Alliance Pharmaceutical Corp. announces public offering

Business Wire, April 21, 1995

SAN DIEGO--(BUSINESS WIRE)--April 21, 1995--Alliance Pharmaceutical Corp. (NASDAQ:ALLP) Friday announced that its public offering of 3,175,000 shares of common stock has been declared effective.

The shares have been offered by the company at a price of $5 per share. Oppenheimer & Co. Inc. (Oppenheimer) and Cowen & Co. (Cowen) acted as placement agents for Alliance in a U.S. offering, and Oppenheimer, Cowen and ABB Aros Fondkommission AB acted as placement agents in an offering outside the United States.

Alliance is a pharmaceutical research and development company focusing on the application of scientific discoveries that can be developed into innovative drug products.

Two drug products that are based on its perfluorochemical (PFC) technologies are currently in clinical studies: Oxygent, an intravascular oxygen carrier for use as a temporary ``blood substitute'' to reduce or eliminate the requirement for allogenic (donor) blood transfusions during elective surgery; and LiquiVent, an intrapulmonary drug for use in treating patients with acute respiratory failure to reduce the morbidity associated with conventional mechanical ventilation.

Imagent US, a PFC-based intravenous contrast agent for enhancement of ultrasound images used to detect blood flow abnormalities (perfusion defects), is in the preclinical phase.

CONTACT: Alliance Pharmaceutical Corp., San Diego

Gwen Rosenberg, 619/558-4300