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DEPRENYL RESEARCH ANNOUNCES FINAL PROSPECTUS OF BONE HEALTH INC.

 DEPRENYL RESEARCH ANNOUNCES FINAL PROSPECTUS OF BONE HEALTH INC.
 TORONTO, Aug. 17 /PRNewswire/ -- Deprenyl Research Limited (NASDAQ: DEPLF) today announced that its newly formed, wholly owned subsidiary, Bone Health Inc., has obtained a receipt for its final prospectus.
 This prospectus qualifies for distribution in Ontario a dividend to shareholders of Deprenyl Research Limited payable in warrants of Bone Health Inc. The final prospectus is also being filed in all the other provinces of Canada and the warrants will all be qualified for distribution in those provinces upon issuance of receipts from the appropriate securities regulatory authorities. Bone Health Inc. also received today an effective order from the Securities and Exchange Commission in the United States, regarding the distribution of the warrants. The dividend, being Cdn. $0.20 on each Deprenyl Research Limited outstanding common share, payable to shareholders of record on July 30, 1992, will be paid as of Aug. 17, 1992, by distributing one Bone Health Inc. warrant for each outstanding common share of Deprenyl Research Limited.
 Each warrant will entitle the holder to either purchase one common share of Bone Health Inc. between March 1, 1993, and May 7, 1993 for Cdn. $0.30 or redeem the warrant for Cdn. $0.20 in cash at any time, before the warrant expires on May 7, 1993.
 Residents of the United States will receive less than one full warrant for each common share of Deprenyl Research Limited held because of applicable Canadian withholding taxes. Also, due to state securities regulations, residents of the various states may be subject to certain restrictions on the transfer, sale or exercise of the warrants. Residents of the United States will receive specific correspondence from Bone Health Inc. describing their rights and may wish to consult their brokers.
 Bone Health Inc. is a newly formed Canadian corporation established to develop products including pharmaceutical prescription products for the Canadian market for the treatment of bone diseases and in particular osteoporosis.
 Deprenyl Research Limited is a Canadian pharmaceutical company specializing in products for neurologic diseases, other chronic conditions and dermatology.
 -0- 8/17/92
 /CONTACT: D. Geoffrey Shulman, M.D., co-chairman, or Martin Barkin, M.D., president of Deprenyl Research, 416-537-4372, or Irving L. Straus of Straus Corporate Communications, 212-768-2477, for Deprenyl Research/
 (DEPLF) CO: Deprenyl Research Limited; Bone Health Inc. ST: Ontario IN: MTC SU:


SM-PS -- NY068 -- 0627 08/17/92 15:42 EDT
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Publication:PR Newswire
Date:Aug 17, 1992
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