Ribi ImmunoChem Research Inc. said Wednesday that S.R. OneLtd., the venture capital subsidiary of SmithKline Beecham, hasinvested $1.57 million through the exercise of warrants for394,647 shares of common stock. The investment raises S.R.One's holding of Ribi shares outstanding to 11.1 percent.

Of the warrants exercised, 94,647 were acquired in a June1990 private placement and were exercised at $5 per share. Ofthe remaining 300,000 warrants, which were acquired in aprivate placement last May, 100,000 were exercised at $3 pershare and 200,000 were exercised at $4 per share.

Shares of the Hamilton, Mont., developer of immunostimulants(NASDAQ:RIBI) closed down 25 cents on Wednesday at $7.75.

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