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ADVANCED POLYMER SYSTEMS $3 MILLION IRB RAISED TO 'B+' BY FITCH -- FITCH FINANCIAL WIRE --

ADVANCED POLYMER SYSTEMS $3 MILLION IRB RAISED TO 'B+' BY FITCH -- FITCH
 FINANCIAL WIRE --
 NEW YORK, July 7 /PRNewswire/ -- Lafayette (LA) Economic Development Authority Industrial Revenue Bonds (Advanced Polymer Systems) Series 1985 is raised to 'B+' from 'B' by Fitch. The credit trend is changed from uncertain to improving. The action recognizes three events which took place during the first half of this year which strengthened the credit outlook for the company. First, a February private placement of common stock and warrant units raised $8.6 mil. Second, the March restructuring of a relationship with Rhone-Poulenc Rorer involved a cash infusion, debt forgiveness, and transfer of a plant in exchange for an equity stake in APS. Third, a May licensing agreement with Ortho Pharmaceuticals, part of Johnson & Johnson, involved a cash payment plus license fees in exchange for equity in APS. Taken together, these developments indicate increasing momentum for APS's principal product, the MICROSPONGE.
 Advanced Polymer Systems is a Redwood City, Calif., maker of a chemical delivery system, the MICROSPONGE, which can be programmed to release pharmaceuticals or cosmetics onto the surface of the skin under various conditions. Typical over-the-counter applications include sunscreens, acne remedies, skin care, and cosmetics. Possible future applications include delivery of prescription drugs for treatment of acne, psoriasis, and wrinkles.
 -0- 07/07/92
 CONTACT: Phillip R. Brannon of Fitch, 212-908-0578
 (APOS) CO: ADVANCED POLYMER SYSTEMS ST: CA,LA -- NY078 -- X873 07/07/92
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Publication:PR Newswire
Date:Jul 7, 1992
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