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SPI PHARMACEUTICALS ANNOUNCES LETTER OF INTENT TO INVEST IN PHARMACEUTICAL COMPANY IN POLAND

 SPI PHARMACEUTICALS ANNOUNCES LETTER OF INTENT
 TO INVEST IN PHARMACEUTICAL COMPANY IN POLAND
 Move Part of Eastern European Expansion Plan
 WARSAW, Poland, April 22 /PRNewswire/ -- SPI Pharmaceuticals Inc. (AMEX: SPI) of Costa Mesa, Calif., announced it has signed a letter of intent to form a new joint company with Pharmaceutical Works "Polfa," a major pharmaceutical manufacturer based in Poland.
 In March, SPI completed the one-year anniversary of ICN Galenika, a joint venture with Yugoslavia's leading pharmaceutical firm. In December 1991, SPI signed a letter of intent to create a Russian venture in St. Petersburg with Oktyabr Pharmaceuticals similar to the Galenika model.
 "Economic and political reforms in Eastern Europe have created substantial opportunities for investment and expansion in the pharmaceutical industry," said Milan Panic, chairman and chief executive officer of SPI. "We believe the model that we successfully employed in Yugoslavia can provide the popular incentives necessary to stimulate the economic transformation sought in other Eastern European countries, such as Poland."
 The letter of intent with Pharmaceutical Works calls for both companies to discuss a joint venture in Poland for developing new health care technologies and new products for domestic and worldwide marketing.
 Pharmaceutical Works, one of Poland's largest drug manufacturers, is estimated to have approximately $100 million in annual sales and has 2,600 employees. Approximately half its products are sold to countries in the former Soviet Union. The company is the only producer of a wide range of antibiotics and insulin in Poland. Founded in 1823, its numerous other products include the third generation antibiotic Tarcefoksym (cefotaxime), pharmaceuticals for anxiety, and veterinary medicines. It is headquartered in the Warsaw suburb of Tarchomin.
 Terms of the proposed agreement were not disclosed. It is subject to due diligence, customary closing conditions and approval by the boards of SPI, ICN Pharmaceuticals Inc. and governmental authorities in Poland.
 SPI Pharmaceuticals Inc., headquartered in Costa Mesa, manufactures, markets and distributes 600 prescription and nonprescription pharmaceuticals in more than 60 countries, including North and Latin America, Western and Eastern Europe and the Far East.
 -0- 4/22/92
 CONTACT: Paul Knopick of SPI Pharmaceuticals, 714-545-0100, ext. 2465/
 (SPI) CO: SPI Pharmaceuticals Inc.; Pharmaceutical Works ST: California IN: MTC SU: JVN


JL-EH -- LA008 -- 1082 04/22/92 09:13 EDT
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Publication:PR Newswire
Date:Apr 22, 1992
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