<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 3, 2000)
--------------
$4,292,400
CYGNUS, INC.
Common Stock
--------------
<TABLE>
<S> <C>
- -------------------------------------------------------------------------------
Date of Purchase.................................... April 25, 2000
- -------------------------------------------------------------------------------
Number of Shares.................................... 365,000
- -------------------------------------------------------------------------------
Price per Share..................................... $11.76
- -------------------------------------------------------------------------------
Proceeds to Cygnus.................................. $4,292,400
- -------------------------------------------------------------------------------
</TABLE>
The date of this Pricing Supplement is April 27, 2000.
