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ALEXIN PHARMACEUTICAL CORPORATION SUCCESSFULLY COMPLETES VENTURE ROUND OF FUNDING

 HORSHAM, Pa., Jan. 6 /PRNewswire/ -- Alexin Pharmaceutical Corporation announced today the successful closing of its $5.8 million Series C Preferred stock private placement.
 Alexin was founded by Harvey Rubin, M.D., Ph.D., at the University of Pennsylvania and received initial funding from Protatek International, Hambrecht & Quist and Philadelphia Ventures.
 Rubin cloned and expressed the normal human anti-inflammatory protein antichymotrypsin. Modern tools of molecular biology were employed to improve activity and specificity to create an array of anti-inflammatory drugs that will be used to treat potentially life threatening inflammatory diseases.
 Alexin's lead compound was designed to treat inflammation of the lung caused by infection, smoke inhalation and other traumatic injuries. The compound has proven effective in several animal models and will begin human clinical trials in 1995.
 Other Alexin compounds are being developed to treat pancreatitis, inflammatory bowel diseases, coagulation disorders and inflammatory diseases of the skin and eye.
 The Alexin management team is composed of experienced individuals from the pharmaceutical and biotechnology industry. Jerry B. Hook, president and CEO, was previously a senior vice president at SmithKline Beecham; James Fenno, vice president of Product Development, served in senior positions at Sterling Drug, Amgen and Genentech; Ronald Spair, vice president & CFO, served previously at Envirogen and Image Storage/Retrieval Systems.
 Investors in this round of funding include Grotech Capital Group, MDS Health Ventures, State of Michigan Retirement Systems, Hambrecht & Quist and Philadelphia Ventures.
 Alexin is a private biopharmaceutical company located in Horsham, that is pursuing the design, development and manufacture of natural and modified human proteins as anti-inflammatory drugs for the treatment of acute, life-threatening diseases.
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 /CONTACT: Jerry B. Hook, Ph.D., president and CEO of Alexin Pharmaceutical, 215-442-1700, or fax, 215-442-1827/


CO: Alexin Pharmaceutical Corporation ST: Pennsylvania IN: MTC SU:

JM-LJ -- PH011 -- 9744 01/06/94 11:57 EST
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Publication:PR Newswire
Date:Jan 6, 1994
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