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GYNEX PHARMACEUTICALS ANNOUNCES CHANGES IN BOARD OF DIRECTORS, CONTINUED OPERATIONAL ADVANCES

 GYNEX PHARMACEUTICALS ANNOUNCES CHANGES IN BOARD OF DIRECTORS,
 CONTINUED OPERATIONAL ADVANCES
 VERNON HILLS, Ill., July 27 /PRNewswire/ -- Gynex Pharmaceuticals Inc. (NASDAQ: GYNX) today announced two changes in its board of directors, and continued advances in sales and human clinical studies.
 Simes Named Chairman of the Board
 Stephen M. Simes was elected chairman of the board. He has been president and chief executive officer of Gynex for the past three years, a director since 1985 and a vice president since 1984. Simes has been involved in the pharmaceutical industry, with special emphasis on marketing and product development, for more than 17 years. Before joining Gynex, he worked with Searle Pharmaceuticals for ten years in a variety of sales, marketing and communications positions. He received his M.B.A. from New York University and a chemistry degree from Brooklyn College of the City University of New York. Simes replaces Marvin P. Loeb, chairman since 1986, who will remain a director.
 Germain Elected Director
 At the company's annual meeting on July 20, 1992, Mark S. Germain was elected to Gynex' board. Germain has been managing director of D. Blech & Co., a New York-based merchant bank specializing in biotechnology and life science companies, since 1990. (David Blech, the sole shareholder of D. Blech & Co., recently made a $3 million equity investment in Gynex.) Prior to this, Germain was president and chief operating officer of the Vist Organization. He also is a director of Bio-Technology General Corp., Ecogen Inc., NeoRx Corp., Ribi Immunochem Research Inc., and several privately held biotechnology companies. He was graduated from New York University's Law School.
 Delatestryl Sales Expected to Increase
 in Third Quarter
 In giving an update on company news, Simes said, "The initial response to Gynex' first marketed drug, Delatestryl(R) for hypogonadism and delayed growth, has been excellent. Sales of Delatestryl and Oxandrin(TM), which is in limited distribution through an FDA Treatment IND, were $125,318 in the second quarter and six months ended June 30, 1992. We expect to see a significant increase in sales of Delatestryl during the third quarter as our marketing program expands."
 Clinical Trials Continue to Make Progress
 "All ongoing Gynex clinical trials continue to make progress as does our work on preparing an FDA submission seeking approval to market Oxandrin for alcoholic hepatitis," Simes added.
 Gynex Pharmaceuticals Inc. is a research-based pharmaceutical company that develops and markets products for use in endocrinology, metabolism, AIDS and gynecology.
 -0- 7/27/92
 /CONTACT: Stephen M. Simes, chairman of Gynex, 708-913-1144/
 (GYNX) CO: Gynex Pharmaceuticals Inc. ST: Illinois IN: MTC SU: PER


GK -- NY079 -- 3549 07/27/92 13:13 EDT
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Date:Jul 27, 1992
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