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THE LIPOSOME COMPANY SELLS ADDITIONAL 360,000 DEPOSITARY SHARES AS PART OF STOCK OFFERING

 PRINCETON, N.J., Jan. 15 /PRNewswire/ -- The Liposome Company, Inc. (NASDAQ: LIPO and LIPOZ) announced today that the underwriters of the company's recent offering have exercised their option to purchase an additional 360,000 depositary shares, at a price to the public of $25.00 per depositary share, to cover over-allotments. Each depositary share represents one-tenth of a share of Series A cumulative convertible exchangeable preferred stock carrying a 7-3/4 percent dividend rate. The Liposome Company previously announced that it had successfully completed an offering of 2.4 million depositary shares raising net proceeds of approximately $57 million. Totals for the offering, including the over-allotment option exercised today, now stand at 2,760,000 depositary shares sold, with net proceeds to The Liposome Company of approximately $66 million. Hambrecht & Quist Incorporated and Dillon, Read & Co. Inc. served as underwriters of the offering.
 The net proceeds to the company from the offering will be used primarily for the development and clinical testing of the company's self-funded products, including ABLC(TM), the rights to which were recently acquired from Bristol-Myers Squibb. In addition, the proceeds may be used for the expansion of research activities and manufacturing facilities, the development of marketing and distribution capabilities, and other general corporate purposes.
 The depositary shares trade on the NASDAQ system under the symbol LIPOZ. Shares of the common stock of The Liposome Company continue to trade on NASDAQ under the symbol LIPO.
 A leading company dedicated exclusively to the development of liposome and lipid-based pharmaceuticals, The Liposome Company selectively develops proprietary parenteral pharmaceuticals for the treatment, prevention, and diagnosis of life-threatening diseases. It has four drugs in clinical trials. ABLC is in Phase II/III studies for the treatment of systemic fungal infections, TLC G-65 is in Phase II trials in the United States and Phase III in Europe for the treatment of Mycobacterium avium-intracellulare (MAI) infections in AIDS patients, TLC D-99 is in Phase II for treatment of metastatic breast cancer, and TLC C-53 is in Phase I trials in preparation for studies in Adult Respiratory Distress Syndrome.
 -0- 1/15/93
 /CONTACT: Anne M. Van Lent, senior vice president of The Liposome Company, Inc., 609-452-7060/
 (LIPO)


CO: Liposome Company, Inc. ST: New Jersey IN: MTC SU: OFR

TM-LD -- NY003 -- 5224 01/15/93 09:00 EST
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Publication:PR Newswire
Date:Jan 15, 1993
Words:384
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