CHICAGO, Aug. 22 /PRNewswire/ -- EVEREN Securities, Inc. today announced
that its newly formed health care group has completed its first three
financings, including an initial public offering for Transcend Therapeutics,
Inc. and private placements for CardioDynamics, Inc. and Autonomous
Technologies, Inc.
    EVEREN's health care group is currently made up of five investment bankers
and three senior equity research analysts.  The group focuses on serving the
pharmaceutical sector, including large cap pharmaceutical companies, emerging
pharmaceuticals, drug delivery companies, generics and hospital supply firms;
medical technology companies, particularly medical device and biotechnology
enterprises; and the health care services sector, especially physician and
dental practice management groups.
    "EVEREN recognizes that the health care industry is one of the fastest
growing and most significant sectors of the U.S. economy, with substantial
capital requirements for continued expansion," said Kathryn B. Hyer, managing
director of investment banking/health care.  "We assembled a group of
experienced professionals who produced results quickly and who already have
produced an inventory of additional deals in the pipeline for the remainder of
1997."
    Hyer joined EVEREN in October 1996 after serving as Director of Finance
for the City of Cleveland from 1994 through 1996.  Previously, she spent 11
years with EVEREN and its predecessor companies, most recently as a senior
vice president in the corporate finance department.
    The health care equity research team is headed by Jeffrey J. Kraws,
managing director, who also joined EVEREN in 1996.  Previously, he was a
senior U.S. pharmaceutical analyst at the Swedish/Swiss conglomerate, Asea
Brown/Boveri (ABB), as well as managing director and president of ABB Aros
Securities, Inc., the U.S. investment and brokerage division of ABB.  He also
was a senior pharmaceutical research analyst at Montgomery Securities, Alex
Brown & Sons, Inc. and Buckingham Research.
    EVEREN's health care group provides a full range of financial services,
including public underwritings, private placements of equity and debt, and
financing for mergers and acquisitions.  The group provides strategic counsel
and advisory services to public and privately held corporate clients.
    EVEREN's capital markets division serves the capital needs of corporations
and governments as well as the interests of investors through a range of
activities, including investment banking, trading, institutional sales and
research of equity, taxable fixed-income and municipal securities.  The firm's
full-service teams integrate investment banking, trading, sales and research
activities focusing on middle market and emerging growth companies in seven
key industries:  consumer goods, financial services, health care, industrials,
real estate, technology and telecommunications.
    EVEREN Securities, Inc. is a full-service nationwide superregional
brokerage firm that serves individual, corporate, municipal and institutional
clients through an integrated network of approximately 1,250 investment
consultants in 135 offices nationwide.  Drawing on its national branch system,
the firm combines the capital markets resources of a large national company
with the personalized service and dedication of a smaller firm.  EVEREN
Securities is a member of the Securities Investor Protection Corporation and
the New York Stock Exchange.  EVEREN Securities, Inc. is a subsidiary of
EVEREN Capital Corporation (NYSE: EVR).

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