<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 October 4, 2000)
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$180,339.93
CYGNUS, INC.
Common Stock
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<TABLE>
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<S> <C>
DATE OF PURCHASE....................................................................... NOVEMBER 6, 2000
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NUMBER OF SHARES....................................................................... 21,900
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PRICE PER SHARE........................................................................ $8.2347
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PROCEEDS TO CYGNUS..................................................................... $180,339.93
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</TABLE>
The date of this Pricing Supplement is November 7, 2000.
