<PAGE>
FILED PURSUANT TO RULE 424(B)(2)
FILE NUMBER 333-39275
PRICING SUPPLEMENT NO. 5
(To Prospectus Dated November 12, 1997, and
Prospectus Supplement dated October 4, 2000)
______________
$406,463.00
CYGNUS, INC.
Common Stock
______________
<TABLE>
<S> <C>
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DATE OF PURCHASE.............................. DECEMBER 19, 2000
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NUMBER OF SHARES.............................. 81,200
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PRICE PER SHARE............................... $5.0057
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PROCEEDS TO CYGNUS............................ $406,463.00
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</TABLE>
The date of this Pricing Supplement is December 19, 2000.
