Mike
This was the last news release by hyal.
Rick
HYAL PHARMACEUTICAL TRACKS AS PLANNED IN SECOND QUARTER
MISSISSAUGA, Ont., July 25 /CNW/ - Hyal Pharmaceutical Corporation (TSE:
HPC, NASDAQ: HYALF) today reported a consolidated net loss of $7,700,605 or
$0.29 per share (US$5,578,319 or US$0.21 per share) for the six months ended
June 30, 1997 compared to a consolidated net loss of $7,045,810 or $0.31 per
share for the same period a year ago.
Lower interest rates led to a comparative decline in revenues to $718,357
(US$520,377) from $1,235,881 last year, accounting for 54% of the overall
decline. Revenues were also negatively affected by decreased sales of product
for clinical use.
Research and development expenses for the first six months increased by
7% to $6,354,039 (US$4,602,866) compared with $5,930,358 in 1996. The increase
is related to additional clinical activities in the areas of ophthalmology and
oncology at our Australian subsidiary.
All other expenses decreased by 2% to $2,602,198 (US$1,885,031).
At June 30, 1997, cash reserves totalled $18,152,837.
``Earlier this month we announced our first product approval.
Solarase(TM), a topical gel for the treatment of actinic keratosis, received
market approval in the U.K. in June of this year. This is not just an approval
of our product, but it is recognition that our drug delivery platform is safe
and effective,'' stated Dr. Sam Asculai, CEO of Hyal. Dr. Asculai further
commented that, ``We are one of a handful of Canadian biotech companies to
succeed in obtaining market approval for one of their products.''
Hyal is a drug delivery company engaged in research and development
utilizing its platform drug delivery technologies, HIT(TM) (Hyaluronan Induced
Targeting Technology) and HILT(TM) (Hyaluronan Improved Liposome Technology).
The company's business strategy is to commercialize its developments by
outlicensing on a global basis.
Statements contained in this news release which are not historical facts
are forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 (US) and are subject to risks and uncertainties.
Actual results may differ materially from those set forth in or implied by
forward-looking statements.
<<
HYAL PHARMACEUTICAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, 1997 June 30, 1997 December 31, 1996
Cdn $ US $ (Note 1) Cdn $
(unaudited) (unaudited)
Cash & Short-Term
Investments $ 18,152,837 $ 13,149,915 $ 24,893,633
Other Current Assets 1,124,513 814,597 861,710
Other Assets 3,249,075 2,353,630 3,465,992
-------------- -------------- --------------
Total Assets $ 22,526,425 $ 16,318,142 $ 29,221,335
-------------- -------------- --------------
Current Liabilities $ 2,600,499 $ 1,883,801 $ 2,877,186
Obligation under
Capital Lease 59,792 43,313 59,792
Non-Controlling Interest 1,430,354 1,036,148 2,093,048
Shareholders' Capital 80,390,694 58,235,019 78,257,488
Deficit (62,653,997) (45,386,555) (54,953,392)
Cumulative Translation
Adjustment 699,083 506,416 887,213
-------------- -------------- --------------
Total $ 22,526,425 $ 16,318,142 $ 29,221,335
-------------- -------------- --------------
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
June 30, 1997 June 30, 1997 June 30, 1996
Cdn $ US $ (Note 1) Cdn $
(unaudited) (unaudited) (unaudited)
Licensing and
Royalty Revenue $ 186,664 $ 135,219 $ 189,729
Interest Income 447,510 324,176 726,323
Sales 84,183 60,982 304,533
Other Income - - 15,296
-------------- -------------- --------------
Total Revenues 718,357 520,377 1,235,881
-------------- -------------- --------------
Expenses
R & D Expenses 6,354,039 4,602,866 5,930,358
All Other Expenses 2,602,197 1,885,031 2,650,405
-------------- -------------- --------------
Total Expenses 8,956,236 6,487,897 8,580,763
-------------- -------------- --------------
Loss from Operations (8,237,879) (5,967,520) (7,344,882)
Non-Controlling Interest 537,274 389,201 299,072
-------------- -------------- --------------
Net Loss $ (7,700,605) $ (5,578,319) $ (7,045,810)
-------------- -------------- --------------
Net Loss per Share $ (0.29) $ (0.21) $ (0.31)
-------------- -------------- --------------
Weighted average number of
common shares outstanding 26,278,961 26,278,961 22,745,942
-------------- -------------- --------------
>>
Note 1: The Company publishes its financial statements in Canadian
dollars ``CDN$''. Except where otherwise indicated, amounts stated in United
States dollars ``US$'' have been translated from Canadian dollars at a
specified rate solely for convenience and should not be construed as a
representation that the CDN $ amount actually represents such US$ amounts or
could be converted into United States dollars at the rate indicated. Such
United States dollar amounts have been translated from Canadian dollars at CDN
$1.00 (equals) US $.7244 based on the late afternoon rate of exchange on June
30, 1997, as prepared by the Royal Bank of Canada.
Note 2: Although the interim consolidated financial statements are
unaudited, they reflect all adjustments consisting only of normal accounting
accruals which are in the opinion of management necessary for a fair
presentation of the financial condition and results of operations for the
period presented. Operating revenues and net income for any interim period are
not necessarily indicative of results for a full year.
%SEDAR: 00003081E
-0- 07/25/97
For further information: Janet Craig, Manager, Investor Relations, (905) 625-8181 |
