NEWTOWN, Pa., June 30 /PRNewswire/ -- CollaGenex Pharmaceuticals, Inc.
(Nasdaq: CGPI) announced today that The National Cancer Institute (NCI) has
formally extended its collaboration with the Company as the next step in the
development of Metastat(TM), the Company's lead product for cancer therapy.
The NCI and CollaGenex will collaborate in the clinical development of
Metastat to seek the best treatment options to patients with specific cancer
types and ultimately to seek approval of Metastat as a commercial anti-cancer
agent.
    Metastat is expected to be the first of a new class of matrix
metalloproteinase (MMP) inhibitors to reach the clinic.  Metastat is a
chemically-modified, non-antimicrobial tetracycline that has shown promise in
pre-clinical studies in a variety of human tumor types as an inhibitor of
tumor growth and metastasis.  Unlike other MMP inhibitors currently under
evaluation as anti-metastatic agents, studies have shown that Metastat
inhibits the activity of MMP's through multiple mechanisms, which may
lead to an improved clinical profile.
    "While we have been pleased with our collaboration with NCI during the
last year on various pre-clinical activities, we are especially delighted that
the favorable outcome of the safety studies which they carried out coupled
with the efficacy data from CollaGenex's research collaborations, have
resulted in the decision to move forward with Metastat into the clinic," said
Brian M. Gallagher, Ph.D., President and CEO of CollaGenex.  "We believe that
our combined expertise will facilitate the rapid development of this exciting
new drug."
    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 Pharmaceuticals, Inc.,
via fax, at no charge, dial 1-800-PRO-INFO and enter code CGPI, or visit the
Company's website at http://www.collagenex.com.

    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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