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DEPRENYL RESEARCH REPORTS RECORD EARNINGS, STRONG SALES AND TENTH CONSECUTIVE INCREASED QUARTERLY DIVIDEND

 DEPRENYL RESEARCH REPORTS RECORD EARNINGS, STRONG SALES AND
 TENTH CONSECUTIVE INCREASED QUARTERLY DIVIDEND
 TORONTO, April 6 /PRNewswire/ -- Deprenyl Research Limited (NASDAQ: DEPLF, TSE: DEP), today announced an 85 percent increase in earnings to a record $3,977,937 or 23 cents per share for the period ended March 31, 1992, compared to $2,150,312 or 14 cents per share for the same quarter a year earlier. (All figures are Canadian funds except where otherwise noted.)
 DEPRENYL RESEARCH LIMITED
 Highlights
 (Unaudited; all figures in Canadian dollars)
 Three months ended Percent
 March 31 1992 1991 Change
 Revenues $2,850,305 $2,065,047 +38.0
 Net income 3,977,937 2,150,312 +85.0
 Earnings per share $0.23(A) $0.14(A) +64.3
 Avg. share outstg. 17,110,472(A) 15,106,108(A) +13.3
 Dividend per share $0.10(A) $0.07(A) +42.9
 (A) -- Figures adjusted for a two for one share split September 1991.
 James P. Doherty, chief operating officer, highlighted that the stage is set for record 1992 pharmaceutical earnings due to better than expected pharmaceutical performance in the first quarter and the fact that Canadian physicians, under Canada's Emerging Drug Release Programme, now join physicians in other countries in prescribing the company's Alzene(R).
 Doherty further emphasized that the company's successful investing activities continue to bolster its financial strength, allowing it to increase its planned 1992 research and development spending by 54 percent, thus accelerating the development of its current product pipeline, the development of which remains on or ahead of schedule, as well as facilitating the pursuit of a package of new drugs that it is now screening. The company also stated that the board of directors had declared a dividend of 10 cents per share. This tenth consecutive increased quarterly dividend is payable June 18, 1992 to shareholders of record June 11, 1992.
 Total earnings were significantly improved by a successful initial public share offering of Deprenyl USA, Inc., on Jan. 17, 1992, resulting in a pre-tax, non-recurring dilution gain of $4,199,053. A dividend in specie of 112,000 shares of Deprenyl USA, Inc., paid to the shareholders of Deprenyl Research Limited resulted in a pre-tax gain of $584,427. The company how holds 1,088,000 shares or 21.4 percent of Deprenyl USA, Inc., with current market value of US$13,464,000. Deprenyl Research Limited holds an option on 2,000,000 shares of Deprenyl USA, Inc., at US$9 per share expiring Sept. 29, 2000. Deprenyl USA, Inc., is developing ALA Photodynamic Therapy, an exciting new treatment modality for dermatological conditions, particularly basal cell skin cancers.
 The company's successful marketing of Eldepryl(R), a medically well accepted new drug, has resulted in an annual increase of total prescriptions of 50 percent. Doherty also stated that the company's efforts to expand new uses for Eldepryl, both in regulatory and clinical settings, are proceeding favorably, and will support this prescription growth rate.
 Deprenyl Research Limited is an independent Canadian pharmaceutical company which is building a pipeline of products largely devoted to Parkinson's disease, other neurological diseases and disorders of aging.
 DEPRENYL RESEARCH LIMITED
 Consolidated Statement of Operations
 (Unaudited; all figures in Canadian dollars)
 Three months ended March 31 1992 1991
 Revenue $2,850,305 $2,065,047
 Income from pharmaceutical operations 459,414 420,982
 Investment income:
 Interest income, net 464,488 154,482
 Gain on sale of securities 659,960 624,678
 Deprenyl Animal Health, Inc.
 Gain on dilution of investment -- 2,251,027
 Equity share of operating loss (119,255) (178,152)
 Deprenyl USA, Inc.
 Gain on dilution of investment 4,199,053 --
 Equity share of operating loss (88,828) --
 Total 5,112,416 2,852,035
 Gains on dividends in specie of
 affiliated companies' shares to share-
 holders of Deprenyl Research Limited:
 Deprenyl Animal Health, Inc. -- 1,968,631
 Deprenyl USA, Inc. 584,427 --
 Total 584,427 1,968,631
 Donation in kind of shares of Deprenyl
 Research Limited to the Parkinson
 Foundation of Canada -- (1,443,750)
 Income before income tax 6,158,257 3,797,898
 Income taxes 2,178,320 1,647,586
 Net income for the period $3,977,937 $2,150,312
 Earnings per share $0.23 $0.14
 Average number of shares outstanding 17,110,472 15,106,108
 Consolidated Statement of Contributed Surplus
 Gain on sale of Deprenyl Research
 Limited Shares owned by Shulman
 Diversified Limited, a wholly-owned
 subsidiary $ 51,355 $4,547,722
 Earnings per share -- $0.30
 -0- 4/6/92
 /CONTACT: Morton P. Shulman, M.D., co-chairman, or James P. Doherty, president of Deprenyl Research, 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 DIV


GK-SQ -- NY015 -- 5270 04/06/92 10:12 EDT
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