With favorable investment winds blowingbiotechnology's way, Agouron Pharmaceuticals Inc. andMagainin Pharmaceuticals Inc. are jumping into thecapital markets with proposed public offerings.

In statements released by the companies Friday, each saidit registered with the Securities & Exchange Commissionfor the sale of 2 million shares.

Based on Agouron's stock (NASDAQ:AGPH) price of$26.75 at the end of last week, it would raise $53.5million. At Magainin's (NASDAQ:MAGN) closing priceFriday of $7.88, the company's offering would generate$15.8 million.

Recent successful public offerings, such as the nearly $75million raised by Cephalon Inc., of West Chester, Pa.,have pushed Wall Street analysts to speculate thebiotechnology industry is generating renewed confidenceamong investors after a three-year financial dry spell.

Agouron's proposed stock sale also comes on the heels ofthe release last month of preliminary Phase II study datashowing significant anti-HIV effects from the La Jolla,Calif.-based company's orally administered proteaseinhibitor, AG1343.

And Magainin's offering follows disclosure in late Juneof a positive interim analysis of Phase III trials of atopical cream, MSI-78, for infections in diabetic footulcers. The Plymouth Meeting, Pa.-based company'sdrug, derived from peptides on the skin of frogs, is beingtested against the standard oral antibiotic therapy,ofloxacin.

Magainin's sale of 2 million shares would give thecompany about 15.3 million shares outstanding.Hambrecht & Quist LLC and Cowen & Co., both of NewYork, are acting as placement agents.

Agouron, following its stock offering, would haveapproximately 9.3 million shares outstanding.PaineWebber Inc., of New York, and Robertson,Stephens & Co., of San Francisco, are the managers. Inaddition to the 2 million shares being offered by thecompany, Agouron gave the underwriters the option ofbuying 300,000 shares to cover over allotments. _Charles Craig

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