Contact:  David S. Kabakoff
          Executive Vice President
          Dura Pharmaceuticals, Inc.
          (619) 457-2553

                 DURA PHARMACEUTICALS, INC. AND SPIROS DEVELOPMENT
               CORPORATION II, INC. ANNOUNCE PUBLIC OFFERING OF UNITS

     San Diego, CA - December 17, 1997 - Dura Pharmaceuticals, Inc. (Nasdaq NNM:
DURA) and Spiros Development Corporation II, Inc. (Spiros Corp. II), a separate
newly-formed Delaware corporation, today announced the public offering of 5.5
million Units at a price of $16 per Unit.  Each Unit will consist of one share
of callable common stock of Spiros Corp. II and one warrant to purchase
one-fourth of one share of Dura common stock. The Units will trade on the Nasdaq
National Market under the symbol "SDCOZ".  All of the net proceeds of the
offering will be paid to Spiros Corp. II.  The callable common stock of Spiros
Corp. II and the warrants will trade only as units through December 31, 1999, or
such earlier date as Dura may exercise an option to purchase all of the shares
of Spiros Corp. II common stock outstanding at the time of exercise or as such
option expires unexercised.

     Merrill Lynch & Co. and Donaldson, Lufkin & Jenrette Securities Corp. are
managing the offering.  Dura and Spiros Corp. II have granted the underwriters a
30-day over-allotment option to purchase up to an additional 825,000 Units.

     A copy of the final prospectus relating to these securities may be obtained
from Merrill Lynch & Co., Prospectus Department, 250 Vesey Street, World
Financial Center, North Tower, New York, New York 10281 or from Donaldson,
Lufkin & Jenrette Securities Corp., 277 Park Ave., New York, New York 10172,
Attention:  Prospectus Department.

     Spiros Corp. II was formed in September 1997 primarily to continue to fund
the development of Spiros-TM-, a proprietary pulmonary drug delivery system, and
to conduct formulation work, clinical trials and commercialization for four
leading asthma drugs (albuterol, beclomethasone, ipratropium and budesonide) and
certain combinations and




Dura and Spiros Development Corp. II Announce Public Offering of Units
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alternative formulations thereof for use in Spiros.

     Dura Pharmaceuticals, Inc. is a San Diego based developer and marketer of
prescription pharmaceutical products for the treatment of allergies, asthma, and
related respiratory conditions.  Dura has focused on the U.S. respiratory market
because of its size and growth opportunities through two major strategies:  (1)
acquiring respiratory prescription pharmaceuticals and/or businesses developing
or marketing such pharmaceuticals targeted at high-prescribing respiratory
physicians, and (2) developing Spiros, a pulmonary drug delivery system.

     Except for the historical and factual information contained herein, the
matters discussed in this press release may contain forward-looking statements
which involve risks and uncertainties, including the timely development of the
Spiros system, competitive products and pricing, Dura's and Spiros Corp. II's
limited manufacturing experience, dependency upon third parties and their
successful development efforts, and other risks detailed from time to time in
the companies' filings with the SEC.  Actual results may differ materially from
those projected.  Forward-looking statements represent the companies' judgment
as of the date of this release.  Each of Dura and Spiros Corp. II disclaim,
however, any intent or obligation to update any forward-looking statements.


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