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MACROCHEM COMPLETES PRIVATE PLACEMENT

 LEXINGTON, Mass., Jan. 28 /PRNewswire/ -- MacroChem Corporation (NASD Bulletin Board: MCHM) announced today it has completed a private placement of Common Stock and Warrants in which approximately $7.45 million was raised, with net proceeds to the corporation of approximately $6.3 million, D.H. Blair Investment Banking Corporation acted as the company's placement agent.
 According to Alvin J. Karloff, MacroChem president and chief executive officer, "The new funding will enable MacroChem to accelerate its program to further develop transdermal drug delivery applications for the company's SEPA(tm) technology, which addresses markets in pharmaceuticals, cosmetics, and over-the-counter medicines," The company recently announced that The Upjohn Company has been granted exclusive worldwide rights for the use of SEPAs in treating male impotency. The company's DERMELEC system is also part of this


agreement. Upjohn, operating under a previous license, has entered Phase III multicenter clinical trials using a SEPA compound with ROGAINE(R) minoxidil in hair regrowth.
 MacroChem Corporation develops and licenses transdermal drug delivery systems and components. It has developed and is licensing its SEPA's, a class of patented absorption enhancers which accelerate the passage of drugs and other compounds across the skin and other biomembranes. In addition, MacroChem is developing an iontophoretic drug delivery system (DERMELEC) which uses mild electrical currents to enhance transdermal delivery of drugs as another alternative to injections.
 -0- 1/28/93
 /CONTACT: Alvin J. Karloff of MacroChem, 617-862-4003/
 (MCHM)


CO: MacroChem Corporation ST: Massachusetts IN: MTC SU:

CH -- NE001 -- 0064 01/28/93 08:59 EST
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Date:Jan 28, 1993
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