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HYAL PHARMACEUTICAL AUSTRALIA LIMITED LISTS ON THE AUSTRALIAN STOCK EXCHANGE

 MISSISSAUGA, Ontario, Jan. 14 /PRNewswire/ -- Hyal Pharmaceutical Corporation ("HYAL") (TSE: HPC and NASDAQ NMS: HYALF) announced today that its Australian subsidiary, Hyal Pharmaceutical Australia Limited ("HPAL"), has been granted admission by the Australian Stock Exchange's National Listing Committee. It is anticipated that the listing will be early next week and that HPAL common shares will commence trading by the end of the week.
 HPAL's A$10 million initial public offering ("IPO"), jointly underwritten by CS First Boston Pacific and Eyers Reed Limited, closed oversubscribed, ahead of its scheduled closing date. HYAL owns 30 million common shares of HPAL while 20 million common shares were sold at A$0.50 in the IPO.
 In addition to having Australia Pacific regional rights for HYAL-CT1101 and HYAL-AT2101, HPAL has world-wide rights to HYAL's HA-drug delivery technology for development of treatments for eye conditions (jointly shared with HYAL) and two products for the treatment of breast and prostate cancer. The Australian Stock Exchange has requested an undertaking from HPAL that it will embark on expenditures in line with the $8 million, three year research and development program outlined in its prospectus. Given the potential of the product pipeline provided by the eye and cancer products and the resources required to realize this potential, HPAL will have no problem in meeting this requirement.
 On Dec. 22nd, 1993 HYAL and HPAL executed a Heads of Agreement with F.H. Faulding & Co. ("Faulding") to distribute HYAL's arthritic pain, basal cell carcinoma and actinic keratosis management products. Faulding is a pharmaceutical company with annual revenues in excess of A$1 billion. It is headquartered in Australia and has subsidiaries in North America and Europe. Faulding is also a majority shareholder of Purepac a developer and manufacturer of generic pharmaceuticals and over-the-counter products based in New Jersey.
 Dr. S.S. Asculai, President and C.E.O. stated that, "With the closing of the IPO and the listing of HPAL's common stock on the Australian Stock Exchange, HYAL has firmly established the Asia Pacific marketing and development base for two of HYAL's three lead products and for the development of our technology in key areas of medical need."
 HYAL specializes in the development and world wide commercialization of pharmaceutical formulations utilizing its proprietary Hyaluronic Acid based drug delivery technology. HYAL is currently conducting Phase III clinical trials at 20 independent centres in Canada, the U.S.A., Australia and a number of European countries for its three lead products: HYAL-CT1101 for the treatment of basal cell carcinoma and actinic keratosis, HYAL-AT2101 for the topical treatment of pain and HYAL-AV2201 for the intravenous treatment of moderate to severe pain.
 -0- 1/14/94
 For further information: AT THE COMPANY: Samuel S. Asculai, President and C.E.O., 416-366-4863; Barbara Kay, Manager Investor Relations, 416-366-4863; AT THE FINANCIAL RELATIONS BOARD: Dianne Perry, New York, 212-661-8030; Kathy Brunson, Chicago, 312-266-7800/
 (HPC. HYALF)


CO: Hyal Pharmaceutical Corporation ST: Ontario IN: MTC SU: OFR

SP -- NY024 -- 2084 01/14/94 11:32 EST
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Publication:PR Newswire
Date:Jan 14, 1994
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