DEPRENYL ACQUIRES CONTROL OF QUEBEC-BASED LIPOPHARM INC.
DEPRENYL ACQUIRES CONTROL OF QUEBEC-BASED LIPOPHARM INC. TORONTO, Ontario, July 23 /PRNewswire/ -- Deprenyl Research Limited (NASDAQ: DEPLF) has acquired 78.6 percent of the issued and outstanding shares of Lipopharm Inc., by way of an exchange of shares valued at $1.5 million. Additional payments, by way of Deprenyl common shares, of up to $0.78 million, will be made as certain revenue milestones are achieved. Lipopharm Inc. is a Montreal-based company specializing in the research and development of advanced technology for liposomes which impart improved efficacy, cost efficiency, and safety to prescription skin medications and cosmetics. Lipopharm has a range of products in development including market-ready pharmaceuticals, some of which are enhanced by the liposome delivery mechanism, and that comply with Canadian regulatory standards. The world-wide patent rights owned by Lipopharm, will provide new business opportunities for Deprenyl outside of Canada. Lipopharm has alliances with two European bio-pharmaceutical research and development companies. Dr. Michael Mezei of Dalhousie University in Halifax, who developed these patents, will continue his involvement in Lipopharm's research program. BioCapital, a Quebec-based venture capital firm will maintain its minority interest in Lipopharm, and a seat on the board. Dr. Geoffrey Shulman, co-chairman of Deprenyl, stated that, "The Lipopharm product pipeline, combined with Deprenyl's other dermatological product licenses, will provide a strong basis for entree into the dermatology field. Later, this will be enhanced by the addition of ALA Photodynamic Therapy for the treatment of superficial skin cancers and pre-cancers. Deprenyl is proud of its role in the development of Canadian-invented pharmaceutical products for the Canadian and international market places." Dr. Martin Barkin, president of Deprenyl, added that, "This acquisition provides Deprenyl with increased research capabilities in the province of Quebec, our second biggest market. Lipopharm provides both a short term increase in revenue and a pipeline of products which we expect to be available over the next two to three years." Deprenyl Research Limited is a Canadian pharmaceutical company specializing in products for neurologic diseases, other chronic conditions, and dermatology. Deprenyl has alliances with Deprenyl USA, Inc., and Medicis Pharmaceutical Corporation. -0- 7/23/92 /CONTACT: Martin Barkin, president of Deprenyl, 416-537-4372, or fax, 416-537-1653; Don Simmons, president of Lipopharm, 514-747-8942, or fax, 514-747-8944; or Irving L. Straus, chairman of Straus Corporate Communications, 212-768-2477, or fax, 212-768-2476, for Deprenyl/ (DEPLF) CO: Deprenyl Research Limited; Lipopharm Inc. ST: Ontario, Quebec IN: MTC SU: TNM
AH-OS -- NY102 -- 2728 07/23/92 16:48 EDT
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|Date:||Jul 23, 1992|
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