Exhibit 99.1
                                                                    ------------

                              N E W S R E L E A S E

             APHTON ANNOUNCES SALE OF $3.61 MILLION OF COMMON STOCK

                                December 3, 2002

Miami, FL - Aphton Corporation  (Nasdaq:  APHT) announced today that the Company
sold 1,520,000  shares of registered  common stock at $2.375 per share for gross
proceeds of  $3,610,000.  Life Science Group,  Inc. acted as placement  agent in
connection with the transaction.  The transaction was priced at a 6.86% discount
to the last sale on December 2, 2002.  The  transaction is scheduled to close on
Friday, December 6, 2002.

The  proceeds  of the  financing  will be used for general  corporate  purposes,
including to fund Aphton's  on-going clinical trials and operations while Aphton
negotiates  with  one or  more  strategic  partners  to  structure  a  worldwide
agreement  that could provide  substantial  funds to Aphton,  immediate and over
time, if and when negotiations are successfully concluded.

A registration  statement  relating to these  securities has been filed with and
declared effective by the Securities and Exchange Commission. This press release
shall not  constitute an offer to sell or the  solicitation  of an offer to buy,
nor  shall  there be any sale of these  securities  in any  state in which  such
offer,  solicitation  or sale  would  be  unlawful,  prior  to  registration  or
qualification under the securities laws of any such state.

Aphton  Corporation  is a  biopharmaceutical  company in one Phase III and three
Phase II clinical trials developing  products using its innovative  vaccine-like
technology for neutralizing hormones that participate in gastrointestinal system
and reproductive  system cancer and non-cancer  diseases  worldwide.  Aphton has
several strategic  alliances  including strategic alliances with Aventis Pasteur
(NYSE: AVE) for treating gastrointestinal system and other cancers with G17DT in
North  America and Europe;  and  GlaxoSmithKline  (NYSE:  GSK) for  reproductive
system cancer and non-cancer diseases worldwide; and others.

Except for the historical  information  herein, the matters discussed herein are
forward-looking  statements that involve a number or risks and uncertainties and
are not a guarantee of future performance. Future results may vary significantly
based on a  number  of  factors  including,  but not  limited  to,  intellectual
property  risks,  risks in regulatory and market  acceptance of new products and
continuing  demand for same,  the impact of  competitive  products  and pricing,
changing  economic  conditions  and other risk  factors that are inherent in the
drug development process and the company's business including those set forth in
Aphton's  most recent 10-K and other  filings with the  Securities  and Exchange
Commission. It is not possible to predict or identify all such risk factors that
could cause actual  results to differ from expected or historical  results.  The
company's actual results could differ from these forward-looking  statements and
the company  undertakes  no obligation  to update  publicly any  forward-looking
statement, except as may be required under applicable securities law.

Contact: Aphton Corporation; Investor Relations, J.L. Whitmore, 305-374-7338.