SECURITIES AND EXCHANGE COMMISSION
                                   Washington, D.C.

     Litigation Release No. 15607 / January 6, 1998

     Securities and Exchange Commission v. Susan L. Hirsch et al.
     Civil No. CV 497-060 (WM) (S.D. Ga.) (filed March 20, 1997)

     On December 29, 1997, Judge William Moore of the United Stated District
     Court for the District of Georgia entered final judgments against Susan L.
     Hirsch, Gregory M. Hirsch, Danny B. Kaminsky, Lewis A. Kooden, Daniel H.
     Klugman and Michael D. Kooden in an insider trading case brought by the
     Securities and Exchange Commission.  The judgments permanently enjoin the
     defendants from future violations of Sections 10(b) and 14(e) of the
     Securities Exchange Act of 1934, and Rules 10b-5 and 14e-3 thereunder, and
     require the defendants, collectively, to pay $604,704 in disgorgement of
     illegal trading profits, civil penalties and prejudgment interest. 
     Defendants consented to the final judgments without admitting or denying
     the allegations against them.  

          The Commission alleged that the defendants engaged in insider trading
     in advance of the July 1995 announcement that Sandoz, Ltd. was making a
     cash tender offer for the securities of Genetic Therapy, Inc. ("GTI"). 
     Specifically, the Commission alleged that Susan Hirsch, a former senior
     account representative of Ruder-Finn, Inc., a New York-based public
     relations firm, obtained non-public information about Sandoz's confidential
     bid for GTI during the course of her employment at Ruder-Finn in advance of
     the Sandoz/GTI tender offer announcement, and improperly passed that
     information to her brother Gregory Hirsch, a certified public accountant in
     Savannah, Georgia.  The complaint alleged that Gregory Hirsch tipped and
     purchased GTI common stock and call options jointly with a friend in
     Savannah, Danny Kaminsky, in advance of the announcement for profits of
     $251,190.  The complaint further alleged that on Friday, July 7, 1995, the
     last trading day before the tender offer announcement, Kaminsky purchased
     45 GTI call option contracts through a brokerage account of one of his
     friends, at a time when Kaminsky knew that Sandoz was going to announce its
     tender offer for GTI at $21 per share on the following Monday.

          The complaint also alleged that Gregory Hirsch and Danny Kaminsky
     tipped Lewis Kooden, Daniel Klugman and Michael Kooden, who purchased GTI
     common stock and call options for illegal profits of $43,795, $28,107 and
     $14,666, respectively.  In addition, the complaint alleged that Michael
     Kooden caused others to trade in GTI securities.

          Under the terms of the final judgment, Susan Hirsch was not ordered to
     pay any disgorgement, civil penalties or prejudgment interest based upon
     her demonstrated inability to pay.  Greg Hirsch was ordered to pay $93,837,
     which represented a portion of his alleged trading profits; based upon his
     demonstrated inability to pay, disgorgement of the remainder of his trading
     profits and prejudgment interest were waived, and he was not ordered to pay
     civil penalties.  Danny Kaminsky was ordered to pay $125,645 in
     disgorgement, which represented the trading profits he allegedly received

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     with Greg Hirsch, $169,440 in civil penalties and $25,244 in prejudgment
     interest.   Lewis Kooden, Daniel Klugman and Michael Kooden were ordered to
     pay $43,795, $28,107 and $14,666, respectively, which represents full
     disgorgement of their trading profits, an equal amount in civil penalties,
     plus $8,799, $5,647 and $2,947, respectively, in prejudgment interest.

          For further information, see Litigation Release No. 15302 (March 20,
     1997).













































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