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CANTAB PHARMACEUTICALS ANNOUNCES SUCCESSFUL INITIAL PUBLIC OFFERING FIRST U.K. BIOTECH COMPANY TO LIST IPO EXCLUSIVELY IN U.S. ON NASDAQ

CANTAB PHARMACEUTICALS ANNOUNCES SUCCESSFUL INITIAL PUBLIC OFFERING

FIRST U.K. BIOTECH COMPANY TO LIST IPO EXCLUSIVELY IN U.S. ON NASDAQ
 CAMBRIDGE, England, July 1 /PRNewswire/ -- Cantab Pharmaceuticals today announced that it had successfully priced a public offering for one million ordinary shares represented by American Depositary Shares at $10 per share, all of which are being sold by the company. Trading will commence today, July 1st. Cantab is the first United Kingdom biotech company to conduct a public offering exclusively in the United States on the NASDAQ national market system.
 "We are pleased that, despite the current difficult market conditions for biotech stocks, our IPO was successful," said Paul Haycock, M.D., president and chief executive officer of Cantab, "and the company's valuation has been confirmed by our pricing within the expected filing range.
 The Cantab offering is being made through PaineWebber, Incorporated, and Oppenheimer & Co., Inc. Cantab's American Depository Receipts (ADRs) will trade under the NASDAQ ticker symbol, "CNTBY." A copy of a written prospectus relating to the offering may be obtained from PaineWebber, Incorporated, and Oppenheimer & Co., Inc.
 Cantab is engaged in the research and development of biopharmaceuticals that use the highly selective properties of the immune system to treat disease. The company has research and development programs in two principle areas: Leucocyte Modulators, which regulate or block immune system function, and Therapeutic Antigens, which activate specific immune responses. Cantab's initial therapeutic focus includes research programs in the prevention of organ transplant rejection, and the treatment of Crohn's disease, cervical cancer and genital herpes. The company has established collaborations with Baxter Healthcare Corporation, Cambridge University and with researchers at several other British academic institutions.
 -0- 7/1/92
 /CONTACT: Paul Haycock of Cantab Pharmaceuticals in the U.K., 011-44-223-423413, or Anthony J. Russo of Noonan/Russo Communications, 212-979-9180, for Cantab Pharmaceuticals/
 (CNTBY) CO: Cantab Pharmaceuticals ST: IN: MTC SU: OFR


KD-LR -- NY047 -- 5627 07/01/92 11:06 EDT
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Publication:PR Newswire
Date:Jul 1, 1992
Words:322
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