EXHIBIT 1 JOINT FILING AGREEMENT

                                     EXHIBIT 1


                               JOINT FILING AGREEMENT

Loews Corporation, CNA Financial Corporation, The Continental Corporation,
Firemen's Insurance Company of Newark, New Jersey and National-Ben Franklin
Insurance Company of Illinois each hereby agree that the Schedule 13D/A filed
herewith, and any amendments that may be filed thereto, relating to the
acquisition or disposition of shares of common stock of Cyanotech Corporation
or other securities convertible into shares of common stock of Cyanotech
Corporation, is filed jointly on behalf of each such person.

Dated:  November 22, 1995

                                             LOEWS CORPORATION

                                             BY: /S/ XXXXX XXXXXX
                                                ------------------------      
                                                Xxxxx Xxxxxx
                                                Senior Vice President and     
                                                Secretary

                                             CNA FINANCIAL CORPORATION

                                             BY:/S/ XXXXXX X. XXXXX
                                                ------------------------      
                                                Xxxxxx X. Xxxxx
                                                Senior Vice President,
                                                Secretary and General
                                                Counsel

                                             THE CONTINENTAL CORPORATION

                                             BY:/S/ XXXXXX X. XXXXX
                                                ------------------------      
                                                Xxxxxx X. Xxxxx
                                                Senior Vice President,
                                                Secretary and General
                                                Counsel

                                             FIREMEN'S INSURANCE COMPANY OF   
                                                   NEWARK, NEW JERSEY

                                             BY:/S/ XXXXXX X. XXXXX
                                                ------------------------      
                                                Xxxxxx X. Xxxxx
                                                Senior Vice President,
                                                Secretary and General
                                                Counsel


                                             NATIONAL-BEN FRANKLIN INSURANCE  
                                                   COMPANY OF ILLINOIS

                                             BY:/S/ XXXXXX X. XXXXX
                                                ------------------------      
                                                Xxxxxx X. Xxxxx
                                                Senior Vice President,
                                                Secretary and General
                                                Counsel