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MacroChem Announces Preferred Stock Conversions and $3.5 Million Private Placement
Date:10/10/2007

WELLESLEY HILLS, Mass., Oct. 10 /PRNewswire-FirstCall/ -- MacroChem Corporation (OTC Bulletin Board: MACM) announced today that all the holders of its Series C Preferred Stock have converted their shares of preferred stock into 12,571,850 shares of common stock, and the warrants to purchase 8,648,102 shares of common stock previously issued with the Series C Preferred Stock have been reset to purchase 17,885,848 shares with an exercise price of $.60 per share pursuant to anti-dilution provisions in the warrants. In connection with the transaction, the Company closed a private placement of $3.5 million in gross proceeds, issuing 5,891,667 shares of common stock and five-year warrants to purchase 1,767,500 shares of common stock exercisable at $.60 per share. Griffin Securities, Inc. acted as placement agent in connection with the private placement.

"We're pleased with the support and confidence of our shareholders and new investors participating in this transaction," stated Robert J. DeLuccia, President and Chief Executive Officer of MacroChem. "We believe this transaction will simplify our capital structure by leaving only common stock, warrants and options outstanding, enable us to continue advancing EcoNail(R) through its Phase 2 clinical program and initiate development work on our newly acquired product, pexiganan, which has already completed two Phase 3 trials."

The securities offered and sold to the investors in the private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act") and were sold in reliance upon the exemption from securities registration afforded by Regulation D under the Securities Act. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such s
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SOURCE MacroChem Corporation
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