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BELMAC COMPLETES PRIVATE PLACEMENT

 TAMPA, Fla., July 15 /PRNewswire/ -- Belmac Corporation (AMEX: BLM) announced today that it has successfully completed a private placement of its common stock, primarily to European investors. The company sold 4,760,000 shares of common stock in this offering, for $5,225,000 before commissions and other expenses of the offering. As previously announced, Belmac has also entered into an agreement to sell an aggregate of 3 million shares of common stock to ENG Energy, Inc. and DelRay Properties, Inc. for $3,750,000.
 "The proceeds will be used for working capital, research and development activities, and potentially for acquisitions of pharmaceutical products or companies which prove to be compatible with the company's strategic plan for growth," said Michael D. Price, vice president of finance and treasurer.
 The company also announced that Michael M. Harshbarger will no longer serve as president and chief executive officer, but will continue to serve on the board of directors. In addition, Belmac has appointed James R. Murphy to the board of directors. Murphy is currently vice president of Business Development at MacroChem Corporation and has extensive pharmaceutical experience in research and development, business development, as well as marketing and sales.
 The company also stated that its austerity program has been modified and implemented into a policy whereby all of its components, other than the temporary salary reductions, will become a permanent part of Belmac's policies and procedures.
 Belmac Corporation is an international pharmaceutical company based in Tampa, Fla.
 -0- 7/15/93
 /CONTACT: Ranald Stewart Jr. or Michael D. Price of Belmac Corporation, 813-286-4401/
 (BLM)


CO: Belmac Corporation ST: Florida IN: MTC SU: OFR

SS-XX -- FL007 -- 2234 07/15/93 17:24 EDT
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Publication:PR Newswire
Date:Jul 15, 1993
Words:280
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