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ADVANCED POLYMER SYSTEMS ACQUIRES PREMIER OVER-THE-COUNTER DRUG AND TOILETRY BUSINESS

 REDWOOD CITY, Calif., March 18 /PRNewswire/ -- Advanced Polymer Systems (APS) (NASDAQ: APOS) announced today a definitive agreement to acquire Premier Inc., a marketing and distribution company specializing in over-the-counter (OTC) drug and toiletry products.
 Premier, a six-year-old Greenwich, Conn., private company, has exclusive arrangements to market and distribute two sunscreens, Sundown(R) and Johnson's Baby Block(R), on behalf of Johnson & Johnson Consumer Products (NYSE: JNJ), and has further licensed Take Off(R) make-up remover from Johnson & Johnson. Additionally, Premier markets two APS products -- EveryStep(TM), a shoe and foot deodorant, and Exact(TM), an acne medication. Both products contain APS' patented Microsponge(R) controlled-release delivery system.
 Premier had 1992 revenues of approximately $7.5 million.
 A spokesperson of APS described the acquisition as a strategic move in the commercialization of the company. "Premier brings to APS solid sales, marketing and distribution capabilities for OTC products, a key step we have envisioned for the development of our company," the spokesperson said. "Also, Premier's market position in the sun protection field should be of long-term value to APS."
 APS will exchange approximately 450,000 shares of common stock for all the shares of Premier. John J. Meakem Jr. was a founder of Premier prior to joining APS as president and chief executive officer and is one of its principal stockholders. APS said that Premier's president, Robert E. Albus, will continue in that role and that Premier will be operated as a wholly owned subsidiary in which present marketing and distribution agreements will continue, and the headquarters will remain in Connecticut.
 APS said it expects the transaction to close within 30 days.
 APS develops, manufactures and markets patented Microsponge delivery systems that allow for the controlled release of active ingredients. The company is pursuing New Drug Applications for two products using its technology: ProZone(R), APS' own sun care product incorporating genetically engineered melanin; and Tretinoin entrapped in the Microsponge(R) for acne treatment. Both products are in Phase III clinical studies, a late stage in the drug approval process.
 -0- 3/18/93
 /CONTACT: Michael O'Connell, chief financial officer, or Loretta Gardner Miller, investor relations, of Advanced Polymer Systems, 415-366-2626/
 (APOS JNJ)


CO: Advanced Polymer Systems Inc.; Premier Inc. ST: California, Connecticut IN: HOU SU: TNM

LM -- SE002 -- 7283 03/18/93 07:50 EST
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Publication:PR Newswire
Date:Mar 18, 1993
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