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HOUGHTEN PHARMACEUTICALS RAISES $6.6 MILLION FROM DOMAIN ASSOCIATES, OTHER EXISTING INVESTORS

 SAN DIEGO, Oct. 6 /PRNewswire/ -- Houghten Pharmaceuticals Inc. (HPI) recently completed a private placement of $6.6 million in preferred stock to new and existing investors, headed by Domain Associates and Biotechnology Investments Ltd. (BIL).
 Robert S. Whitehead, HPI president, said proceeds will be used to fund the company's expanded drug discovery and development programs.
 "HPI has identified several promising lead compounds through its proprietary technology," Whitehead said. "The additional capital will enable us to move two of these candidates through the development process. We are very pleased to have the continued support of Domain Associates, BIL and other early investors in our company."
 Domain Associates, of Princeton, N.J., provides early-stage venture capital financing and organizational support to technology-based companies focused on life sciences. Domain and BIL provided $6 million in second-round venture capital financing to HPI in 1992.
 According to James C. Blair, Ph.D., general partner of Domain Partners II L.P., "HPI's breakthrough technology accelerates the discovery of lead compounds for new therapeutic drugs. This significantly reduces the time and cost required to develop new drugs -- an increasingly important factor in containing health care costs."
 HPI is a world leader in the rapid identification of promising lead compounds for new therapeutic drugs. The company's mission is to use its proprietary technology to discover and develop novel drug therapies for a variety of inflammatory and infectious diseases. In addition to its own programs, HPI has established collaborations with several major pharmaceutical companies, including American Cyanamid, Amylin Corp. and Procter & Gamble Co.
 -0- 10/6/93
 /CONTACT: Tom Gable or Kris Lichter, 619-234-1300/


CO: Houghten Pharmaceuticals Inc.; Domain Associates; Biotechnology
 Investments Ltd. ST: California IN: MTC SU:


LS-LM -- SD002 -- 9184 10/06/93 08:30 EDT
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Publication:PR Newswire
Date:Oct 6, 1993
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