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DEPRENYL RESEARCH LIMITED ANNOUNCES RETIREMENT OF DR. MORTON SHULMAN

 TORONTO, April 19 /PRNewswire/ -- Deprenyl Research Limited (TSE: DEP; NASDAQ: DEPLF) today announced the retirement of its founder, Dr. Morton Shulman as co-chairman of the board and as a director of the company. The announcement was made today in advance of its inclusion in the company's annual proxy circular to shareholders which is due to be mailed later this week.
 Dr. Shulman declared, "I am truly proud to have started a successful pharmaceutical company. Like many other successful and rapidly growing ventures, this one has grown beyond the entrepreneurial skills that started it and now has the broadly based management skills to take it to its next stage of development".
 He added, "I feel a sense of fulfillment in completing my commitment to donate my personal profits from the company to medical research. It was a highlight for my wife and me to be honored at the opening of the Morton and Gloria Shulman Centre for the Study of Movement Disorders at the Toronto Hospital".
 The board paid high tribute to Dr. Shulman's ingenuity and creativity in founding the company and in steering its course over the past five years. Company director, Sam Sarick stated that, "we owe our very existence as a company to Dr. Shulman."
 In recognition of his past service and of his founding of and dedication to the company, the board has provided Dr. Shulman with a pension and an interest bearing, fully-secured loan, repayable in three equal installments over three years. This will enable Dr. Shulman to purchase at the current market price the remaining 400,000 shares of Deprenyl Research Limited held by Deprenyl Pharmaceutica Inc., the company's wholly-owned subsidiary, whose shares must be disposed of before Sept. 9, 1993 in any event. This will bring his total holdings to 8 percent of the company's shares.
 Dr. Shulman, in his farewell address to the board, expressed his appreciation to the board and indicated that his additional acquisition of the company's shares was an expression of his confidence in its future.
 The board will pay a special tribute to Dr. Shulman at the company's annual meeting next month.
 Deprenyl Research Limited co-chairman and son of the founder, Dr. Geoffrey Shulman, will continue as company chairman.
 Deprenyl Research Limited is a Canadian pharmaceutical company with several development stage affiliates. It develops and markets pharmaceutical agents for neurologic diseases, chronic diseases, diseases of aging and dermatology.
 -0- 4/19/93
 /CONTACT: Martin Barkin, president and CEO; or Deborah Worobec, external relations, 416-537-4372, or Fax, 416-537-1653, both of Deprenyl Research (in Canada); Jim Tolan, senior vice president of O'Connor Biro & Associates, 708-498-2284, or Fax, 708-498-3144, for Deprenyl Research Limited/
 (DEPLF)


CO: Deprenyl Research Limited ST: Ontario IN: MTC SU: PER

SH -- NY044 -- 7257 04/19/93 10:02 EDT
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Publication:PR Newswire
Date:Apr 19, 1993
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