Deprenyl USA Inc. on Monday said it has completed its initialpublic offering of 1.25 million units priced at $12 per unit,raising $15 million.

The offering, which was increased by 250,000 units from thepreliminary prospectus, included 712,500 units placed in theUnited States and 537,500 in Canada. Each unit consists of twoshares of common stock and one class A warrant to purchaseone share of stock for $9. The warrants expire in April 1993.

The units (NASDAQ:DUSAU) are to begin trading sometime thisweek.

The funds will be used to develop the company's first product,ALA Photodynamic Therapy, to treat basal cell carcinomas andpsoriasis, to hire key personnel and for operating expenses.

After the offering, the Somerville, N.J., company has 4.7 millionshares outstanding. U.S. underwriter M.H. Meyerson and Co.Inc. and Canadian underwriters Deacon Barclays de Zoete WeddLtd. and Merit Investment Corp. have a 375,000-unitoverallotment option.

Deprenyl Research Ltd. of Toronto, Canada, owns 26 percent ofDeprenyl USA after the offering. Deprenyl Research(NASDAQ:DEPLF) has an option to buy an additional 2 millionshares of Deprenyl USA at $9 per share by Sept. 29, 2000,which would give it 46 percent the company.

In addition, 112,000 shares of Deprenyl USA will be distributedas a stock dividend to Deprenyl Research shareholders at a rateof 0.006034 shares of Deprenyl USA stock for each share ofDeprenyl Research stock held.

Deprenyl USA is the second offshoot of Deprenyl Research.Deprenyl Animal Health Inc. (NASDAQ:DAHI) of Overland Park,Kan., went public last year.

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