NEWTOWN, Pa., July 21 /PRNewswire/ -- CollaGenex Pharmaceuticals, Inc.
(Nasdaq: CGPI) announced today that the Periostat(R) Marketing Authorization
for Approval has been filed with the Italian Ministry of Health by its
partner, Boehringer Mannheim Italia (BMI).  This filing is the first in a
series of European submissions for Periostat.
    Periostat is the first orally administered, systemically delivered drug
targeted for use in conjunction with routine dental therapy to treat
periodontal disease.
    "We have been extremely pleased by the rate at which BMI has established a
manufacturing capability for Periostat in Europe, and carried out the
necessary stability studies in order to file a Marketing Authorization," said
Brian M. Gallagher, Ph.D., President and CEO of CollaGenex.  "BMI has a
significant sales and marketing presence in the Italian dental market,
including the NSAID Aulin (Nimesulide), the top selling anti-inflammatory drug
in Italy; an antibiotic for the treatment of dental infections; and a complete
line of products for oral hygiene.  Periostat will complement their range of
products for the management of dental pathologies."
    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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