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ROYCE LABORATORIES FILES FOR $6 MILLION SECONDARY PUBLIC OFFERING

    ROYCE LABORATORIES FILES FOR $6 MILLION SECONDARY PUBLIC OFFERING
    MIAMI, Nov. 14 /PRNewswire/ -- Royce Laboratories, Inc. (NASDAQ: RLAB) announced today, that as of yesterday, it has filed a registration statement with the Securities and Exchange commission relating to a public offering of $6 million ($6,900,000 if an over-allotment option is exercised in full).  The company will sell units of its securites consisting of two shares of common stock and a warrant to purchase one-half share.  The shares will be sold on a firm commitment basis by Paradise Valley Securities, Inc. and Chatfield Dean & Co., Inc.
    The net proceeds from the offering will be used to fund purchases of equipment and raw materials, advertising, research and development and for working capital requirements.
    Royce Laboratories, Inc. is engaged in developing, manufacturing and marketing generic prescription drugs in solid dosage form (tablets and capsules).  At present the company manufactures and markets eight generic prescription drugs in 21 dosage strengths.  It has received tentative approval for a ninth prescription drug in two dosage strengths, as to which patent protection on the brand name version of the drug will expire April 6, 1992.
    A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective.  These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.
    -0-                      11/14/91
    /CONTACT:  Patrick J. McEnany, president of Royce Laboratories, Inc., 305-624-1500/
    (RLAB) CO:  Royce Laboratories, Inc. ST:  Florida IN:  MTC SU:  OFR AW-JJ -- FL009 -- 4518 11/14/91 15:29 EST
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Publication:PR Newswire
Date:Nov 14, 1991
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