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File No. 2-73658
Rule 424(b)(5)
Supplement Dated May 21, 1996
to
Prospectus Dated July 21, 1995
PANATECH RESEARCH AND DEVELOPMENT CORPORATION
873,700 Shares of Common Stock
Issuable Upon Exercise of Class B Warrants
The Board of Directors of Panatech Research and Development Corporation
(the "Company") has approved a final extension of the expiration date of the
Company's Class B Warrants (the "Warrants") from June 30, 1996 to June 30,
1997. The purpose of the extension is to provide certainty with respect to the
final expiration date of the Warrants so that all interested parties may plan
accordingly. There will be no further extensions of the expiration date beyond
June 30, 1997.
The Warrants are exercisable for $5.00 per share of Common Stock. There
can be no assurance that the market price of the Company's Common Stock will
exceed $5.00 per share during the remaining term of the Warrants or that there
will be an active market for the Warrants themselves.
The Company's Common Stock is traded on the Nasdaq National Market
under the symbol "PNTC." On May 21, 1996, the closing price of the Common Stock
was $4-3/8 per share. The Warrants are thinly traded in the over-the-counter
market and are quoted on the NASD Bulletin Board under the symbol "PNTCW." On
May 21, 1996 the bid price of the Warrants was $5/16.
