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CANGUARD HEALTH TECHNOLOGIES INC. RELEASES DETAILS OF ANNUAL REPORT TO SHAREHOLDERS

 CANGUARD HEALTH TECHNOLOGIES INC. RELEASES
 DETAILS OF ANNUAL REPORT TO SHAREHOLDERS
 VANCOUVER, British Columbia, June 1 /PRNewswire/ -- Canguard Health Technologies Inc. (Vancouver: CGD) today released details of its annual report to shareholders. For the fiscal period ended Jan. 31, 1992, the company experienced an operating loss of $0.10 per share. Despite generally difficult economic times, delays in development of certain technology and a lawsuit alleging patent infringement launched against the company by Deprenyl Research Ltd. (NASDAQ: DEPLF, Toronto: DEP) of Toronto, CANGUARD has nonetheless made good progress during the fiscal period and subsequent first quarter, ending April 30, 1992.
 CANGUARD now has three products under active development for world markets two of which, DOLOROL (capsaicin) and PARKINYL (selegiline hydrochloride), are expected to generate sales revenue this year.
 Depending on the timing of regulatory approvals, the commercial launch of DOLOROL, a pain reliever, is scheduled for the fall of this year in Canada and beginning early next year in overseas markets. The world market for products containing capsaicin is now estimated at over $50 million. CANGUARD's strategic corporate partner, Pharmascience Inc. of Montreal, will handle world manufacturing and Canadian distribution.
 Investigational sales of PARKINYL should also begin this fall. Bioequivalency testing, delayed by technological problems relating to the development of assay methodology, is now back on-track and is scheduled for completion during the summer. Licensing of this product for overseas markets is now under negotiation with three multinational pharmaceutical companies. Pharmascience will handle world manufacturing and Canadian distribution. Marketing approvals from regulatory agencies should be received for PARKINYL beginning in 1993 and will allow CANGUARD entry to world markets now estimated to exceed $400 million for products containing selegiline hydrochloride.
 CANGUARD and Pharmascience have together reached agreement in principle with an overseas company on a worldwide exclusive licence for a new, unique, sustained release form of an important antiepileptic drug. World market estimates currently are $400 million for conventional brands of this drug. The product, code-named NM 101, is the subject of patent filings in major markets, including the United States where a patent has already been issued. Signing of the license agreement is expected imminently.
 CANGUARD has identified and is evaluating certain naturally occurring anticancer drugs as future products. To this end, the company announced the formation of a new R & D subsidiary, Oncomedica Inc. The first project is to undertake a feasibility study, in partnership with Pharmascience and supported by a government grant, to research various possible sources of the drug Taxol, an important anticancer agent currently in short supply.
 CANGUARD will be seeking a major public financing and a listing on the Toronto Stock Exchange later this year. Recently, the company received an exemption from the Securities and Exchange Commission (S.E.C.) in the United States and has begun to approach the U.S. investment community. It intends to pursue a full S.E.C. registration, a listing of NASDAQ or the American Stock Exchange, and an initial U.S. public offering next year.
 -0- 6/1/92
 /CONTACT: John B. Armstrong, M.D., Ph.D., president of Canguard Health Technologies, 604-682-1777/
 (DEPLF) CO: Canguard Health Technologies Inc. ST: British Columbia IN: HEA SU:


CH -- LA024 -- 5781 06/01/92 14:18 EDT
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Publication:PR Newswire
Date:Jun 1, 1992
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