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HYAL PHARMACEUTICAL REPORTS FIRST QUARTER FINANCIAL RESULTS

 MISSISSAUGA, Ont., May 28 /PRNewswire/ -- Hyal Pharmaceutical Corporation (NASDAQ-NMS: HYALF; TSE: HPC) today reported a net loss of Cdn.$1,795,898 or Cdn.$0.12 per share (US$1,408,523 or US$0.09 per share) for the three months ended March 31, 1993, compared to net earnings of $350,078 or $0.03 per share for the same period in 1992. It should be noted that 1992 results include a one-time dilution gain of $1,520,000 (US$1,195,936) relating to the company's equity interest in InterMune Life Sciences, Inc. Hyal holds a controlling interest in InterMune and accordingly for accounting purposes InterMune's financial results have been consolidated with Hyal's since March 31, 1992.
 Research and development expenses increased from $869,518 for the first quarter of 1992 to $1,694,660 (US$1,329,122) for the same period in 1993. The increase in research and development expenditures results primarily from increased research and clinical activities associated with the company's three lead product candidates: HYAL-CT1101, a topical gel formulation for the non-invasive, non-scarring, non-toxic treatment of basal cell carcinoma (skin cancer); HYAL-AT2101, a topical gel formulation for the treatment of pain associated with arthritis, soft tissue injuries, neuralgia and neuropathy; and HYAL-AV2201, an intravenous formulation for the treatment of moderate to severe acute and chronic pain. All three lead product candidates are currently in Phase III clinical trials at various international centers, including three in the United States. The company also reported increased expenditures for filing of additional patent applications related to the company's proprietary HA drug delivery technologies. In addition, research and development costs included approximately $225,000 of R&D costs of InterMune.
 Sales for the three months ended March 31, 1993, were $143,829 (US$112,805) compared to $211,878 for the same period in 1992. The decline in sales is primarily attributable to reduced sales of product for clinical evaluation to the Falk Oncology Centre.
 The company reported interest income of $201,163 (US$157,772) for the first quarter of 1993 compared with $75,471 for the same period the previous year. The increase in investment income results from the investment of net proceeds from an equity financing completed in June 1992.
 Selling, general and administrative expenses ("SG&A") for the first quarter of 1993 were $596,051 (US$467,483) compared to $524,451 for the same period in 1992. The increase in SG&A is primarily related to the inclusion of SG&A costs of InterMune, effective March 31, 1992, and to the increased business activities of Hyal.
 The company publishes its financial statements in Canadian dollars, unless otherwise noted. For information purposes only, the exchange rate for translating Canadian dollars into U.S. dollars as reported by the Bank of Montreal Treasury Group as at March 31, 1993, was Cdn.$1 equals US$0.7843.
 Hyal Pharmaceutical Corporation specializes in the development and worldwide commercialization of pharmaceutical formulations utilizing its proprietary hyaluronic acid-based drug delivery technology. The company's efforts are concentrated in the treatment of pain, infection and skin cancer.
 HYAL PHARMACEUTICAL CORPORATION
 Condensed Consolidated Balance Sheets
 3/31/93 3/31/93 12/31/92
 Cdn. U.S. Cdn.
 (Unaudited) (Unaudited)
 Current Assets $ 13,023,455 $ 10,214,296 $ 15,251,477
 Other Assets 4,759,321 3,732,735 4,856,522
 Total Assets $ 17,782,776 $ 13,947,031 $ 20,107,999
 Current
 Liabilities $ 1,049,154 $ 822,851 $ 1,416,020
 Non-Controlling
 Interest 1,110,167 870,704 1,295,126
 Shareholders'
 Capital 32,805,411 25,729,284 32,782,911
 Deficit (17,181,956) (13,475,808) (15,386,058)
 Total $ 17,782,776 $ 13,947,031 $ 20,107,999
 Condensed Consolidated Statements of Operations
 Three months ended 3/31/93 3/31/93 3/31/92
 Cdn. U.S. Cdn.
 (Unaudited) (Unaudited) (Unaudited)
 Total Net Revenues $ 314,174 $ 246,407 $ 236,612
 Expenses:
 R&D Expenses 1,694,660 1,329,122 869,518
 All Other Expenses 600,370 470,870 544,516
 Total Expenses 2,295,030 1,799,992 1,414,034
 Loss Before Non-
 Controlling
 Interest (1,980,856) (1,553,585) (1,177,422)
 Non-Controlling
 Interest and Gain
 on Dilution 184,958 145,062 1,527,500
 Net Earnings
 (Loss) $(1,795,898) $(1,408,523) $ 350,078
 Net Earnings
 (Loss) Per share $(0.12) $(0.09) $0.03
 The company publishes its financial statements in Canadian dollars, unless otherwise noted. For information purposes only, the exchange rate for translating Canadian dollars into U.S. dollars as reported by the Bank of Montreal Treasury Group as at March 31, 1993, was Cdn.$1 equals US$0.7843.
 -0- 5/28/93
 /CONTACT: Samuel S. Asculai, president and CEO, 416-366-4863, or Michael A. Byrne, VP-finance, 416-678-6800, both of Hyal; or Diane Perry of the Financial Relations Board, in New York, 212-661-8030, for Hyal/
 (HYALF)


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

GK -- NY056 -- 3535 05/28/93 16:56 EDT
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Date:May 28, 1993
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