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INTERFERON SCIENCES RECEIVES $3 MILLION UPON EXERCISE OF WARRANTS

 INTERFERON SCIENCES RECEIVES $3 MILLION UPON EXERCISE OF WARRANTS
 NEW BRUNSWICK, N.J., March 5 /PRNewswire/ -- Interferon Sciences, Inc. ("ISI") (NASDAQ-NMS: IFSC), announced today that it received $2,976,288 upon the exercise of warrants to purchase 432,600 shares of ISI common stock.
 Warrants to purchase an aggregate of 465,900 shares of common stock were originally issued in August 1990 by ISI to its parent, National Patent Development Corporation (AMEX, PSE: NPD) in exchange for a reduction of $372,720 of indebtedness owed to National Patent by ISI. National Patent subsequently used the warrants in an exchange offer for its Swiss Franc denominated debt. All remaining indebtedness owed by ISI to National Patent was subsequently converted into equity and the unexercised warrants expired on Feb. 18, 1992.
 These funds, along with the approximately $10 million raised in ISI's October 1991 stock offering, will be used principally to support ISI's research, product development and clinical trials related to topical and low dose oral formulations of its natural-source alpha interferon. Clinical trials for other possible indications for Alferon(R) N Injection, ISI's injectable product, are being sponsored by Purdue Pharma L.P., an affiliate of the Purdue Frederick Company, ISI's marketing partner for that product. Alferon N Injection is the first human leukocyte derived alpha interferon product approved for sale in the United States for the intralesional treatment of refractory or recurring external genital warts in patients 18 years of age or older.
 Founded in 1980, Interferon Sciences, Inc., is a 53 percent owned subsidiary of National Patent Development Corporation. The company is engaged in the manufacture and sale of Alferon N Injection and the research and development of other alpha interferon based products for potential use in the treatment of viral diseases, cancers and diseases of the immune system.
 -0- 3/5/92
 /CONTACT: Samuel H. Ronel, Ph.D., president, 908-249-3250, or Lawrence M. Gordon, Esq., general counsel, 212-230-9513, both of Interferon Sciences/
 (IFSC) CO: Interferon Sciences, Inc.; National Patent Development Corporation ST: New Jersey IN: MTC SU:


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Date:Mar 5, 1992
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