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ALPHA 1 BIOMEDICALS, INC. COMPLETES

 BETHESDA, Md., March 11 /PRNewswire/ -- Alpha 1 Biomedicals, Inc. (NASDAQ: ALBM), a Bethesda-based pharmaceutical company, announced today the redemption of its Class B warrants became effective at 5 p.m. Eastern Time on March 9, 1993. In lieu of redemption, at least 1.096 million Class B warrants outstanding were exercised immediately prior to redemption, yielding gross proceeds to the company of at least $10,960,000.
 Holders exercising the Class B warrants, upon payment of the $10.00 per warrant exercise price, received one share of the company's common stock and one Class C warrant. The Class C warrant is a four-year warrant. The terms of the warrant entitle the holder to purchase one share of common stock at an exercise price of $19.00 per share. The Class C warrant is redeemable by the company after Feb. 28, 1994, at a redemption price of $0.10 per warrant, if the average closing price of the common stock exceeds $25.00 for 20 consecutive business days. The NASDAQ symbol of the Class C warrants is ALBML.
 Dr. Vincent F. Simmon, president and chief executive officer stated that: "We are extremely pleased that virtually all of the warrants were exercised and appreciate the confidence of our shareholders. When the final numbers are verified it may well be that all of the warrants were exercised. The proceeds from the warrant redemption will be used for general corporate purposes which include:
 -- Addition of several new staff positions.
 -- Initiation of additional clinical trials with Thymosin alpha 1 for the treatment of hepatitis and AIDS.
 -- The launch of additional clinical trials by Viral Technologies, Inc., the company's 50 percent owned joint venture, for the use of HGP-30 as an AIDS vaccine and/or therapeutic; and
 -- Increasing the company's manufacturing capacity of Thymosin alpha 1 and HGP-30."
 Alpha 1 Biomedicals, Inc. is engaged in the development of pharmaceutical products for the treatment of chronic viral diseases, immune disorders and cancer. the company's lead drug, Thymosin alpha 1, is currently in U.S. clinical trials for the treatment of chronic hepatitis B, chronic hepatitis C and AIDS.
 -0- 3/11/93
 /CONTACT: Vincent F. Simmon, Ph.D., president and CEO of Alpha 1 Biomedicals, Inc., 301-564-4400; or Anita Monteith-Dixon of Long Ridge Associates, 203-790-0647, for Alpha 1 Biomedicals, Inc./
 (ALBM)


CO: Alpha 1 Biomedicals, Inc. ST: Maryland IN: MTC SU: OFR

TS-LR -- NY012 -- 4986 03/11/93 09:05 EST
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Publication:PR Newswire
Date:Mar 11, 1993
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