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DURAMED REACHES AGREEMENT WITH PROVIDENT BANK

 CINCINNATI, July 8 /PRNewswire/ -- E. Thomas Arington, chairman and president of Duramed Pharmaceuticals, Inc. (OTC Bulletin Board: DRMD), today announced the signing of a definitive agreement with The Provident Bank pursuant to which the bank has agreed to not require principal payments prior to Jan. 1, 1995 or interest payments prior to August 1994 on Duramed's outstanding obligations to the bank. Principal and interest outstanding as of June 30, 1993 are approximately $16,771,000 and $2,965,000, respectively. In addition, The Provident Bank has reduced the interest rate on Duramed's debt from prime plus 3 percent to the prime rate until Jan. 1, 1995. In return, Duramed will issue to the bank 346,718 shares of Duramed's common stock and 74,659 shares of a new class of preferred stock which are convertible into 746,590 shares of Duramed's common stock. The agreement is not expected to have any material effect on Duramed's reported results of operation on an aggregate basis, although per share results will be affected as a result of the greater number of common shares and equivalents outstanding.
 Arington commented, "The Bank's continued financial support during Duramed's exceptionally difficult times has permitted Duramed to achieve its goal of break-even or better results on a cash-flow basis and has been crucial to Duramed's survival. The agreement announced today is another step in reducing the uncertainties of Duramed's financial condition and enhances Duramed's ability to focus on future growth."
 Duramed Pharmaceuticals, Inc. manufactures and sells generic drug products comprised of various dosages of prescription and over-the- counter drugs. The company's stock is traded on the OTC Bulletin Board under the symbol DRMD.
 -0- 7/8/93
 /CONTACT: E. Thomas Arington, chairman and chief executive officer, or Timothy J. Holt, vice president-finance, both of Duramed Pharmaceuticals, Inc., 513-731-9900/
 (DRMD)


CO: Duramed Pharmaceuticals, Inc.; The Provident Bank ST: Ohio IN: MTC SU: FNC

BM -- CL009 -- 9489 07/08/93 12:12 EDT
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Publication:PR Newswire
Date:Jul 8, 1993
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