<PAGE>
FILED PURSUANT TO RULE 424(B)(2)
FILE NUMBER 333-39275
PRICING SUPPLEMENT NO. 2
(To Prospectus Dated November 12, 1997, and
Prospectus Supplement dated April 3, 2000)
______________
$612,696
CYGNUS, INC.
Common Stock
______________
<TABLE>
<S> <C>
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Date of Purchase April 28, 2000
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Number of Shares 52,100
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Price per Share $ 11.76
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Proceeds to Cygnus $612,696
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</TABLE>
The date of this Pricing Supplement is May 1, 2000.
