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DEPRENYL USA, INC. ENGAGES CANADIAN INVESTMENT DEALER

 PARSIPPANY, N.J., March 23 /PRNewswire/ -- Deprenyl USA, Inc. (NASDAQ: DUSA), a development-stage pharmaceutical company, announced today that it has signed an engagement letter with Loewen, Ondaatje, McCutcheon Limited ("LOM"), a Canadian investment dealer, for investment banking and financial advisory services. The company has not, at this time, engaged a U.S. investment dealer for similar services.
 As part of the services to be rendered, LOM has been engaged to solicit in Canada the exercise of the company's Class A warrants held by Canadian warrantholders. The exercise price of the Class A warrants is U.S. $9.00 and each Class A warrant may be converted into one share of the Company's common stock. The warrants expire at the close of business on April 19, 1993. If sufficient funds are available from the exercise of Class A warrants, the company expects that it would increase its funding of research for internal applications of ALA Photodynamic Therpay. The company's common stock which trades on NASDAQ NMS and the TSE closed today at U.S. $8.875, and Cdn. $10.875. The Class A warrants closed at U.S. $0.4375 and Cdn. $0.60.
 In connection with the agreement, the company will pay a one-time fee of $150,000, monthly fees for the advisory services to be rendered and a commission on gross proceeds of any private or public offering which may occur during the term of agreement. LOM will also receive a commission per warrant for warrants exercised as a result of LOM's solicitation services and up to 100,000 new warrants to be issued by the company entitling LOM to purchase up to 100,000 shares of the company's common stock at a price of U.S. $10.00 per share for a period of two (2) years. The company has no immediate plans with respect to the issuance of any additional securities.
 Deprenyl USA is a development stage company established to bring prescription pharmaceutical products to worldwide markets, initially in the United States and Canada and primarily in the field of photodynamic therapy.
 Common stock and warrants are traded on NASDAQ under the symbols DUSA and DUSAW. They also trade on The Toronto Stock Exchange under the symbols DPU and DPU.WT.
 -0- 3/23/93
 /CONTACT: D. Geoffrey Shulman, MD, FRCPC, president & CEO, at Deprenyl USA Toronto Office, 416-537-1070, or Joseph P. Castelli, vice president Deprenyl - New Jersey Office, 201-299-9070, or Jim Tolan, senior vice president, or Nicholas Biro, partner, 708-498-2284, both of O'Connor Biro & Associates, for Deprenyl/
 (DUSA)


CO: Deprenyl USA, Inc., Loewen, Ondaatje, McCutcheon Limited ST: New Jersey IN: MTC SU: JVN

LD -- NY084 -- 8901 03/23/93 19:56 EST
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Publication:PR Newswire
Date:Mar 23, 1993
Words:446
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