START-UPS:Icos Corp. (initial public offering filed) Seattle. Drugs forinflammatory diseases.

Neurogen Corp. (NASDAQ:NRGN) Branford, Conn. Neurobiologicdrugs.

Pharmos Inc. (private) Rehovot, Israel. Drug delivery.

Texas Biotechnology Corp. (private) Houston. Cardiovasculardrugs.

'FALLEN ANGELS':

Bio-Technology General Corp. (NASDAQ:BTGC) New York.Growth hormones and other drugs.

Chemex Pharmaceuticals Inc. (NASDAQ:CHMX) Denver.Oligonucleotides to treat skin diseases.

Ecogen Inc. (NASDAQ:EECN) Langhorne, Pa. Biopesticides.

Liposome Technology Inc. (NASDAQ:LTIZ) Menlo Park, Calif.Liposomal drug delivery.

Ribi ImmunoChem Research Inc. (NASDAQ:RIBI) Hamilton,Mont. Immunostimulants.

OTHER INVESTMENTS:

Envirogen Inc. (private) Princeton, N.J. Bioremediation.

Immunology Ltd. (private) London. Therapeutics for cancer,autoimmune and transplant applications.

(c) 1997 American Health Consultants. All rights reserved.

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