Argus Pharmaceuticals Inc. announced that it has filed aregistration statement with the Securities and ExchangeCommission for a public offering of 2.5 million shares ofcommon stock. Underwriters S.G. Warburg Securities andKidder, Peabody & Co. Inc. will have an option to purchase upto an additional 375,000 shares to cover overallotments.

Argus (NASDAQ:ARGS) of Houston said proceeds will be used tofund preclinical and clinical testing of its product candidates,continued research and development, and capital expendituresfor general corporate purposes.

The company's stock was unchanged on Wednesday, closing at$8.63 a share.

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