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AMERICAN BIOGENETIC SCIENCES RECEIVES $15.5 MILLION FROM 100 PERCENT EXERCISE OF WARRANTS

 AMERICAN BIOGENETIC SCIENCES RECEIVES $15.5 MILLION
 FROM 100 PERCENT EXERCISE OF WARRANTS
 NOTRE DAME, Ind., March 19 /PRNewswire/ -- American Biogenetic Sciences, Inc. ("ABS") (NASDAQ: MABXA), today reported that 100 percent of its 3,449,955 outstanding class B warrants have been exercised. The exercise of these class B warrants raised over $15,500,000 for the company.
 "We are gratified by the support shown by our warrant holders," said Alfred J. Roach, chairman of ABS. "These funds will be important as we accelerate our research and development activities. In fact, the $15,500,000 from the warrants, when added to cash already on hand, will give the company over $24,000,000 in working capital to accelerate the commercialization of the products currently under development," he added.
 ABS recently filed an Investigational New Drug (IND) application with the Food and Drug Administration (FDA) for approval to begin human trials with its proprietary monoclonal antibody MH-1 to image blood clots. Henry L. Nordhoff, ABS's president, commented, "This filing represents an important milestone for the company. We estimate that the potential worldwide market for blood clot imaging agents is over $1 billion annually. ABS is also developing MH-1 as a way to deliver medication to dissolve clots. The market for this delivery system is estimated to be twice as large as the imaging agent market."
 Blood clots resulting in heart attacks and strokes are the leading cause of death in the developed world.
 ABS recently entered into an exclusive 15-year license agreement with Yamanouchi Pharmaceutical Co., Ltd. for Yamanouchi to market assays containing the monoclonal antibody 45-J in Japan and Taiwan. 45-J is a patented ABS antibody that measures fibrinogen, a significant risk factor for coronary artery disease. Under terms of the agreement, Yamanouchi made an initial cash payment to ABS, and ABS will receive royalty payments equal to 10 percent on sales of assays containing the 45-J antibody.
 American Biogenetic Sciences, Inc., is a biopharmaceutical company which conducts research at the University of Notre Dame, Ind., and Trinity College, Dublin, Ireland, to develop and commercialize monoclonal antibody-based products for diagnosing, preventing and treating cardiovascular disease and the early diagnosis of Alzheimer's disease. These antibodies are produced from the company's proprietary germ-free and antigen-minimized mouse colony. The company is also developing a recombinant vaccine for Hepatitis A.
 -0- 3/19/92
 /CONTACT: Fran Giambanco of ABS, 516-789-2600; or Phil Fried of the Dilenschneider Group, 212-922-0900, for ABS/
 (MABXA) CO: American Biogenetic Sciences, Inc. ST: Indiana IN: MTC SU:


GK-OS -- NY014 -- 9535 03/19/92 09:09 EST
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Publication:PR Newswire
Date:Mar 19, 1992
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