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             U.S. SECURITIES AND EXCHANGE COMMISSION


Litigation Release No.  15002 / August 6, 1996

Securities and Exchange Commission v. Roger D. Wyatt and David L.
Holewinski, Civil Action No. 96-5399 TJH (Mcx) (C.D. Cal.)

     The Securities and Exchange Commission filed a Complaint on
August 5, 1996, in Federal Court in Los Angeles, California
against Roger D. Wyatt, of Houston, Texas, and David L.
Holewinski, of Yardley, Pennsylvania, alleging insider trading in
connection with their sales of Chantal Pharmaceutical Corporation
stock in February 1993.  The sales took place prior to a public
announcement by Chantal, on February 25, 1993, that The Upjohn
Company had terminated a licensing agreement with Chantal because
tests showed that Chantal's Cyoctol compound was not an effective
anti-acne drug.  Chantal's joint venture with Upjohn was its sole
source of income at the time.  As a result of Wyatt's trading,
the Complaint alleges that he avoided losses of $21,963.  The
Complaint also alleges that Wyatt's tippee, Holewinski, avoided
losses of $28,162.80.  

     The Commission alleges in its Complaint that between mid-
January 1993 and February 25, 1993, Wyatt, while acting as a
consultant to Chantal, became aware of confidential information
concerning Upjohn's testing of Cyoctol and sold 10,000 Chantal
shares through a brokerage account in the Cayman Islands.  The
Complaint further alleges that Wyatt conveyed this information to
Holewinski, an individual with whom Wyatt maintained a close,
personal and business relationship.  Holewinski, in turn,
directed his broker to sell all of his and his wife's Chantal
shares immediately following a telephone conversation with Wyatt
on February 25, 1993.  Holewinski's trades occurred just before
the public announcement by Chantal.  

     The Commission's Complaint against Wyatt and Holewinski
seeks a permanent injunction from future violations of the
antifraud provisions of the securities laws and disgorgement of
losses avoided with prejudgment interest thereon.  The Complaint
also seeks disgorgement from Wyatt for the amount of Holewinski's
losses avoided with prejudgment interest.  Finally, the Complaint
seeks civil penalties from both Wyatt and Holewinski of up to
three times the amount of losses they avoided.  The Commission
acknowledges the assistance of the NASD in pursuing this matter.