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VIRATEK ANNOUNCES PUBLIC OFFERING

 COSTA MESA, Calif., Nov. 18 ~PRNewswire~ -- Viratek Inc. (AMEX: VRA), a subsidiary of ICN Pharmaceuticals Inc. (NYSE: ICN), announced today that it has filed a registration statement with the Securities and Exchange Commission (SEC), covering a proposed public offering of 1,250,000 units which consist of one share of Viratek common stock and one five-year warrant to purchase one share of Viratek common stock. The price of the units and exercise price of the warrants will be determined at the time of the commencement of the public offering. The units will be offered through an underwriting group managed by H.J. Meyers & Co. Inc. of Beverly Hills, Calif.
 Proceeds from the proposed offering will be used to fund phase III clinical trials and related project costs to evaluate the company's antiviral compound Virazole (ribavirin) in the treatment of hepatitis C; to fund continued development of certain other anti- cancer and immune-stimulatory compounds; and for general working capital purposes.
 Viratek is principally engaged in the development and licensing of therapeutic pharmaceutical compounds derived from nucleic acids, including Virazole.
 A registration statement relating to these securities has been filed with the SEC, 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 become 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- 11~18~92
 ~CONTACT: Paul Knopick of Viratek, 714-556-0131, ext. 2465~
 (VRA ICN)


CO: Viratek Inc. ST: California IN: MTC SU: OFR

BP-EH -- LA012 -- 2326 11~18~92 11:52 EST
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Publication:PR Newswire
Date:Nov 18, 1992
Words:304
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