<PAGE> 1
Filed Pursuant to Rule 424(b)(3)
Registration No. 33-97740
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THERATX, INCORPORATED
-----------------------
SUPPLEMENT NO. 28 DATED MARCH 10, 1997
TO PROSPECTUS DATED APRIL 5, 1996
AND
SUPPLEMENTS NO. 01 THROUGH NO. 27
DATED APRIL 12, 1996
THROUGH
MARCH 3, 1997
This Supplement is part of and should be read in conjunction with the
Prospectus of TheraTx, Incorporated, a Delaware corporation, dated April 5,
1996, and the Supplements thereto dated April 12, 1996 through March 10, 1997
(the "Prospectus"). Capitalized terms used but not defined in this Supplement
have the meanings given to them in the Prospectus. The information presented
herein either supersedes and/or adds to similar information included in the
Prospectus.
The information contained under the caption "Selling Noteholders"
appearing on page 15 of the Prospectus is hereby supplemented to include the
principal amount of Notes beneficially owned by the Selling Noteholder[s] named
below (the "Beneficial Noteholder[s]") and, assuming conversion of the Notes,
the number of shares which will be beneficially owned by the Beneficial
Noteholder[s].
<TABLE>
<CAPTION>
PRINCIPAL NUMBER OF
PRINCIPAL AMOUNT OF PERCENT OF SHARES NUMBER OF PERCENT OF
AMOUNT OF NOTES BEING OUTSTANDING ISSUABLE UPON SHARES BEING OUTSTANDING
NAME OF NOTES OWNED OFFERED NOTES CONVERSION(1) OFFERED SHARES(2)
- ------------------------------------- -------------- ----------- ----------- ------------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
Forum Capital Markets $ 800,000 $ 800,000 * % 33,333 33,333 * %
Robertson, Stephens & Co. 1,500,000 1,500,000 1.5 62,500 62,500 *
Donaldson, Lufkin & Jenrette 3,621,000 3,621,000 3.6 150,875 150,875 *
Robertson, Stephens & Co. 1,000,000 1,000,000 1.0 41,666 41,666 *
Robertson, Stephens & Co. 500,000 500,000 * 20,833 20,833 *
McMahan Securities Co., L.P. 725,000 725,000 * 30,208 30,208 *
McMahan Securities Co., L.P. 665,000 665,000 * 27,708 27,708 *
Robertson, Stephens & Co. 250,000 250,000 * 10,416 10,416 *
Robertson, Stephens & Co. 750,000 750,000 * 31,250 31,250 *
Eaton Vance 500,000 500,000 * 20,833 20,833 *
Donaldson, Lufkin & Jenrette 514,000 514,000 * 21,416 21,416 *
NBD Bank 430,000 430,000 * 17,916 17,916 *
Boston Safe 970,000 970,000 * 40,416 40,416 *
Sanwa Bank 850,000 850,000 * 35,416 35,416 *
Salomon Brothers 250,000 250,000 * 10,416 10,416 *
Northern Trust 275,000 275,000 * 11,458 11,458 *
Forum Capital Markets 1,500,000 1,500,000 1.5 62,500 62,500 *
Robertson, Stephens & Co. 2,000,000 2,000,000 2.0 83,333 83,333 *
Liberty View Plus Fund 250,000 250,000 * 10,416 10,416 *
Paresco, Inc. 600,000 600,000 * 25,000 25,000 *
Eaton Vance 1,000,000 1,000,000 1.0 41,666 41,666 *
Fidelity Convertible Securities Fund 3,000,000 3,000,000 3.0 125,000 125,000 *
</TABLE>
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<TABLE>
<CAPTION>
PRINCIPAL NUMBER OF
PRINCIPAL AMOUNT OF PERCENT OF SHARES NUMBER OF PERCENT OF
AMOUNT OF NOTES BEING OUTSTANDING ISSUABLE UPON SHARES BEING OUTSTANDING
NAME OF NOTES OWNED OFFERED NOTES CONVERSION(1) OFFERED SHARES(2)
- ------------------------------------- -------------- ----------- ----------- ------------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
Fidelity Management Trust Co. 2,000,000 2,000,000 2.0 83,333 83,333 *
Fidelity Management Trust Co. 1,500,000 1,500,000 1.5 62,500 62,500 *
Alleanza Assicurazioni 500,000 500,000 * 20,833 20,833 *
Fidelity Management Trust Co. 1,000,000 1,000,000 1.0 41,666 41,666 *
Fidelity Management Trust Co. 1,000,000 1,000,000 1.0 41,666 41,666 *
Eaton Vance 1,000,000 1,000,000 1.0 41,666 41,666 *
Eaton Vance 1,000,000 1,000,000 1.0 41,666 41,666 *
Eaton Vance 1,500,000 1,500,000 1.5 62,500 62,500 *
Robertson, Stephens & Co. 9,235,000 9,235,000 9.2 384,791 384,791 1.9
CNA Insurance Co. 500,000 500,000 * 20,833 20,833 *
Fidelity Management Trust Co. 150,000 150,000 * 6,250 6,250 *
Fidelity Management Trust Co. 1,100,000 1,100,000 1.1 45,833 45,833 *
Fidelity Management Trust Co. 250,000 250,000 * 10,416 10,416 *
Fidelity Investments 1,000,000 1,000,000 1.0 41,666 41,666 *
Fidelity Management Trust Co. 320,000 320,000 * 13,333 13,333 *
Fidelity Investments 600,000 600,000 * 25,000 25,000 *
Fidelity Investments 840,000 840,000 * 35,000 35,000 *
Fidelity Investments 1,900,000 1,900,000 1.9 79,166 79,166 *
Fidelity Investments 1,680,000 1,680,000 1.68 70,000 70,000 *
Robertson, Stephens & Co. 3,900,000 3,900,000 3.9 162,500 162,500 *
First Albany Corporation 500,000 500,000 * 20,833 20,833 *
Fidelity Management Trust Co. 320,000 320,000 * 13,333 13,333 *
Fidelity Management Trust Co. 160,000 160,000 * 6,666 6,666 *
Fidelity Investments 1,680,000 1,680,000 1.68 70,000 70,000 *
Fidelity Management Trust Co. 200,000 200,000 * 8,333 8,333 *
Salomon Brothers 200,000 200,000 * 8,333 8,333 *
Fidelity Investments 1,800,000 1,800,000 1.80 75,000 75,000 *
Salomon Brothers 2,800,000 2,800,000 2.8 116,666 116,666 *
Fidelity Management Trust Co. 220,000 220,000 * 9,166 9,166 *
Fidelity Management Trust Co. 780,000 780,000 * 32,500 32,500 *
Fidelity Investments 780,000 780,000 * 32,500 32,500 *
Fidelity Investments 3,380,000 3,380,000 3.38 140,833 140,833 *
Fidelity Management Trust Co. 920,000 920,000 * 38,333 38,333 *
Robertson, Stephens & Co. 3,680,000 3,680,000 3.68 153,333 153,333 *
Robertson, Stephens & Co. 500,000 500,000 * 20,833 20,833 *
Eaton Vance 500,000 500,000 * 20,833 20,833 *
Robertson, Stephens & Co. 2,600,000 2,600,000 2.6 108,333 108,333 *
Robertson, Stephens & Co. 6,000,000 6,000,000 6.0 250,000 250,000 *
McMahan Securities Co. L.P. 50,000 50,000 * 2,083 2,083 *
Robertson, Stephens & Co. 4,540,000 4,540,000 4.54 189,166 189,166 *
Alleanza Assicurazioni 3,000,000 3,000,000 3.0 125,000 125,000 *
Robertson, Stephens & Co. 1,250,000 1,250,000 1.25 52,083 52,083 *
McMahan Securities Co. L.P. 35,000 35,000 * 1,458 1,458 *
GAMCO Investors, Inc. 104,500 104,500 * 4,354 4,354 *
ABSBC-GAMCO Investors 800,000 800,000 * 33,333 33,333 *
</TABLE>
* Less than 1%
(1) Assumes initial conversion price of $24 per share.
(2) Based on shares of record outstanding at September 30, 1996. Outstanding
shares do not include any Shares which may be issued upon conversion of
the Notes.
