Codon Pharmaceuticals, Inc.

Proposed Ticker: CODN		200 Perry Parkway
Exchange: NASDAQ-Small Cap Market		Gaithersburg, Maryland 20877
Industry: Manufacturing		(301) 926-4400

All share information is proposed
Type of Shares:	Common Shares	Filing Date:	11/1/96
U.S. Shares Filed:	1,700,000	Filing Range:	$5.00 - $6.00
Non-U.S. Shares Filed:	0	Offering Amount:	$9,350,000
Primary Shares:	1,700,000	Expenses:	$800,000
Secondary Shares:	0	Shs Out After:	3,675,088

Manager	Tier	Phone
National Securities Corp.	Lead Manager	(206) 622-7200

	Audited Income	Latest Unaudited Income	Prior Unaudited Income		Balance Sheet
	12/31/95	9/30/96	9/30/95		9/30/96
Revenue:	$0.00	$0.00	$0.00	Assets:	$2.84
Net Income:	-$1.89	-$2.93	-$1.26	Liabilities:	$0.17
EPS:	-$1.02			Equity:	$2.66
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year

Business Description

The company is expert in the design and preclinical study of lead compounds and product candidates based on DNA or on the small molecule building blocks of DNA (nucleosides). This core expertise was developed primarily by recruiting a team of synthetic chemists from the Memorial Sloan-Kettering Cancer Institute, and by assembling the team of biochemists that invented the company's proprietary Code Marker gene repair technology. The company's gene repair product candidates are designed to trigger highly site-specific sectional replacements of like sequences of DNA (precision site-directed homologous recombination) to restore damaged genes to their normal structure and function. The company believes that its gene repair technology may overcome many of the problems currently encountered in the conversion of genomic discoveries into useful human therapies.

Use of Proceeds

The proceeds from the proposed offering will be used for research and development efforts, including preclinical studies for potential product candidates, working capital and general corporate purposes.

Last updated: 12/1/96