IMMEDIATE
 

               
John W. Jackson   Thomas Redington
Chairman & CEO    203/222-7399
908/271-4119      212/926-1733

 
                CELGENE COMPLETES $25 MILLION PRIVATE PLACEMENT
                -----------------------------------------------
 
     WARREN,  NJ  MAR  13 --  Celgene  Corporation (Nasdaq:  CELG)  announced it
completed a $25 million Regulation D placement of Series A Convertible Preferred
Stock.
 
     Celgene officials  said the  proceeds will  be used  to fund  research  and
development for the company's pharmaceutical programs and for working capital.
 
     Celgene  said the  Series A Convertible  Preferred Stock and  the shares of
common stock issuable  upon its conversion  have not been  registered under  the
Securities  Act of 1933, as amended (the 'Act'),  and may not be offered or sold
absent  registration  under  the  Act  or  an  applicable  exemption  from   the
registration requirements under the Act.  Celgene intends to file a registration
statement covering the resale of the underlying shares of common stock in  April
1996.
 
     Cash  and marketable securities at December 31, 1995, would have been $35.5
million with the inclusion of the net proceeds from the private placement.
 
     Swartz Investments of Atlanta, GA acted as placement agent.
 
     Celgene   Corporation,  headquartered  in   Warren,  NJ,  uses  proprietary
expertise in small molecule chemistry  to service the pharmaceutical and  allied
industries.
 
3/13/96