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DEPRENYL RESEARCH REPORTS RECORD SALES AND EARNINGS AND EIGHTH CONSECUTIVE INCREASED QUARTERLY DIVIDEND

 DEPRENYL RESEARCH REPORTS RECORD SALES AND EARNINGS
 AND EIGHTH CONSECUTIVE INCREASED QUARTERLY DIVIDEND
 DEPRENYL RESEARCH LIMITED
 (Canadian funds -- unaudited)
 Periods ended Three months Twelve months
 Dec. 31 1991 1990 1991 1990
 Revenues $5,370,018 $3,670,707 $13,936,291 $11,179,615
 Net income 1,991,277 1,522,722 6,551,619 3,770,721
 Earnings per share $0.12 $0.10 $0.41 $0.26
 Contributed surplus
 per share 0.20 -- 0.84 0.08
 Average shares
 outstanding 17,005,166 14,648,972 16,163,061 14,399,886
 Dividend per share $0.08 $0.045 0.295 0.15
 (All figures adjusted for a two-for-one share split which took place September 1991.)
 TORONTO, Jan. 27 /PRNewswire/ -- Deprenyl Research Limited (NASDAQ: DEPLF) announced record earnings of $6,551,619 or $0.41 per share for the year ended Dec. 31, 1991, compared to $3,770,721 or $0.26 per share a year earlier; an increase of 73.7 percent. The company also recorded record revenues for the year ended Dec. 31, 1991, of $13,936,291; an increase of 24.7 percent over the prior year.
 The company also stated that the board of directors had declared a dividend of $0.09 per share payable March 25, 1992, to shareholders of record March 4, 1992; the company's eighth consecutive increased quarterly dividend.
 Earnings in the fourth quarter were $1,991,277 or $0.12 per share compared to $1,522,722 or $0.10 per share for the same period a year earlier and compared to $1,406,473 or $0.09 per share in the third quarter of this year; increases of 30.8 percent and 41.6 percent, respectively. The company recorded record revenues in the fourth quarter of $5,370,018 compared to $3,670,707 in the fourth quarter last year and compared to $3,145,391 in the third quarter of this year; increases of 46.3 percent and 70.7 percent, respectively.
 Additions to contributed surplus from the sales of Deprenyl Research Limited shares held by Shulman Diversified Limited, a wholly owned subsidiary, for the year ended Dec. 31, 1991, were $13,517,263 or $0.84 per share compared to $1,191,454 or $0.08 per share a year earlier.
 Including the dividend in specie of Deprenyl Animal Health, Inc. shares, the company reported that it had paid the equivalent of $0.432 per share in dividends during the year.
 The steady growth in the sales of Eldepryl(R) made 1991 a memorable year. In 1992, the company anticipates that growth will continue both in sales in Eldepryl and the company's new product, Alzene(TM), a drug which initial tests indicate may restore lost memory in Alzheimer's patients. The company filed an Alzene IND with the Canadian government in December 1991 and does not yet have permission to sell it in Canada, but foreign shipments that began in November are steadily increasing.
 The double blind studies on the effect of Alzene on Alzheimer's patients previously carried out in Israel are now being repeated at the University of Miami and New York University. The company has applied to the Canadian government for permission to do two Canadian studies, one on Alzheimer's patients and one on normal adults and is awaiting approval to begin these shortly. If the North American studies replicate the Israeli findings, sales of Alzene are going to be important. The company is taking steps to increase its supply capability.
 Deprenyl Research Limited is an independent Canadian pharmaceutical company which is building a pipeline of products largely devoted to Parkinson's disease and other neurological diseases.
 DEPRENYL RESEARCH LIMITED
 Consolidated Statement of Operations
 (All figures in Canadian dollars, unaudited)
 Periods ended Three months Twelve months
 Dec. 31 1991 1990 1991 1990
 Revenue $5,370,018 $3,670,707 $13,936,291 $11,179,615
 Income from
 pharmaceutical
 operations 1,683,938 1,470,256 3,806,323 3,708,221
 Investment income
 Interest income,
 net 536,881 211,314 1,299,261 874,556
 Gain (loss) on sale
 of securities 875,965 36,226 1,400,665 800,486
 Deprenyl Animal Health, Inc.
 Gain on dilution
 of investment 255,738 832,941 2,506,765 832,941
 Equity share of
 operating loss (152,529) (193,462) (469,005) (193,462)
 Deprenyl USA, Inc.
 Gain on sale of part
 interest -- -- 1,642,075 --
 Equity share
 of operating loss (105,110) -- (105,110) --
 Total 1,410,945 887,019 6,274,651 2,314,521
 Gain on dividend in
 specie of Deprenyl
 Animal Health, Inc.
 shares to shareholders
 of Deprenyl Research
 Limited (41,088) -- 1,927,543 --
 Donation in kind of
 shares of Deprenyl
 Research Limited to
 the Parkinson Foundation
 of Canada -- -- (1,443,750) --
 Income before
 income taxes 3,053,795 2,357,275 10,564,767 6,022,742
 Income taxes 1,062,518 834,553 4,013,148 2,252,021
 Net income 1,991,277 1,522,722 6,551,619 3,770,721
 Earnings per share $0.12 $0.10 $0.41 $0.26
 Average no. of shares
 outstanding 17,005,166 14,648,972 16,163,061 14,399,886
 Consolidated Statement of Contributed Surplus
 Periods ended Three months Twelve months
 Dec. 31 1991 1990 1991 1990
 Gain on sale of
 Deprenyl Research
 Limited shares owned by
 Shulman Diversified
 Limited, a wholly
 owned subsidiary 3,375,473 -- 13,517,263 1,191,454
 Contributed surplus
 per share $0.20 -- $0.84 $0.08
 On Sept. 6, 1991, the company effected a two-for-one stock split by way of a stock dividend. Earnings per share computations and average number of shares outstanding have been adjusted to give retroactive effect to the stock dividend.
 -0- 1/27/92
 /CONTACT: Morton P. Shulman, co-chairman, or James P. Doherty, president of Deprenyl Research Limited, 416-537-4372, or fax, 416-537-1653; or Irving L. Straus of Straus Corporate Communications, 212-768-2477, or fax, 212-768-2476, for Deprenyl Research/
 (DEPLF) CO: Deprenyl Research Limited ST: Ontario IN: MTC SU: ERN


CK-OS -- NY026 -- 3661 01/27/92 10:56 EST
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