NEWTOWN, Pa., Dec. 5 /PRNewswire/ -- CollaGenex Pharmaceuticals, Inc.
(Nasdaq: CGPI) announced today that the National Cancer Institute has filed an
Investigational New Drug application ("IND") for Metastat, the company's lead
compound for the inhibition of cancer invasion and metastasis.  It is
anticipated that clinical studies in patients with metastatic cancer will
begin early in 1998, pending approval by the FDA.
    Metastat is the first of CollaGenex's novel "chemically modified
tetracyclines," developed in conjunction with Dr. Lorne Golub's laboratory at
the State University of New York at Stony Brook.  These compounds, which have
been chemically stripped of their antimicrobial properties, behave as
inhibitors of a key group of enzymes known as matrix metalloproteinases
("MMPs"). MMPs are involved in the processes which cause cancer to spread,
or metastasize, in the human body.  In animal studies involving a variety of
human cancer cell types, including prostate, breast, lung, colon and melanoma,
these compounds have exhibited an ability to control metastasis, thereby
having the potential to increase longevity while treating the primary cancer.
    "The filing of an IND and the initiation of human clinical studies
represent a significant milestone for CollaGenex," said Brian M. Gallagher,
President and Chief Executive Officer of CollaGenex.  "Metastat is the most
advanced of our new compounds, and success in cancer may lead to other
applications for this unique class of compounds in arthritis, osteoporosis and
diabetes.  It is extremely encouraging to know that the National Cancer
Institute has supported this program throughout, and we continue to be
impressed with the speed and diligence of their efforts to develop this
compound in collaboration with the company."
    CollaGenex Pharmaceuticals is an emerging pharmaceutical company which is
developing and commercializing innovative proprietary medical therapies for
the treatment of periodontal disease and other pathologies. The Company's core
technology involves inhibiting the activity of certain enzymes that destroy
the connective tissues of the body.  In addition to periodontal disease, the
Company and its collaborators are researching and developing other potential
applications of the core technology, including cancer metastasis, wound
healing, osteoarthritis, osteoporosis, rheumatoid arthritis and diabetic
nephropathy. Founded in 1992, the company completed an initial public offering
of two million shares of common stock in June 1996.

    To receive additional information on CollaGenex, via fax, at no charge,
dial 1-800-PRO-INFO and enter code CGPI.

    This news release contains forward-looking statements and therefore it
necessarily involves risks and uncertainties. Factors that could cause actual
events to differ from these forward-looking statements are set forth under the
caption "Risk Factors" in the company's prospectus dated June 20, 1996, which
is part of its registration statement on file with the Securities and Exchange
Commission.  There can be no assurance that the company will receive
regulatory approval to market any product or, if such approval is received,
that the product will be commercially successful.

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