Exhibit 99.1
Contact:
Christopher Taylor
Sr. Director of Investor Relations
Genome Therapeutics Corp.
781-398-2466

FOR IMMEDIATE RELEASE

                 GENOME THERAPEUTICS RAISES $15 MILLION THROUGH
                  PRIVATE PLACEMENT OF CONVERTIBLE DEBENTURES

Waltham, Mass., March 6, 2002 - Genome Therapeutics Corp. (Nasdaq: GENE) today
announced that it has closed a sale of convertible debentures to two
institutional investors, raising $15 million in gross proceeds. The proceeds of
the financing will be used primarily to continue clinical development for its
lead drug candidate, Ramoplanin, including the ongoing Phase III clinical trial.

The debentures may be converted into shares of Genome Therapeutics common stock
at the option of the holder, at a price of $8.00 U.S., subject to customary
adjustments, approximately a 50% premium from the closing price of $5.40 on
March 1, 2002. The maturity date of the debentures is December 31, 2004.
Interest on the debentures accrues at 6% annually. The investors also received
warrants to purchase up to 487,500 shares of Genome Therapeutic's common stock
at an exercise price of $8.00 per share, subject to certain adjustments. The
warrants only become exercisable to the extent the debentures are converted or
if certain other redemptions or repayments of the debentures occur. Ladenburg
Thalmann & Co. Inc. acted as the placement agent for this transaction.

The securities issued in the transaction have not been registered under the
Securities Act of 1933, as amended, and may not be offered or sold in the United
States absent registration under the Securities Act and applicable state
securities laws or an applicable exemption from those registration requirements.
Genome Therapeutics has filed additional details of this transaction with the
Securities and Exchange Commission on form 8-K.

Genome Therapeutics (www.genomecorp.com) is a biopharmaceutical company focused
on the discovery and development of pharmaceutical and diagnostics products. The
Company's first product candidate, Ramoplanin, is in Phase III clinical trials
for the prevention of bloodstream infections caused by vancomycin-resistant
enterococci (VRE). Genome Therapeutics' biopharmaceutical business includes six
major product discovery alliances with pharmaceutical companies including
Schering-Plough, AstraZeneca, Wyeth-Ayerst and bioMerieux, a joint venture with
ArQule and a significant portfolio of internal drug discovery programs. The
Company also maintains an active genomics services business, GenomeVision(TM)
Services, providing services to pharmaceutical companies in their drug discovery
efforts. These services include custom contract sequencing, SNP discovery and
the PathoGenome(TM) Database.

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