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Biotech / Medical : VVUS: VIVUS INC. (NASDAQ) -- Ignore unavailable to you. Want to Upgrade?

To: Zebra 365 who wrote (5240)	2/2/1998 6:37:00 PM
From: Zebra 365	Read Replies (1) \| Respond to of 23519

HVSF reverse splits 10:1, Hmmmmm Harvard Scientific's Board of Directors Declares a One-For-Ten Reverse Stock Split RENO, Nev.--(BW HealthWire)--Feb. 2, 1998--Harvard Scientific Corp. (OTC BB:HVSF), a Nevada corporation, announced Monday that its board of directors has declared a one-for-ten (1:10) reverse stock split which became effective Monday at 4:30 p.m. (EST). NASDAQ has assigned the company a new trading symbol (OTC BB:HVSFD), which is effective for the next thirty days to reflect the stock split. Any potential fractional shares created by the split will be rounded up to prevent the issuance of fractional shares and the loss of any minority shareholders (no freeze-out). The company will have approximately 3,447,944 common shares outstanding and a restated par value of $0.01 per common share after the effective date. The new CUSIP number will be 417465309. Atlas Stock Transfer Corp. in Salt Lake City is the company's stock transfer agency. Company president and CEO, Thomas E. Waite stated: "The company's board of directors believes that a restructuring of the company's current capitalization should be viewed very positively by both the investment and business communities. Management is working diligently in order to complete the company's audit for 1997, and is concluding its review of certain criteria required of the company for a full NASDAQ listing. The company believes that it will soon comply with this criteria and intends to submit its application to NASDAQ upon full satisfaction of these requirements. The NASDAQ listing will enable analysts and brokers at all of the major Wall Street firms an opportunity to initiate coverage and invest in the company's common stock for their clients, thus providing additional liquidity for existing shareholders." Waite also stated: "Although the company is moving forward with plans which may provide a successful future business partnership with another major pharmaceutical company, there can be no guarantee it will be able to do so. Therefore, management is very focused and diligently proceeding with a strategic plan designed to facilitate marketing of its products in a manner which is consistent with enhancing its corporate image and further increasing shareholder value. The company feels very confident that its treatment product for male erectile dysfunction antiquates all the other "EDT" treatment products and that upon approval by the U.S. Food and Drug Administration, (which approval the company believes, but cannot be certain, will be forthcoming) will successfully capture a substantial, if not dominant, share of this market." Harvard Scientific Corp. is a biopharmaceutical company that develops products relating to liposomal delivery of Prostaglandin E-1 for the treatment of male erectile dysfunction, impotency and sexual enhancement. The company's patented process allows the Prostaglandin E-1 to be administered as a liquid via a painless delivery system. The company also has developed a topically applied skin treatment for psoriasis and is working with the FDA to establish Phase I clinical trials protocol for that product. Prostaglandin E-1 is a naturally occurring vasodilator originally approved by the U.S. FDA for intravenous infusion in neonates. In 1995, PGE-1 was approved by the FDA as a treatment for male erectile dysfunction for Upjohn's Caverject(r), which is administered by needle injection. In November 1996, Vivus Inc.'s MUSE(r) delivery system was approved by the FDA. The company believes that its product represents a tremendous treatment advantage over other delivery systems currently being utilized in the industry. From time to time the company may issue forward looking statements which involve risks and uncertainties. This statement may contain forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results could differ and any forward looking statements should be considered accordingly. --30--lhs/mi CONTACT: I.W. Miller & Co. Ira Miller, 714/833-9001 or Martin E. Janis & Co. Hal Schweig, 312/943-1100