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 TORONTO, Oct. 27 /PRNewswire/ -- Dr. Samuel S. Asculai, the president and CEO of Hyal Pharmaceutical Corporation (Hyal) (NASDAQ-NMS: HYALF) announced today the establishment of an Australian subsidiary, Hyal Pharmaceutical Australia Limited (HPAL).
 Under license from Hyal, HPAL will pursue research, development and commercialization of two cancer products targeting prostate and breast cancer, and will conduct exploratory clinical research into therapeutics targeting eye diseases. In addition, Hyal and HPAL will optimize commercialization of HYAL-CT1101 and HYAL-AT2101 for the Austral/Asian region. HPAL will be independently managed and self funded as a result of a proposed $10 million (Australian) public fund raising expected to commence in late November.
 Dr. Asculai stated that the establishment of HPAL will allow Hyal to significantly accelerate the clinical development of products in selected areas of cancer and ophthalmology, which are beyond Hyal's current areas of focus. In addition, management expertise in HPAL is anticipated to significantly enhance and expand the Hyal group's development and commercialization efforts for its proprietary technologies worldwide.
 Professor I.J. Constable, chairman and chief executive of HPAL is a world renowned Ophthalmologist and is the director of the Lion's Eye Institute in Perth, Western Australia. His expertise with hyaluronic acid dates back to the early 1970's when he was associated with the team at Harvard University which innovated HA's use in ophthalmology. Professor Constable, who had previously been instrumental in establishing a number of successful technology based companies in Australia, stated that the new subsidiary will accelerate a program to market Hyal's products in Australia and to position the company to pursue burgeoning markets in Asia.
 Pursuant to a license agreement to be entered into by Hyal and HPAL, Hyal will grant to HPAL the exclusive right to sell and distribute in Austral/Asia: HYAL-CT1101 for the treatment of basal cell carcinoma; HYAL-CT1101 for the treatment of actinic keratosis; HYAL-AT2101 for the topical treatment of pain; and Hyal's Visible Youth cosmetic products. HPAL has also been granted worldwide rights to develop two specific products for the treatment of breast and prostate cancer; and to develop selected ophthalmic products for the treatment of eye disease. As consideration for the granting of these rights to HPAL, HPAL will grant 30 million ordinary shares in the capital of HPAL with an issue price of $0.50 Australian per share to Hyal and 10 million options with an exercise price of $1.00 Australian. Ernst and Young Securities Pty Limited has been retained to confirm the fairness of the valuation of the technology to be licensed to HPAL.
 By way of prospectus dated November, 1993, HPAL will offer to the public 20 million fully paid ordinary shares with an issue price of $0.50 Australian per share. Each five shares will have attached one, three-year option with an exercise price of $1.00 Australian. Subject to the satisfaction of certain conditions, the offering is expected to close in December, 1993. Subject to the acceptance of over- subscriptions, upon the closing of the offering, Hyal expects to own 60 percent of the outstanding ordinary shares of HPAL.
 Hyal specializes in the development and worldwide commercialization of pharmaceutical formulations utilizing its proprietary hyaluronic acid based drug delivery technology.
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 /CONTACT: Samuel S. Asculai, Ph.D., president & CEO, 416-366-4863 or Peter Van Der Velden, manager business development of Hyal Pharmaceutical Corporation, 416-366-4863; or Diane Perry, 212-661-8030 or Kathy Brunson of the Financial Relations Board, 312-366-7800/

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

WB -- NY037 -- 7185 10/27/93 10:30 EDT
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Publication:PR Newswire
Date:Oct 27, 1993

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