Deprenyl Research Ltd. said Friday that its Deprenyl USA Inc.unit has filed for an initial public offering of 1 million unitswith a proposed price of between $11 and $13 per unit.

Each unit consists of two shares of common stock and oneclass A warrant to buy one share of common stock for $9. Ifthe offering is completed, Deprenyl USA will have 4.2 millionshares outstanding.

New Jersey-based Deprenyl USA was formed to develop a drugfor treating skin cancer. The drug, 5-aminolevulinic acid(ALA), was licensed in August from Parteq Research andDevelopment Innovations.

After the offering, Deprenyl Research (NASDAQ:DEPLF) ofToronto will hold 23.8 percent of Deprenyl USA. It now owns54.5 percent. Deprenyl Research also will have the option tobuy 2 million shares of Deprenyl USA for $9 a share by Sept.29, 2000, which would give it a 49 percent holding.

In addition, 200,000 shares of Deprenyl USA stock will bedistributed as a dividend to Deprenyl Research stockholders.

Underwriters M.H. Meyerson, Merit Investments Corp. andDeacon Barclays De Zoete Wed Holdings Ltd. have an option tobuy 150,000 additional units to cover overallotments.

Another Deprenyl Research spinoff, Deprenyl Animal Health Inc.(NASDAQ:NAHI), is based in Overland Park, Kan.

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