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Biotech / Medical : Paracelsian Inc (PRLN)
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To: Richard Mazzarella who wrote (563)10/1/1996 9:54:00 AM
From: junjun dator   of 4342
 
This news just came in !!!

Tuesday October 1 9:09 AM EDT

Paracelsian Receives Over $2 Million Of Private Equity Investment

ITHACA, N.Y., Oct. 1 /PRNewswire/ -- Paracelsian Inc announced today the sale of over $2.0 million of additional equity to institutional investors in a
private transaction. Each of the participating investors also purchased equity from the Company in June and July of this year. The current investment to
purchase both common stock and warrants for additional shares brings their total investment to $4.3 million.

According to Keith A. Rhodes, President and Chief Executive Officer, "We are delighted with the continued support of our institutional investors as we
proceed with the projected launch of our first products beginning in March 1997. Their role in our capital plans has enhanced our balance sheet and we
now have approximately $4.0 million in cash. This will provide the resources to carry out our objectives including our clinical trials and the prelaunch
marketing projects necessary to introduce our products for AIDS and cancer patients."

Paracelsian is a biotechnology company engaged in the discovery of pharmaceuticals from herbal sources. The Company is preparing to launch its first two
products in 1997. The Company's discovery efforts result from the application of its proprietary discovery and screening technology based in signal
transduction (intracellular communication) to its library of herbs used in Traditional Chinese Medicine. SOURCE Paracelsian, Inc.

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