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LIPOSOME COMPANY, INC. COMPLETES $57 MILLION PREFERRED STOCK OFFERING

 PRINCETON, N.J., Jan. 8 /PRNewswire/ -- The Liposome Company, Inc. (NASDAQ: LIPO) today completed an offering of 2.4 million depositary shares, each of which represents one-tenth of a share of series A cumulative convertible exchangeable preferred stock carrying a 7-3/4 percent dividend rate. The depositary shares were priced at $25 per share, raising net proceeds to the company of approximately $57 million. Each depositary share, through the underlying preferred stock, is convertible at any time into shares of common stock of the company at a conversion price of $12.85 per share of common stock. Hambrecht & Quist Incorporated and Dillon, Read & Co. Inc. served as underwriters of the offering.
 The net proceeds to the company from the offering will be used primarily for the development and clinical testing of the company's self-funded products, including ABLC(TM), the rights to which were recently acquired from Bristol-Myers Squibb. In addition, the proceeds may be used for the expansion of research activities and manufacturing facilities, the development of marketing and distribution capabilities, and other general corporate purposes.
 Effective today, the depositary shares will trade on the NASDAQ system under the symbol LIPOZ. Shares of the common stock of The Liposome Company will continue to trade on NASDAQ under the symbol LIPO.
 A leading company dedicated exclusively to the development of liposome and lipid-based pharmaceuticals, The Liposome Company selectively develops proprietary parenteral pharmaceuticals for the treatment, prevention, and diagnosis of life-threatening diseases. It has four drugs in clinical trials. ABLC(TM) is in Phase II/III studies for the treatment of systemic fungal infections, TLC G-65 is in Phase II trials in the United States and Phase III in Europe for the treatment of Mycobacterium avium-intracellulare (MAI) infections in AIDS patients, TLC D-99 is in Phase II for treatment of metastatic breast cancer, and TLC C-53 is in Phase I trials in preparation for studies in Adult Respiratory Distress Syndrome.
 -0- 1/8/93
 /CONTACT: Anne M. Van Lent, senior vice president of The Liposome Company, Inc., 609-452-7060/
 (LIPO)


CO: The Liposome Company, Inc. ST: New Jersey IN: MTC SU: OFR

TS-OS -- NY007 -- 2963 01/08/93 09:43 EST
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Publication:PR Newswire
Date:Jan 8, 1993
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