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LEAPS OPEN ON AMEX'S PHARMACEUTICAL INDEX

 NEW YORK, April 12 /PRNewswire/ -- The American Stock Exchange today began trading the first long-term options or LEAPS(TM) (Longterm Equity AnticiPation Securities)(TM) on its Pharmaceutical Index (ticker symbol: DRG). The DRG LEAPS Index is valued at 1/10th the exchange's Pharmaceutical Index.
 DRG LEAPS have initial expirations of January 1994 and January 1995 and trade under the symbols, "WRG" and "VRG" respectively. The new LEAPS offer investors an additional way of acting upon an opinion of the long-term movements of the pharmaceutical industry as a whole. They will trade in addition to regular DRG options, which were launched on the index in June of 1992.
 Created by the Amex, the Pharmaceutical Index is a compilation of 15 of the most highly capitalized pharmaceutical companies worldwide. The following companies are included in the index:
 Abbott Laboratories Pfizer Inc.
 American Home Products Corporation Rhone-Poulenc Rorer Inc.
 Bristol-Myers Squibb Company Schering-Plough Corporation
 Eli Lilly and Company SmithKline-Beecham (ADR)
 Glaxo Holdings plc (ADR) Syntex Corporation
 Johnson & Johnson Upjohn Company
 Marion Merrill Dow, Inc. Warner-Lambert Company
 Merck & Co. Inc.
 Susquehanna Investment Group is the specialist unit for the new options.
 The Amex trades a total of 316 stock options, including 84 options on over-the-counter stocks, as well as 42 LEAPS. In addition, options are traded on six broad-market indexes -- the Major Market Index (XMI), the XMI LEAPS Index (XLT), the S&P MidCap 400 Index (MID), the Institutional Index (XII), the Japan Index (JPN) and the EUROTOP 100 Index (EUR) -- as well as four industry based indexes -- the Oil Index (XOI), the Computer Technology Index (XCI), the Pharmaceutical Index (DRG) and The Biotechnology Index (BTK).
 -0- 4/12/93
 /CONTACT: Kathleen Fitzpatrick, manager-derivative securities communications for Amex, 212-306-1697/


CO: American Stock Exchange ST: IN: MTC SU: PDT

CK -- NY045 -- 4731 04/12/93 11:41 EDT
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Publication:PR Newswire
Date:Apr 12, 1993
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