Pharma Mar S.A. completed a private placement of $8.4 million,most of which came from European institutional investors.

Pharma Mar, a Madrid, Spain company developing oncology andHIV products from non-mammalian marine organisms, said thefinancing should allow it to take its first products into human testingin the U.S. and Europe over the next six months.

Its two lead compounds are ET 743, for cancer, and DehyrodideminB, also for cancer. Both were isolated from marine tunicates, whichare non-moving sea organisms.

Pharma Mar, in collaboration with Paris-based Pasteur Institute, alsois testing ET 743 for its immunomodulation properties against HIV.

Pharma Mar has about 30 other anti-tumor compounds in preclinicaldevelopment, a company spokesman said. It has collaborations withthe National Cancer Institute and a number of research laboratoriesand universities.

Pharma Mar has raised $28 million since its founding in 1986. _ JimShrine

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