This report contains forward-looking statements
that involve risks and uncertainties. The Company's actual results
may differ materially from those anticipated in these forward-looking
statements. Factors that may cause such differences include, but
are not limited to, those discussed under "Risk Factors" and elsewhere
in the Company's Annual Report on Form 10-K for the year ended September
30, 1997 and the Company's Registration Statement on Form S-3 (File
No. 333-52403), as amended through the date hereof, as filed with
the Securities and Exchange Commission, including the uncertainties
associated with clinical trials and product development, the risk
that products appearing promising in early clinical trials do not
demonstrate efficacy in larger-scale clinical trials, and the risk
that the Company will not obtain marketing approval for its products.
Note: Maxamine, Maxamine Therapy, MaxVax
and the Maxim logo are trademarks of the company.