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CEPHALON AND KYOWA HAKKO KOGYO ANNOUNCE COLLABORATION

 CEPHALON AND KYOWA HAKKO KOGYO ANNOUNCE COLLABORATION
 WEST CHESTER, Pa., June 2 /PRNewswire/ -- Kyowa Hakko Kogyo Co.,


Ltd., of Tokyo, and Cephalon, Inc. (NASDAQ: CEPH), of West Chester, announced today an exclusive license agreement to collaborate on the development of small neurotrophic molecules for the treatment of head and spinal injury, among other neurodegenerative disorders. The announcement came jointly from Frank Baldino, Jr., Ph.D., president and chief executive officer of Cephalon, Inc., and Kannosuke Nakamura, president of Kyowa Hakko Kogyo Co., Ltd.
 These small molecules are derivatives of a compound known as K252a and were discovered as protein kinase inhibitors using Kyowa Hakko's proprietary fermentation technology. These molecules are protected by issued U.S. Patents. In 1991, Kyowa Hakko granted Cephalon the right to evaluate and an option to license these compounds for the potential treatment of neurodegenerative diseases. In preclinical studies, these molecules have been shown to enhance and modulate the activities of growth factors which exist normally within the central nervous system to influence the survival of neurons.
 Under the terms of the agreement, Cephalon has exclusive marketing rights to these molecules in the United States, while Kyowa Hakko retains Japanese rights and both companies share remaining rights worldwide.
 "The focus of Cephalon's research efforts from inception has been on developing small molecules that overcome the severe delivery limitations imposed by administration of large growth factor proteins. Our relationship with Kyowa Hakko significantly enhances Cephalon's efforts by providing us with access to a promising family of small neurotrophic molecules at an advanced stage of development," indicated Baldino. "We will work to move a lead compound quickly into drug development."
 "The activities of Cephalon and Kyowa Hakko are very complementary, and this collaboration will strengthen the presence of both companies in the neuroscience field," indicated Dr. Takashi Nara, senior managing director of Kyowa Hakko Kogyo. "Together, we are now in a good position to introduce innovative drugs to treat a variety of neurodegenerative diseases."
 Kyowa Hakko Kogyo Co., Ltd., founded in 1949, is a research and development oriented company that covers pharmaceuticals, chemicals, foods and beverages. The company employs more than 5,000 people and has 1991 revenues of more that $2.6 billion.
 Cephalon, Inc., founded in 1987, is a neuroscience company focusing on therapeutics for the treatment of neurodegenerative diseases. Through a broad-based approach encompassing neurobiology, medicinal chemistry and recombinant DNA Technology, Cephalon's researchers are developing novel molecules that can be administered via conventional means. The company's most advanced product development programs are targeting the prevention of neuronal death in disorders such as amyotrophic lateral sclerosis (ALS), Alzheimer's disease, retinopathy and head and spinal injuries.
 -0- 6/2/92
 /CONTACT: Nicole Vitullo of Cephalon, 215-344-0200, or Tadashi Matsumoto, manager of licensing and international development of Kyowa Hakko Kogyo Co., in Tokyo: 81-3-3282-0037/
 (CEPH) CO: Kyowa Hakko Kogyo Co., Ltd.; Cephalon, Inc. ST: Pennsylvania IN: MTC SU: JVN


TQ-TS -- NY002 -- 6024 06/02/92 08:00 EDT
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Date:Jun 2, 1992
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