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CEPHALON, INC. FILES FOR PROPOSED PUBLIC OFFERING

 WEST CHESTER, Pa., Feb. 9 /PRNewswire/ -- Cephalon, Inc. (NASDAQ: CEPH) today announced that it has filed a registration statement with the Securities and Exchange Commission for a proposed public offering of 2,000,000 shares of common stock. All of the shares will be sold by the company.
 The offering is being managed by Cowen & Company, Hambrecht & Quist Incorporated and J. P. Morgan Securities Inc.
 Cephalon is engaged in the development of products to treat neurological diseases and disorders. The company's primary focus is on neurodegenerative diseases which are characterized by the death of neurons, the specialized conducting cells of the nervous system. The company has concentrated its research and development efforts on the prevention of neuronal death in several disorders, including ALS and peripheral neuropathy, Alzheimer's disease, head and spinal cord injury and stroke.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
 Copies of preliminary prospectus relating to the offering may be obtained from Cowen & Company, Financial Square, New York, NY 10005, 212-495-8923; Hambrecht & Quist Incorporated, One Bush Street, San Francisco, CA 94104, 415-576-3300; and J.P. Morgan Securities Inc., 60 Wall Street, New York, NY 10260, 212-648-9922.
 -0- 2/9/93
 /CONTACT: Lyn Hyduke, assistant director - corporate communications of Cephalon, 215-344-0200, or Lilian S. Stern of Burns McClellan, 212-505-1919, for Cephalon/
 (CEPH)


CO: Cephalon, Inc. ST: Pennsylvania IN: MTC SU: OFR

SH -- NY020 -- 4518 02/09/93 09:51 EST
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Publication:PR Newswire
Date:Feb 9, 1993
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