<PAGE>
FILED PURSUANT TO RULE 424(B)(2)
FILE NUMBER 333-39275
PRICING SUPPLEMENT NO. 1
(To Prospectus Dated November 12, 1997, and
Prospectus Supplement dated April 28, 2000)
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$563,628
CYGNUS, INC.
Common Stock
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<TABLE>
<S> <C>
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DATE OF PURCHASE....................................................................... MAY 31, 2000
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NUMBER OF SHARES....................................................................... 42,140
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PRICE PER SHARE........................................................................ $13.375
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PROCEEDS TO CYGNUS..................................................................... $563,628
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</TABLE>
The date of this Pricing Supplement is June 13, 2000.
