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ASCENT PHARMACEUTICALS, INC., ANNOUNCES CLOSING OF OVER SUBSCRIBED ROUND OF FINANCING

 BILLERICA, Mass., Nov. 1 /PRNewswire/ -- Ascent Pharmaceuticals, Inc., today announced the second closing of an over subscribed round of financing. The total amount raised from both offerings was $8.2 million.
 The company previously announced it had raised $6.2 million through investors Burr, Egan, Deleage and Co.; Benefit Capital Management Corporation; New York Life Insurance Co.; Medical Science Partners, L.P.; K/S Nordic HealthCare; and private investors.
 An additional $2 million was invested by Atlas Venture and Ventures Medical II, L.P. The company had originally sought $7 million in financing.
 "We are pleased to raise this amount for our development programs," said Dr. Emmett Clemente, president and CEO of Ascent. "The funds will be used to continue the clinical trial programs on the company's four lead compounds and support the next development phase of promising new products."
 The company received in July its first patent approval in South Africa for an antibacterial product currently in clinical trials. In the United States, an ANDA has been submitted to FDA for product approval.
 Two Agreements Signed
 The company also announced the signing of two agreements, one for future products and one to register and market products in Africa.
 Children's Hospital, Boston, affiliated with Harvard Medical School, signed an option agreement with Ascent for products and technologies developed for use in children. The agreement gives Ascent access to cutting-edge developments in pediatric medicine.
 Logos Pharmaceuticals, a division of the C.G. Smith Group, a $3.5 billion diversified food and pharmaceutical corporation, signed a letter of agreement to register and sell Ascent's products in the sub- Saharan countries of Africa. Under the royalty-bearing agreement, Logos will progress and maintain patents, trademarks and health registrations in Africa in the name of Ascent. Following the registration filings, Logos will have the option of entering into a distribution agreement for the products.
 Ascent Pharmaceuticals, Inc., develops significantly improved products directed at the pediatric market, estimated to be $7 billion to $9 billion annually. The company employs patented and proprietary technologies to significantly improve products commonly prescribed for the pediatric patient. The improvements are designed to increase patient compliance, a major problem in pediatric medicine. To date, Ascent has raised $11.1 million.
 -0- 11/1/93
 /CONTACT: Dr. Emmett Clemente, president and CEO of Ascent Pharmaceuticals, 508-667-6300/


CO: Ascent Pharmaceuticals, Inc. ST: Massachusetts IN: MTC SU:

TW -- NY005 -- 8946 11/01/93 08:03 EST
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Publication:PR Newswire
Date:Nov 1, 1993
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