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SCIOS INC. AND NOVA PHARMACEUTICAL CORPORATION MERGER CLEARS FTC REVIEW

SCIOS INC. AND NOVA PHARMACEUTICAL CORPORATION MERGER CLEARS FTC REVIEW
 MOUNTAIN VIEW, Calif., July 7 /PRNewswire/ -- Scios Inc. (NASDAQ: SCIO) and Nova Pharmaceutical Corporation (NASDAQ: NOVX), Baltimore, Md., announced today that on July 6, 1992, the waiting period for review by the Federal Trade Commission (FTC) of the proposed merger requested by the two companies expired without the FTC making a request for additional information. The FTC conducted its review under the Hart-Scott-Rodino Antitrust Improvements Act.
 On May 13, 1992, Scios and Nova announced an agreement to merge in which holders of Nova common stock will exchange each of their Nova shares for 0.39 shares of Scios common stock. The merger is subject to approval by stockholders of each company and other conditions. Scios and Nova have filed with the Securities and Exchange Commission a joint proxy statement describing the proposed transaction and will schedule special stockholder meetings expected to occur in August.
 Nova Pharmaceutical Corporation, based in Baltimore, 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.
 Scios Inc. (formerly California Biotechnology Inc.) is a biopharmaceutical company engaged in the discovery, development and commercialization of novel human therapeutics. Scios focuses its efforts in three areas: cardiopulmonary disease, tissue repair, and metabolic disorders. The company develops and commercializes products on a proprietary basis and in collaboration with established pharmaceutical companies.
 -0- 07/07/92
 CONTACT: Virginia Walker of Scios, 415-940-6634 or -6631; Kira Bacon, 410-558-9465, or Michael Demchuk, 410-558-9569, of Nova; or Lynne Brum of Feinstein Partners, 617-577-8110, for Scios
 (SCIO NOVA) CO: SCIOS INC.; NOVA PHARMACEUTICAL CORPORATION IN: MTC SU: TNM ST: CA,MD -- NE011 -- X808 07/07/92
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Publication:PR Newswire
Date:Jul 7, 1992
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