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ARGUS PHARMACEUTICALS OVER-ALLOTMENT EXERCISED ON SECONDARY PUBLIC OFFERING

 HOUSTON, Dec. 9 /PRNewswire/ -- Argus Pharmaceuticals, Inc. (NASDAQ: ARGS) announced today that the underwriters of its recently completed secondary public offering have elected to exercise their over- allotment option to purchase an additional 304,500 shares of the company's common stock.
 Argus' secondary offering was completed on Nov. 16 for the sale of 2.5 million shares of its common stock to the public at $4.50 a share through an underwriting syndicate led by S.G. Warburg & Co. Inc. and Kidder Peabody & Co. Incorporated.
 The over-allotment exercise will increase net proceeds to the company by approximately $1.3 million for an estimated total of $11.4 million. The proceeds from this offering 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.
 -0- 12/9/93
 /CONTACT: Joseph Paiva, vice president and 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 -- NY015 -- 2096 12/09/93 09:15 EST
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Publication:PR Newswire
Date:Dec 9, 1993
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