<PAGE>
FILED PURSUANT TO RULE 424(B)(2)
FILE NUMBER 333-39275
PRICING SUPPLEMENT NO. 3
(To Prospectus Dated November 12, 1997, and
Prospectus Supplement dated October 4, 2000)
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$744,504
Cygnus, Inc.
Common Stock
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<TABLE>
<S> <C>
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Date of Purchase................................... November 29, 2000
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Number of Shares................................... 138,900
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Price per Share.................................... $5.36
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Proceeds to Cygnus................................. $744,504.00
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</TABLE>
The date of this Pricing Supplement is December 1, 2000.
