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ELAN/ATS RIGHTS OFFERING OVERSUBSCRIBED

 ATHLONE, Ireland, Aug. 24 /PRNewswire/ -- Elan Corporation, plc (AMEX: ELN) and Advanced Therapeutic Systems, Ltd. (ATS) announced that The Bank of New York, the subscription agent for the unit offering, will commence distribution of the Elan/ATS units tomorrow. Each unit consists of one common share of ATS and one warrant to purchase one ordinary share of Elan at $39.26 per share. The units have commenced trading on the American Stock Exchange under the symbol ELN.E.
 Elan said that it has contributed $35.0 million in cash to ATS which, together with the approximately $78.5 million gross proceeds received from the sale of the units, has resulted in approximately $113.5 million in gross proceeds to ATS, before deducting expenses relating to the unit offering. A total of 3,922,766 units will be issued.
 Elan said oversubscribers will receive 55 percent of their oversubscription and the balance of funds will be refunded.
 ATS was formed to develop certain products based upon drug delivery systems incorporating Elan's proprietary ETDAS (Electro Transport Drug Administration System), BEODAS (Biodegradable Enhanced Oral Drug Administration System) and MIDAS (Microparticulate Injectable Drug Administration System) technologies.
 Elan Corporation, plc is a world leader in the specialized health care field of advanced reformulations and drug delivery, concentrating on improved drug absorption and utilization. Elan operates research and manufacturing facilities in Athlone; Gainesville, Ga.; Brea, Calif.; and Cambridge, Mass., in the United States; Enschede, Netherlands; Manila, Philippines; and Mezzovico, Switzerland. Currently 20 Elan products have received regulatory approval for marketing in one or more of 42 countries worldwide.
 -0- 8/24/93
 /CONTACT: Michael Barry, group vice president - finance, of Elan Corporation, 800-252-3526, or 011-353-902-94666/
 (ELN)


CO: Elan Corporation, plc; Advanced Therapeutic Systems, Ltd. ST: IN: MTC SU: OFR

MP-PS -- NY041 -- 5441 08/24/93 12:20 EDT
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Publication:PR Newswire
Date:Aug 24, 1993
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