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AGOURON CEO ISSUES STATEMENT CONCERNING RECENT STOCK PRICE DECLINE

 SAN DIEGO, Feb. 25 /PRNewswire/ -- Peter Johnson, president and chief executive officer of Agouron Pharmaceuticals Inc. (NASDAQ-NMS: AGPH), based in San Diego, today issued the following statement concerning the recent decline in the price of the company's common stock:
 "In recent days, we have witnessed considerable erosion in the market value of Agouron common stock. Though the decline in Agouron share value has occurred against a background of general uncertainty surrounding health-care companies, and has been accompanied by similar declines in the share value of other biotechnology and pharmaceutical firms, it is nonetheless distressing for all of us who are shareholders of the company. Under these extraordinary circumstances, Agouron management wishes to confirm that, to the best of its knowledge, this recent decline in Agouron share price does not reflect any adverse results of the operations of our company. Ironically in fact, it has occurred on the heels of what we regard as a period of impressive corporate progress. In short, the company has recently consummated a strategically favorable alliance with Japan Tobacco Inc. of Tokyo (which included the purchase by JT of over 155,000 shares of Agouron common stock for $3 million). We have initiated new clinical studies for each of three different Agouron- designed drugs in which we continue to own all worldwide commercial rights. We have reached significant new technical milestones in an increasingly promising anti-HIV drug design project, and have made important progress in several other of our 10 active research and development programs.
 "Agouron's management team and scientific staff remain intently focused on the development of new therapeutic drugs for treatment of some of the urgent unmet clinical needs of our time. We seek to meet this goal by application of an enabling technology for drug design which we believe has the power to dramatically increase the productivity of pharmaceutical research and development. At a time when the structure of costs and profits in the health-care industry is being publicly examined and debated, we remain more firmly convinced than ever that Agouron's mission is timely and sound."
 Agouron Pharmaceuticals Inc. is a pioneer and leader of a technology permitting the rational design of novel synthetic drugs based upon the molecular structures of proteins which play key roles in human disease. Agouron is currently applying this technology to the design and development of drugs for treatment of cancer, AIDS, and other serious diseases.
 -0- 2/25/93
 /CONTACT: Peter Johnson, president & CEO, or Donna Nichols, director of corporate communications, of Agouron Pharmaceuticals, 619-622-3000/
 (AGPH)


CO: Agouron Pharmaceuticals Inc. ST: California IN: MTC SU:

JL-JB -- SD001 -- 0225 02/25/93 08:03 EST
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Publication:PR Newswire
Date:Feb 25, 1993
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