By Frances Bishopp

Staff Writer

In a deal worth close to $21 million, Ross Financial Corp., a Cayman Island investment company, has purchased 1 million shares of The Liposome Co. Inc.'s common stock at Tuesday's closing price of $20.875 per share.

Liposome's stock (NASDAQ: LIPO) closed Wednesday at $21.625, up $0.750.

Ross Financial Corp. is owned by Dart Container Corp. president Kenneth Dart, a billionaire investor and foam-cup maker. After the acquisition, Dart will own 6 million shares of Liposome common stock, which represents 16.3 percent of the company.

Liposome, following the transaction, will have 37.2 million shares outstanding.

Also, Brooks Boveroux, vice president of public relations at the Princeton, N.J., company, told BioWorld Today Liposome's board of directors has given approval under its shareholder rights plan to permit purchases by Ross Financial of up to 25 percent of the company's outstanding stock for investment purposes, without triggering provisions of the plan.

Under the plan, shareholders may not purchase in excess of 15 percent of the company's common stock without board approval, Boveroux said.

"He (Dart) has been known to make major investments in companies that he likes," Boveroux said. "I think he understands and likes the company, its management, products and prospects."

Liposome markets Abelcet, an amphotericin B lipid complex, in the U.S. and other countries for the treatment of severe systemic fungal infections. It was first approved by the FDA in 1995 as a treatment for the fungal infection aspergillosis in patients refractory or intolerant to amphotericin B. In October 1996, Abelcet gained an expanded indication from the FDA as a treatment for a host of sometimes- fatal infections in patients who fail to respond to standard amphotericin B or those who cannot tolerate the drug.

Abelcet has been approved in the U.K., Iceland, Spain, Portugal, Sweden, Greece, Cyprus, Luxembourg, Finland and Ireland.

Liposome also has two other products in Phase III studies: Ventus for acute respiratory distress syndrome (ARDS) and TLC D-99 for metastatic breast cancer. TCL D-99 is being developed in collaboration with Pfizer Inc., of New York.

The Ventus studies, Boveroux said, are expected to be completed by this summer. *