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DEPRENYL RESEARCH REPORTS EARNINGS

 TORONTO, April 16 /PRNewswire/ -- Deprenyl Research Limited (NASDAQ: DEPLF) today reported the following:
 DEPRENYL RESEARCH LIMITED
 Operating Results
 Three months ended March 31 1993 1992
 Pharmaceutical revenues $2,838,951 $2,850,305
 (Loss) income from pharmaceutical
 operations (1,421,720) 459,414
 Investment (loss) gain (1,649,110) 1,121,446
 Other income - 4,374,197
 Net (loss) income after tax (2,673,037) 3,705,031
 (Loss) earnings per share ($0.15) $0.22
 Average number of shares
 outstanding 17,341,298 17,110,472
 Balance Sheets
 March 31 1993 1992
 Cash and cash equivalents $7,783,567 $5,039,217
 Working capital 8,257,936 8,276,064
 Deprenyl Research Limited today reported a loss from pharmaceutical operations of $1.4 million compared to income from pharmaceutical operations of $459,414 for the same quarter in the prior year as stated in its release of April 5, 1993. The loss was attributed to a change in the accounting treatment of its advertising and sales promotion expenses, the write-off of expenses related to the launch of its dermatology products and increased investment in research and development.
 In commenting on the first quarter, company president Dr. Martin Barkin stated that without these charges, the company's income from pharmaceutical operations would have approximated that of the previous year.
 Dr. Barkin further stated that in keeping with its mandate from the recently formed Investment Advisory Committee to divest itself of its securities portfolio, the Company incurred losses of $1.7 million in the process.
 "We are expecting pharmaceutical revenues to continue to increase in 1993," he said, "As a result of this and cost restructuring, we expect Deprenyl's income from pharmaceutical operations to increase strongly. However, this increase will be partially offset by the start-up costs associated with the development and launch of the dermatology products and the indicated change in the accounting treatment of its advertising and sales promotion expenses."
 Dr. Barkin cautioned that because of these charges, lower investment income and certain one-time gains that were recorded in 1992, the Company's net income for 1993 would be down from 1992.
 Deprenyl Research Limited is a Canadian Pharmaceutical company with several development stage affiliates. It develops and markets pharmaceutical agents for neurologic diseases, chronic diseases, disease of aging and dermatology.
 DEPRENYL RESEARCH LIMITED
 Consolidated Statement of Operations
 (Unaudited, all figures expressed in Canadian dollars
 in accordance with Canadian GAAP)
 Three months ended March 31 1993 1992
 (Restated)
 Pharmaceutical revenues $2,838,951 $2,850,305
 (Loss) income from
 Pharmaceutical operations (1,421,720) 459,414
 Investment (loss) income
 Interest income, net 27,946 464,486
 (Loss) gain on sales
 of securities (1,677,056) 656,960
 Total (1,649,110) 1,121,446
 Other income
 Deprenyl USA, Inc.
 Gain on dividend of
 shares to shareholders
 of Deprenyl Research
 Limited -- 774,138
 Gain on dilution of
 investment -- 3,600,059
 Total -- 4,374,197
 (Loss) income before income
 taxes and undernoted item+ (3,070,830) 5,955,057
 (Recovery) provision for
 Income taxes (790,889) 2,041,943
 (Loss) income before
 undernoted item (2,279,941) 3,913,114
 +Equity share of net
 development stage
 costs of affiliated
 companies (393,096) (208,083)
 Net (loss) income
 for the period $(2,673,037) $3,705,031
 (Loss) earnings per share ($0.15) $0.22
 Weighted average number
 of shares outstanding 17,341,298 17,110,472
 DEPRENYL RESEARCH LIMITED
 Consolidated Balance Sheets
 (Unaudited, all figures expressed in Canadian dollars
 in accordance with Canadian GAAP)
 March 31 1993 1992
 (Restated)
 Assets
 Current assets
 Marketable securities, at cost
 (market 1993 - $5,247,275;
 market 1992 - $16,388,971) $ 4,555,063 $17,042,066
 Accounts receivable 3,189,134 2,845,737
 Amounts due on sale of
 marketable securities 3,689,266 503,730
 Income taxes recoverable 1,744,662 246,943
 Inventory 637,327 165,425
 Prepaid expenses 958,861 1,223,853
 Total 14,774,313 22,027,754
 Long-term receivables 673,178 4,697,200
 Long-term investments 6,372,188 10,133,869
 Fixed assets 608,777 341,094
 Goodwill (net of accumulated
 amortization of $115,500) 1,649,447 --
 Licenses and other deferred
 charges 5,012,365 3,936,931
 Total $29,090,268 $41,136,848
 Liabilities
 Current liabilities
 Bank overdraft $ 460,762 $ 1,336,728
 Accounts payable
 and accrued charges 1,381,839 942,758
 Royalties payable 2,099,862 302,353
 Provision for redemption
 on Bone Health Inc. warrants 2,573,914 -
 Amounts due on purchase of
 marketable securities - 11,169,851
 Total 6,516,377 13,751,690
 Deferred revenue - 1,726,146
 Deferred income taxes 2,139,930 2,139,930
 Shareholders' equity 20,433,961 23,519,082
 Total $29,090,268 $41,136,848
 Exchange rate as at
 balance sheet date U.S.$0.79 U.S.$0.87
 DEPRENYL RESEARCH LIMITED
 Consolidated Statement Of Cash Flows
 (Unaudited, all figures expressed in Canadian dollars
 in accordance with Canadian GAAP)
 Three months ended March 31 1993 1992
 (Restated)
 Cash flows from (used in) operating
 activities
 Net (loss) income for the period ($2,673,037) $3,705,031
 Non cash transactions reflected
 in net income
 Depreciation and amortization 122,469 60,577
 Equity share of net development stage
 costs in affiliated companies 393,096 208,083
 Loss on sale of shares in affiliated
 companies 107,976 --
 Deferred income taxes -- 1,196,930
 Amortization of deferred revenue -- (123,333)
 Gain on dilution of investment in
 Deprenyl USA, Inc. -- (3,600,059)
 Gain on dividend in specie of
 Deprenyl USA, Inc. shares -- (774,138)
 Total (2,049,496) 673,091
 Changes in current assets and current
 liabilities impacting cash flows
 from operations (1,068,722) (9,657,760)
 Net cash flows from (used in)
 operating activities (3,118,218) (8,984,669)
 Cash flows from (used in) investing
 activities
 Proceeds from sale of shares in
 Deprenyl Animal Health, Inc. 187,510 --
 Proceeds from sale of shares in
 Deprenyl USA, Inc. 90,218 --
 Increase in deferred charges (14,757) --
 Acquisition of fixed assets (44,576) (78,623)
 Advance on Alzene manufacturing
 facility -- (85,690)
 Net cash flows from (used in)
 investing activities 218,395 (164,313)
 Cash flows from (used in) financing
 activities:
 Proceeds on sale of company shares
 owned by subsidiary 2,766,602 81,500
 Exercise of warrants 25,000 --
 Redemption of Bone Health Inc.
 warrants (280,876) --
 Cost of dividend distribution,
 net of tax (106,896) --
 Long-term receivables (19,023) --
 Purchase of Company shares for
 cancellation -- (3,943,021)
 Dividends paid -- (1,553,318)
 Exercise of stock options -- 25,921
 Net cash flows from (used in)
 financing activities 2,384,807 (5,388,918)
 Net (decrease) in cash and cash
 equivalents (515,016) (14,537,900)
 Cash and cash equivalents at beginning
 of period 8,298,583 19,577,117
 Cash and cash equivalents at end
 of period $7,783,567 $5,039,217
 Cash and cash equivalents comprise cash and marketable securities, net of amounts due on sale and purchase of marketable securities.
 -0- 4/16/93
 /CONTACT: Edward L. Foster, vice president and CFO, or Deborah Worobec, external relations of Deprenyl Research Limited, 416-537-4372, or (fax) 416-537-1653 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: ERN

TS -- NY070 -- 6919 04/16/93 16:19 EDT
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Date:Apr 16, 1993
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