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INTERPHARM LABORATORIES LTD. REPORTS LEGAL ACTION

 NESS-ZIONA, ISRAEL, Aug. 23 /PRNewswire/ -- InterPharm Laboratories Limited (NASDAQ: IPLLF) announced today that in the context of ongoing litigation in New York relating to the dissolution of the Israel Bio- Engineering Project ("IBEP"), a New York limited partnership formed in 1982 to participate in the financing of certain research and development undertaken by an affiliate of InterPharm, an action has been filed by the IBEP liquidator in the District Court of Tel-Aviv. InterPharm is not at this time a party to the New York litigation.
 The liquidator requests the production of accounts and documents, and asserts that in the future the court will be asked to rule on matters of royalty obligations and intellectual property rights. InterPharm will continue to comply with legitimate document requests and intends to cooperate with the IBEP liquidator in the dissolution of the partnership in New York; however, InterPharm will vigorously defend against any future attempts by the liquidator to unjustly expand the rights of the partnership.
 InterPharm Laboratories Ltd. is a member of The Ares-Serono Group, a worldwide developer and marketer of pharmaceutical and diagnostics products, with executive headquarters in Geneva, Switzerland. The Group operates subsidiaries and manufacturing facilities in more than 20 countries.
 InterPharm's shares are traded over-the-counter in the United States.
 -0- 8/23/93
 /CONTACT: Gina Cella of Ares-Serono, 617-982-9000/
 (IPLLF)


CO: Ares-Serono; InterPharm; Israel Bio-Engineering Project ST: Massachusetts IN: MTC SU:

CM -- NE012 -- 5118 08/23/93 15:04 EDT
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Publication:PR Newswire
Date:Aug 23, 1993
Words:240
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