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OVER-ALLOTMENT OPTION EXERCISED IN MAGAININ PUBLIC OFFERING

 PLYMOUTH MEETING, Pa., March 1 /PRNewswire/ -- Magainin Pharmaceuticals Inc. (NASDAQ: MAGN) today announced that the underwriters of its recent public offering have exercised their option to purchase an additional 375,000 shares at a price of $6 per share. The over-allotment option was granted as part of Magainin's public offering of 3,500,000 shares, which became effective Jan. 27, 1993. Totals for the offering, including the over-allotment option, now stand at 3,875,000 shares with net proceeds to Magainin of approximately $21.46 million. Hambrecht & Quist Incorporated, Smith Barney, Harris Upham & Co. Incorporated and S.G. Warburg Securities served as underwriters of the offering.
 The net proceeds from the offering will be used for clinical studies of the company's broad spectrum topical antibacterial and antifungal drug, MSI-78, other research and development activities, general corporate purposes and working capital.
 Magainin Pharmaceuticals Inc. is a biopharmaceutical company engaged in the research and development of anti-infectives and anti-cancer products based upon compounds isolated from the host defense systems of animals.
 -0- 3/1/93
 /CONTACT: Jay Moorin of Magainin Pharmaceuticals Inc., 216-941-4020; or Fern Lazar of Dewe Rogerson, 212-688-6840, for Magainin Pharmaceuticals Inc./
 (MAGN)


CO: Magainin Pharmaceuticals Inc. ST: Pennsylvania IN: MTC SU: OFR

SB -- NY041 -- 1319 03/01/93 10:35 EST
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Publication:PR Newswire
Date:Mar 1, 1993
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