David Blech, D. Blech and Co. Inc. and affiliates on Thursdayexercised warrants on about 1.9 million shares of RibiImmunoChem Research Inc. common stock at $3-3.60 pershare.

Ribi said the capital contribution of the warrant exercise liftedits cash and investment position to more than $35 million(from about $29 million on Dec. 31). Blech and Co. and itsaffiliates have lowered their holding in Ribi to less than 3percent of common shares outstanding.

As of last March, Blech and Co. owned about 20 percent, or 3.2million shares, of Ribi, including the options and warrants onthe 1.9 million shares issued in 1991. Ribi now has about 18.8million shares outstanding.

The Hamilton, Mont., company and its collaborators currentlyhave Ribi products in human clinical testing for more than 20indications, including cancer therapy, prevention of cardiaccomplications, and a variety of infectious conditions.

Ribi's chief executive officer, Robert Ivy, said thebiopharmaceutical company finished 1993 in its strongestposition since it was founded in 1981. "The capital contributedby this warrant exercise further strengthens that position andprovides us with the resources to pursue our productdevelopments into 1998," he said.

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