Cygnus Inc/DE – ‘8-K’ for 12/23/03 – EX-99.2

On:  Tuesday, 12/23/03, at 4:37pm ET   ·   For:  12/23/03   ·   Accession #:  891618-3-6417   ·   File #:  0-18962

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Form 8-K Dated 12/23/2003                           HTML     19K 
 2: EX-99.1     Miscellaneous Exhibit                                  2     10K 
 3: EX-99.2     Miscellaneous Exhibit                                  2      9K 
 4: EX-99.3     Miscellaneous Exhibit                                 33    110K 

EX-99.2   —   Miscellaneous Exhibit

EX-99.2
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                                                                    EXHIBIT 99.2

Sankyo Pharma contacts:                       Cygnus contact:                   
Jennifer Bryda      Giovanna Falbo            Corporate Communications          
Hill & Knowlton     Hill & Knowlton           650-369-4300                      
212-885-0623        212-885-0328                                                

SANKYO PHARMA INC. AND CYGNUS, INC. ANNOUNCE GLOBAL RESOLUTION AGREEMENT
 REGARDING DISTRIBUTION AND MARKETING OF GLUCOWATCH G2(R) BIOGRAPHER

PARSIPPANY, NJ and REDWOOD CITY, CA - December 23, 2003 - Sankyo Pharma Inc. and
Cygnus, Inc. (OTC Bulletin Board: CYGN) today jointly announced that an         
agreement has been reached on the future distribution and marketing of Cygnus'  
GlucoWatch G2(R) Biographer products in the United States. The agreement is     
effective immediately and provides for Sankyo Pharma to pay Cygnus $30 million  
and transfer title to Cygnus of all GlucoWatch G2 Biographer products currently 
owned by Sankyo Pharma (approximately 20,000 G2 Biographers and 1 million       
AutoSensors). In addition, Sankyo Pharma will provide transition services       
related to distribution for up to six months. Patients and health care          
professionals will continue to be able to obtain GlucoWatch G2 Biographer       
products and support by calling 1-866-GLWATCH. The agreement between Cygnus and 
Sankyo Pharma resolves all litigation between them and ensures an uninterrupted 
supply of GlucoWatch G2 Biographer products and services.                       

"We believe a rapid settlement is in the best interests of people with diabetes 
who are current or future users of the GlucoWatch G2 Biographer, as well as our 
shareholders," stated John C Hodgman, Chairman, CEO and President of Cygnus,    
Inc.                                                                            

"Patients are our number one priority so we are very pleased that this          
settlement will enable those with diabetes who use the GlucoWatch G2 Biographer 
to continue doing so," said Joseph P. Pieroni, President of Sankyo Pharma Inc.  

ABOUT CYGNUS, INC.                                                              

Cygnus (www.cygn.com and www.glucowatch.com), founded in 1985 and headquartered 
in Redwood City, California, develops, manufactures and commercializes new and  
improved glucose-monitoring devices. The GlucoWatch G2(R) Biographer provides   
frequent, automatic                                                             

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EX-99.2
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and non-invasive measurement of glucose levels. The Biographer is a prescription
device and is indicated as an adjunctive device to supplement blood glucose     
testing to provide more complete, ongoing information about glucose levels.     

SANKYO PHARMA INC.                                                              

Sankyo Pharma Inc. is dedicated to developing and marketing important           
pharmaceutical products for the U.S. market. A national sales force of 550      
representatives promotes Sankyo Pharma products, and they are supported by      
dedicated managed care personnel.                                               

Some of the statements in this news release, including in the documents         
incorporated by reference, are forward-looking statements that involve risks and
uncertainties. These forward-looking statements include statements about Cygnus'
plans, objectives, expectations, intentions and assumptions and other statements
contained in this news release, including in the documents incorporated by      
reference, that are not statements of historical fact. Forward-looking          
statements include, but are not limited to, statements about the Cygnus'        
capabilities and potential of the GlucoWatch G2 Biographer business; Cygnus'    
ability to manufacture and commercially scale up the GlucoWatch G2 Biographer;  
Cygnus' plans for commercialization alliances; Cygnus' ability to achieve market
acceptance of the GlucoWatch G2 Biographer; and the speed and potential results 
of the regulatory process. In some cases, you can identify these statements by  
words such as "may," "will," "should," "estimates," "predicts," "potential,"    
"continues," "strategy," "believes," "anticipates," "plans," "expects,"         
"intends" and similar expressions. Cygnus cannot guarantee future results,      
levels of activity, performance or achievements. The actual results and the     
timing of certain events may differ significantly from the results and timing   
discussed in this news release.                                                 

NOTE: "GlucoWatch" and "G2" are registered trademarks of Cygnus, Inc.           

 END

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Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
Filed on / For Period End:		12/23/03		1					None on these Dates
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