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ARGUS PHARMACEUTICALS COMPLETES SECONDARY PUBLIC OFFERING

 HOUSTON, Nov. 16 /PRNewswire/ -- Argus Pharmaceuticals, Inc. (NASDAQ: ARGS) announced today that it has offered and sold 2.5 million shares of its common stock at $4.50 a share to the public through an underwriting syndicate led by S.G. Warburg & Co. Inc. and Kidder Peabody & Co. Incorporated.
 The net proceeds to the company, which will total an estimated $10.2 million, will be used to fund preclinical and clinical testing of Argus' product candidates, continued research and development, capital expenditures and general corporate purposes.
 Argus Pharmaceuticals develops proprietary pharmaceuticals for cancer and infectious diseases. Argus benefits from more than a decade of research on macrophages and lipid carriers conducted by a team of scientists at The University of Texas M. D. Anderson Cancer Center in Houston.
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 /CONTACT: Joseph Paiva, vice president & CFO, or Kenneth M. Cohen, vice president - business affairs of Argus Pharmaceuticals, 713-367-1666, or Angela Goodwin or Bryan Oakley of Edelman Public Relations, 713-623-2666/
 (ARGS)


CO: Argus Pharmaceuticals, Inc. ST: Texas IN: MTC SU: OFR

MP -- NY043 -- 5044 11/16/93 11:42 EST
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Publication:PR Newswire
Date:Nov 16, 1993
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