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ROYCE LABORATORIES COMPLETES $1.2 MILLION RESEARCH PARTNERSHIP

    ROYCE LABORATORIES COMPLETES $1.2 MILLION RESEARCH PARTNERSHIP
    MIAMI, Nov. 1 /PRNewswire/ -- Royce Laboratories, Inc. (NASDAQ: RLAB) today announced the funding of a $1.2 million research and development limited partnership.  Royce, through a wholly owned subsidiary, Royce Research Group, Inc., is the general partner of the partnership, Royce Research and Development Limited Partnership I.
    Under the terms of the agreement between the partnership and Royce, Royce has chosen for development five drugs for which patent exclusivity will lapse between 1992 and 1995.  The drugs are expected to be formulated by Royce for ultimate submission to the FDA of ANDA's (abbreviated new drug applications).
    Patrick J. McEnany, president commented, "We believe that the funding of this R&D partnership is very important to the future of Royce.  We must continue to submit new products into the FDA pipeline. These funds allow us to again actively pursue new product development. We also hope to use this type of financing for future research and development projects."
    Paradise Valley Securities, Inc. of Phoenix, Ariz., was the placement agent in the offering.
    Royce Laboratories, Inc. is a manufacturer of prescription and over-the-counter generic pharmaceuticals.
    -0-                      11/1/91
    /CONTACT:  Patrick J. McEnany, president of Royce Laboratories, Inc., 305-624-1500/
    (RLAB) CO:  Royce Laboratories, Inc. ST:  Florida IN:  MTC SU: SS-JJ -- FL006 -- 0217 11/01/91 12:09 EST
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Publication:PR Newswire
Date:Nov 1, 1991
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