Interneuron Pharmaceuticals Inc. has filed with the Securitiesand Exchange Commission to offer 3 million shares of commonstock (NASDAQ:IPIC).

Proceeds will be used to conduct research, development andtesting of Dexfenfluramine and other central nervous systemcompounds, and for drug transport and stem cell therapeutictechnologies under development by Interneuron's subsidiaries,Progenitor Inc. and Transcell Technologies Inc., with thebalance for working capital.

Interneuron of Lexington, Mass., is engaged in the developmentof innovative products for neurological and behavioraldisorders.

The offering will be managed by Montgomery Securities andCowen & Co. The underwriters have the option to purchase anadditional 450,000 shares to cover overallotments. After theoffering, Interneuron will have approximately 27.2 millioncommon shares outstanding, exclusive of any shares that maybe sold to cover over-allotments.

The company raised nearly $8 million in an initial publicoffering in March 1990, then $7 million in February 1992through the redemption of its 3.18 million class A warrantsoutstanding, and another $14 million in May 1992 from theexercise of about 2.9 million class B warrants. About 2.4 millionB warrants left outstanding expire in March 1995.

Interneuron's stock closed Friday at $10.63, up 13 cents ashare

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