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VIRATEK ANNOUNCES SEPARATION AND REDEMPTION OF WARRANTS

 COSTA MESA, Calif., July 27 /PRNewswire/ -- Viratek Inc. (AMEX: VRA) said today that H.J. Meyers & Co. Inc., of Beverly Hills, Calif., the representative of the underwriters in the recent securities offering of 1,581,250 Viratek Units, which consist of one share of Viratek common stock and one five-year common stock purchase warrant, plans to separate the warrants as of the close of business on July 29, 1993.
 In connection with the separation, the company has called the warrants originally scheduled to expire on Jan. 27, 1998, for redemption at $.05 per warrant of Aug. 31, 1993. Each warrant allows for the purchase of one share of Viratek common stock at a price of $10.075 until 5 p.m. Pacific Standard Time on Aug. 30, 1993.
 As detailed in the prospectus, the warrants included in the units were not separately transferable until Jan. 28, 1994, or an earlier date as determined by the underwriters. Under the terms of the offering, conditions for the redemption have been met. The market price of the common stock equaled or exceeded $11.625 for 20 consecutive trading days.
 Viratek common stock is listed under (VRA), the Units (VRAE), and the Warrants (VRA.WS), all on the American Stock Exchange.
 Proceeds from the Units and Warrants will be used to complete Phase III clinical trials, and related project costs, evaluating the company's proprietary antiviral, Virazole, in the treatment of hepatitis C: to fund continued development of certain anticancer and immune- stimulatory compounds; to fund other research, such as the company's new antisense pharmaceutical discovery program; and for general working capital needs.
 Viratek, a subsidiary of ICN Pharmaceuticals Inc., (NYSE: ICN), is principally engaged in the development and licensing of therapeutic pharmaceutical compounds derived from nucleic acids, including Virazole, as well as new biomedical products.
 -0- 7/27/93
 /EDITOR'S NOTE: 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 under the securities laws of any such state.
 /CONTACT: Jack Sholl of Viratek, 714-545-0100, ext. 3013/
 (VRA ICN)


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

EH -- LA037 -- 6309 07/27/93 14:10 EDT
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Publication:PR Newswire
Date:Jul 27, 1993
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