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SYNERGEN REPORTS THIRD QUARTER FINANCIAL RESULTS

 SYNERGEN REPORTS THIRD QUARTER FINANCIAL RESULTS
 BOULDER, Colo., Nov. 2 /PRNewswire/ -- Synergen Inc. (NASDAQ: SYGN)


reported revenues of $16,470,700 for the third quarter of 1992, compared to $6,762,500 for the like period in 1991. The company reported a net loss of $2,226,300 or 9 cents per share for the quarter, compared to a net loss of $1,464,300 or 7 cents per share for the quarter ended Sept. 30, 1991.
 The net loss for the nine months ended Sept. 30, 1992, was $5,630,600 or 23 cents per share, compared to a net loss of $5,106,200 or 27 cents per share for the like period in 1991. Revenues for the first nine months of 1992 were $39,964,600, compared to revenues of $15,097,500 for the like period in 1991.
 "The large increase in revenues is primarily due to increased revenues from Synergen Clinical Partners, which is funding the clinical development of ANTRIL(TM)," stated Kenneth J. Collins, vice president of finance and administration. ANTRIL is currently being studied in the clinic for multiple indications including sepsis syndrome in Phase III; and rheumatoid arthritis, inflammatory bowel disease, graft vs host disease, and chronic myelogenous leukemia, all in Phase II. A pilot study in psoriasis as well as a new asthma study using an aerosol route of administration will begin shortly.
 In the third quarter, Synergen formally proposed to purchase the assets of its first R&D partnership formed in 1983, Synergen Development Partners Ltd., in exchange for Synergen common stock and warrants. This transaction, which is subject to a majority vote of the limited partners, is expected to close in the fourth quarter of 1992. The transaction will result in a one-time, non-cash charge that will depend primarily on the price of Synergen's common stock on the closing date. Based on the current price of Synergen's common stock, the charge is estimated to be approximately $15 million or 60 cents per share. After the transaction, Synergen will own exclusive rights to the products owned by the partnership including SLPI, an elastase inhibitor.
 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, tissue repair and neurological diseases. The company is headquartered in Boulder, with manufacturing operations in Boulder and Delaware, and European business operations in The Hague.
 SYNERGEN INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF OPERATIONS
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 REVENUES:
 Sponsored research
 and development $9,470,400 $4,106,200 $24,101,400 $9,023,500
 Interest and other 7,000,300 2,656,300 15,863,200 6,074,000
 TOTAL REVENUES 16,470,700 6,762,500 39,964,600 15,097,500
 EXPENSES:
 Research and
 development 15,232,900 6,678,000 36,473,200 15,890,500
 General and
 administrative 3,374,600 1,418,800 8,860,700 3,929,200
 Interest 89,500 130,000 261,300 384,000
 TOTAL EXPENSES 18,697,000 8,226,800 45,595,200 20,203,700
 NET LOSS $(2,226,300)$(1,464,300) $(5,630,600)$(5,106,200)
 NET LOSS
 PER SHARE $(.09) $(.07) $(.23) $(.27)
 WEIGHTED AVERAGE
 COMMON SHARES
 OUTSTANDING 24,801,600 20,498,700 24,772,800 18,962,700
 SYNERGEN INC. AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 ASSETS
 Sept. 30, Dec. 31,
 1992 1991
 CURRENT ASSETS:
 Cash and cash equivalents $ 6,133,700 $141,822,700
 Short-term investments 266,076,800 179,443,200
 Accounts receivable
 (No allowance for
 doubtful accounts
 considered necessary) 9,837,600 4,996,500
 Accrued interest receivable 3,207,000 2,878,200
 Prepaid expenses and other 1,573,800 828,500
 TOTAL CURRENT ASSETS 286,828,900 329,969,100
 PROPERTY AND EQUIPMENT, Net 73,287,700 32,277,400
 OTHER ASSETS:
 Restricted short-term investments 3,227,200 3,014,600
 Receivable from Synergen
 Clinical Partners 6,200,000 6,200,000
 Other 3,816,700 3,007,100
 TOTAL OTHER ASSETS 13,243,900 12,221,700
 TOTAL ASSETS $373,360,500 $374,468,200
 SYNERGEN INC. AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Sept. 30, Dec. 31,
 1992 1991
 CURRENT LIABILITIES:
 Accounts payable
 and accrued expenses $ 6,704,700 $ 4,608,400
 Unearned revenue 1,469,700 2,729,500
 TOTAL CURRENT LIABILITIES 8,174,400 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:
 24,810,184 and 24,640,577
 shares 248,100 246,400
 Additional paid-in capital 387,395,000 385,462,900
 Deficit (26,596,900) (20,966,100)
 Receivable for warrants and
 deferred compensation, net (1,860,100) (3,612,900)
 TOTAL STOCKHOLDERS' EQUITY 359,186,100 361,130,300
 TOTAL LIABILITIES
 AND STOCKHOLDERS' EQUITY $373,360,500 $374,468,200
 -0- 11/2/92
 /CONTACT: Paul Laland (Media), 303-541-1325 or Debra Catz Bannister (Financial), 303-938-6242, of Synergen/
 (SYGN) CO: Synergen Inc. ST: Colorado IN: MTC SU: ERN


MC -- DV005 -- 1449 11/02/92 09:52 EST
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