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NOVA PHARMACEUTICAL ANNOUNCES SALE OF COMMON STOCK

 NOVA PHARMACEUTICAL ANNOUNCES SALE OF COMMON STOCK
 BALTIMORE, Jan. 28 /PRNewswire/ -- Nova Pharmaceutical Corporation


(NASDAQ: NOVX) today announced the underwritten public sale of 4 million shares of common stock at $8.50 per share, 3,600,000 shares of which are being issued and sold by the company and 400,000 shares of which are being sold by two stockholders of the company. Net proceeds to the company from the sale are expected to be approximately $28.4 million.
 Tucker Anthony Incorporated is the managing underwriter of the offering. Nova has also granted the underwriters an option to purchase up to an additional 600,000 shares to cover over-allotments, if any.
 Nova is engaged in the discovery, development, and commercialization of pharmaceutical products which address areas of significant medical need. The company's research and development programs are in three principal areas: inflammation, central nervous system disorders, and drug delivery systems. The company's scientific strategy is to employ the tools of receptor technology, rational drug design, and drug delivery technologies to develop novel therapeutic products.
 -0- 1/28/92
 /CONTACT: Kira Bacon of Nova, 410-558-9465; or Noonan/Russo Communications, 212-979-9180, for Nova/
 (NOVX) CO: Nova Pharmaceutical Corporation ST: Maryland IN: MTC SU:


GK-OS -- NY034 -- 4134 01/28/92 10:18 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jan 28, 1992
Words:210
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