<PAGE>
FILED PURSUANT TO RULE 424(b)(2)
FILE NUMBER 333-39275
PRICING SUPPLEMENT NO. 4
(To Prospectus Dated November 12, 1997, and
Prospectus Supplement dated October 4, 2000)
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$451,500.00
CYGNUS, INC.
Common Stock
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<TABLE>
<S> <C>
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DATE OF PURCHASE.................................. DECEMBER 11, 2000
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NUMBER OF SHARES.................................. 90,300
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PRICE PER SHARE................................... $5.00
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PROCEEDS TO CYGNUS................................ $451,500.00
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</TABLE>
The date of this Pricing Supplement is December 11, 2000.
