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SYMPHONY COMPLETES $3 MILLION PRIVATE PLACEMENT

 PHILADELPHIA, March 2 /PRNewswire/ -- Symphony Pharmaceuticals, Inc. today announced it has completed a $3 million private placement. The financing, led by Fostin Capital, will fund research and development activities at the company, which focuses on regulating ion currents in the brain.
 Abnormal ion flow leads to neurologic and neurodegenrative diseases such as central nervous system trauma, epilepsy, anxiety depression, Huntington's, Alzheimer's and Parkinson's disease. Symphony's mission is to develop drugs that modulate the flow of electricity through ion channels in the brain. Drugs acting on these complexes may also improve memory and learning and are expected to have enormous therapeutic potential.
 Five organizations took part in the financing: Fostin, S.R. One, Euclid Partners, Gateway and Grotech. The company's first private placement closed in two stages: one in March and one in December.
 "We are pleased that these organizations have chosen Symphony to add to their list of promising companies," said Maria-Luisa Maccecchini, Ph.D., founder and chief executive officer of Symphony. "We are the first company to concentrate exclusively in compounds that modulate and normalize rather than block ion flow. This financing will allow us to move our broad base of patented technology toward commercialization."
 Symphony plans to file an Investigational New Drug (IND) application on its lead compound by the end of this year. The compound has been shown to be effective in preclinical testing an anxiolytic, anti- depressant, anti-convulsant, neuroprotectant and enhancer of neuronal plasticity including memory and learning. It is orally active, passes the blood-brain barrier and was shown to be safe up to five grams/kg. of body weight. It further exhibited none of the serious side effects associated with ion blockers or antagonists. Symphony estimates that the market for anti-depressant/anxiolytic products alone is $4 billion annually and the market for neuroprotectants will be $5 billion annually. Symphony has exclusively licensed the ion flow regulators from the National Institutes of Health.
 Symphony is also working on another proprietary class of ion flow regulators that act on a novel receptor site and can fine tune ion flow through the channel depending on its state of excitation.
 Symphony has a collaborative agreement with Stan Opella, Ph.D., of the University of Pennsylvania to understand the mechanisms of channel activities. Dr. Opella is the only scientist to have developed a methodology to determine the structure of proteins in membranes.
 Symphony, founded in 1991, is a private biopharmaceutical company focusing on the discovery and development of novel drugs to regulate the flow of electricity through ion channels.
 -0- 3/2/93
 /CONTACT: Maria-Luisa Maccecchini, Ph.D., chief executive officer of Symphony Pharmaceuticals, 215-387-7742, or Anthony J. Russo of Noonan/Russo Communications, 212-979-9180, for Symphony Pharmaceuticals/


CO: Symphony Pharmaceuticals, Inc. ST: Pennsylvania IN: MTC SU:

CK-SM -- NY049 -- 8005 03/02/93 11:09 EST
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Date:Mar 2, 1993
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