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                                                                    Exhibit 99.2


 ASCENT PEDIATRICS, INC. ANNOUNCES CLOSING ON $16 MILLION FINANCING WITH FURMAN
      SELZ INVESTMENTS AND BANCBOSTON VENTURES AND ELECTION OF NEW DIRECTOR


Wilmington, MA -- June 2, 1998 -- Ascent Pediatrics, Inc. (NASDAQ: ASCT) todaY
announced that it has closed on a $16 million financing with funds affiliated
with Furman Selz Investments and BancBoston Ventures. The investors have
purchased $7 million of 8% convertible exchangeable preferred stock, $9 million
of 8% seven-year subordinated notes and 2,116,958 seven-year common stock
purchase warrants. The preferred stock conversion price and warrant exercise
price are both $4.75 per share.

The Company has repaid its current outstanding debt of $5.25 million and intends
to use the balance for working capital and general corporate purposes.

In connection with the investment the Company is pleased to announce the
addition of Mr. James Luikart, Managing Director of Furman Selz Investments LLC
to its board. Mr. Luikart joined Furman Selz Investments in late 1994 after
spending over twenty years with Citicorp, the last several years of which were
as a Vice President of Citicorp Venture Capital, Ltd. Mr. Luikart will be
replacing Mr. Thomas Janes, Managing Director of Triumph Capital Group.

Ascent Pediatrics, Inc. is a drug development and marketing company focused
exclusively on the pediatric market. The Company's strategy is to address the
unmet needs of children through the development of differentiated, proprietary
products based on approved compounds with well-known clinical profiles. Ascent
is developing a range of pharmaceuticals designed to improve upon currently
available products for common pediatric illnesses through the application of its
drug delivery and reformulation techniques.

Investors are cautioned that this press release contains forward-looking
statements that involve a number of risks and uncertainties. For this purpose,
any statements that are not statements of historical fact may be deemed to be
forward-looking statements. Without limiting the foregoing, the words
"believes", "anticipates", "expects", "intends", "will" and similar expressions
are intended to identify forward-looking statements. Information contained in
these forward-looking statements is inherently uncertain, and actual performance
and results may differ materially from those indicated by such forward-looking
statements due to numerous factors, including but not limited to the following:
seasonality and variable operating results, dependence on new product
development, dependence on obtaining regulatory approval to market products,
management of growth, inability to retain or attract customers due to
competition, uncertainty in the healthcare industry, risk of product liability
claims, and possible volatility of stock price. These factors, as well as a
number of other important factors, are more fully described in the Company's
Annual Report on Form 10-K for the fiscal year ended December 31, 1997 under the
caption "Certain Factors Which may Affect Future Results", which are
incorporated herein by this reference.