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DEPRENYL ANNOUNCES AGREEMENT TO ACQUIRE CONTROL OF LIPOPHARM

 DEPRENYL ANNOUNCES AGREEMENT TO ACQUIRE CONTROL OF LIPOPHARM
 TORONTO, June 18 /PRNewswire/ -- Deprenyl Research Limited (NASDAQ: DEPLF; Toronto Stock Exchange: DEP) announced today that it has signed a letter of intent with the majority shareholders of Lipopharm Inc. to acquire 78 percent of Lipopharm Inc. by way of an exchange of shares valued at $1.5 million. Additional payments of up to $0.78 million by way of Deprenyl common shares will be made if certain revenue milestones are achieved. All shares of Deprenyl being received by Lipopharm will be subject to resale restrictions. The transaction is subject to regulatory approval and is expected to close in late June of 1992.
 Lipopharm Inc. is a Montreal-based Canadian pharmaceutical company specializing in dermatologic products. It has world-wide patents on an exclusive and advanced liposome technology for the delivery of skin medications and cosmetics. This technology is the most advanced method of using liposomes -- microscopic spherules which encapsulate the active ingredient. Once encapsulated, the nature of the microliposome can be specifically tailored to provide a controlled depth of penetration, a controlled duration of action and a minimized level of undesirable absorption into the body. This unique technology allows almost any topical therapy to have its effectiveness amplified and its safety enhanced.
 In addition, Lipopharm has a range of products, both liposomed and non-liposomed, in various stages of development including five that are ready to be marketed this year. Roger Odette, Deprenyl's vice president-marketing indicated that sales are expected to be reflected in Deprenyl's statements by the fourth quarter of this year.
 "Lipopharm will make a strategic contribution to Deprenyl Research's dermatologic developments," stated company co-chairman and dermatologist, Dr. Geoffrey Shulman. Deprenyl Research has the Canadian license for ALA Photodynamic Therapy (PDT) for Basal Cell Cancer of the Skin and other malignancies and premalignant conditions.
 Barkin, Deprenyl's president stated, "We intend to maintain and enhance the operation of Lipopharm Inc. in Montreal, and will institute long-term employment agreements with its staff in order to retain its officers and researchers."
 BioCapital, a venture capital firm, with the Fonds de Solidarite des Travailleurs du Quebec as its major partner, will maintain a minority interest in Lipopharm Inc, and will nominate one member to its board.
 Deprenyl Research Limited is a Canadian pharmaceutical company specializing in products for neurologic diseases, other chronic conditions, and, dermatology. Its dermatologic interests arose when it acquired the licenses for ALAPDT from Queen's University technology transfer arm -- PARTEQ. It then formed, to commercialize this license, an affiliated U.S. public company, Deprenyl USA, Inc. which has a strategic alliance with Medicis, a publicly traded U.S. dermatologic company. Canadian rights to some Medicis dermatologic products will complement Deprenyl's dermatologic product line.
 -0- 6/18/92
 /CONTACT: Morton P. Shulman, co-chairman, or Martin Barkin, president of Deprenyl, 416-537-4372, or (fax) 416-537-1653, 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: IN: MTC SU:


TQ-TS -- NY008 -- 1345 06/18/92 08:26 EDT
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Publication:PR Newswire
Date:Jun 18, 1992
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