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VIRATEK SUCCESSFULLY COMPLETES FINANCING: VIRATEK WARRANTS EXERCISED PROCEEDS EXCEED $14 MILLION

 COSTA MESA, Calif., Sept. 1 /PRNewswire/ -- Viratek Inc. (AMEX: VRA) announced today that approximately 1.4 million stock purchase warrants have been exercised, including letters of guaranteed delivery.
 Proceeds to Viratek from the stock purchase are estimated at $14 million.
 On Feb. 1, 1993, Viratek made a public offering of 1,581,250 units at $7.75 per unit. A unit consisted of one share of Viratek common stock and one common stock purchase warrant.
 Subsequent to the separation of the warrants, Viratek called for their redemption at $.05 each on Aug. 31, 1993. Each warrant allowed for the purchase at $10.075 of one share of Viratek common stock through Aug. 30, 1993.
 Proceeds will be used to complete Phase III clinical trials and related projects, evaluating the company's proprietary antiviral, Virazole, in the treatment of chronic active 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.
 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, as well as new biomedical products.
 -0- 9/1/93
 /CONTACT: Paul Knopick of Viratek, 714-545-0100, ext. 2465/
 (VRA ICN)


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

MF-JL -- LA010 -- 7770 09/01/93 08:01 EDT
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Publication:PR Newswire
Date:Sep 1, 1993
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