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PACIFICARE HEALTH SYSTEMS COMPLETES PUBLIC OFFERING

 PACIFICARE HEALTH SYSTEMS COMPLETES PUBLIC OFFERING
 CYPRESS, Calif., Oct. 20 /PRNewswire/ -- PacifiCare(R) Health


Systems Inc. (NASDAQ: PHSYA PHSYB) announced today that it has completed a public offering of 3 million shares of non-voting class B common stock priced at $38.50 per share. Of the 3 million share total, 50 percent will be issued by the company, and 50 percent will be sold by the company's majority shareholder, UniHealth America. Delivery is scheduled for Oct. 27, 1992.
 "We're pleased that we were able to accomplish our financing plans which we believe place PacifiCare Health Systems in a more favorable position to capitalize on the opportunities we see in the health care industry," said Terry Hartshorn, president and chief executive officer. This recent offering comes just three months after an earlier offering of equal size. Hartshorn noted that the 3 million share offering completed by the company this past July was reduced from its original amount of 6 million shares because of unfavorable market conditions.
 The company said it will use its portion of the proceeds of the offering to increase working capital and for general corporate purposes including new products and services, geographic expansions and increased investment in existing operations. A portion of the net proceeds may also be used for potential acquisitions.
 PacifiCare Health Systems is one of the nation's leading managed health care organizations. Primary operations include HMOs for employer groups and Medicare beneficiaries in California, Oklahoma, Oregon, Texas and Washington with more than 925,000 members. Other operations include a health and life insurance company, a behavioral health managed care organization, a utilization review services firm and a health promotion company.
 -0- 10/20/92
 /CONTACT: David K. Erickson, investor relations, 714-229-2636, or Debby Iacunato, media relations, 714-220-3745, both of PacifiCare/
 (PHSYA PHSYB) CO: PacifiCare Health Systems Inc. ST: California IN: HEA SU: OFR


LS-JB -- LA002 -- 2109 10/20/92 10:08 EDT
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Publication:PR Newswire
Date:Oct 20, 1992
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