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INCYTE FILES WITH SEC FOR IPO

 PALO ALTO, Calif., Oct. 11 /PRNewswire/ -- Incyte Pharmaceuticals Inc. announced today that it has filed with the Securities and Exchange Commission a registration statement relating to the proposed initial public offering of 2,000,000 shares of its common stock. All of the shares will be sold by the company. The company will grant the underwriters an option to purchase an additional 300,000 shares to cover over-allotments, if any. The price range is anticipated to be $7.00 to $9.00 per share.
 The shares will be offered by an underwriting group managed by D. Blech & Co. Inc.
 The net proceeds of the offering will be used for research and development, including expansion of the company's high-throughput gene sequencing program, preclinical and clinical testing, and general corporate purposes.
 Incyte Pharmaceuticals Inc., headquartered in Palo Alto, is one of the first biopharmaceutical companies to engage in high-throughput computer-aided gene sequencing for the purpose of identifying genes and their corresponding proteins with potential therapeutic applications. In addition, the company has three lead proteins currently in preclinical development, including Bactericidal/Permeability Increasing Protein (BPI) for endotoxin-related disorders.
 A preliminary prospectus relating to these securities may be obtained from D. Blech & Co. Inc., 599 Lexington Ave., 41st Floor, New York, NY 10022, Attn: Prospectus Department.
 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 in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 10/11/93
 /CONTACT: Roy Whitfield, Incyte Pharmaceuticals, 415-855-0555; or Linda Seaton, Keatinge/Seaton Communications, 619-625-2100/


CO: Incyte Pharmaceuticals Inc. ST: California IN: MTC SU: OFR

LS-LM -- SD001 -- 0568 10/11/93 09:15 EDT
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Publication:PR Newswire
Date:Oct 11, 1993
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