
 TOTAL STOCKHOLDERS' EQUITY 360,435,100 361,130,300
 TOTAL LIABILITIES
 AND STOCKHOLDERS' EQUITY $372,592,800 $374,468,200
 -0- 8/4/92
 /CONTACT: Debra Catz Bannister of Synergen, 303-938-6242/
 (SYGN) CO: Synergen Inc. ST: Colorado IN: MTC SU: ERN


MC-BB -- DV002 -- 6474 08/04/92 08:06 EDT
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Date:Aug 4, 1992
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