Printer Friendly

HYAL PHARMACEUTICAL CORPORATION SECOND QUARTER 1992 FINANCIAL RESULTS

 HYAL PHARMACEUTICAL CORPORATION SECOND QUARTER 1992 FINANCIAL RESULTS
 MISSISSAUGA, Ontario, Aug. 28 /PRNewswire/ -- Hyal Pharmaceutical Corporation today reported a net loss of $665,994 or 6 cents per share for the six months ended June 30, 1992 compared with a net loss of $1,364,723 or 17 cents per share for the same period in 1991. The company reported that comparative operating losses for 1992 have been positively affected by a dilution gain relating to the company's equity interest in InterMune Life Sciences Inc. In March 1992, the company received a 94 percent equity interest in InterMune on its formation. As a result of an additional share issue by InterMune, Hyal's equity interest was subsequently reduced to 46 percent and a dilution gain of $1,520,000 was recognized in the statement of operations of Hyal for the first quarter of 1992. Concurrent with InterMune's additional share issuance, Hyal sold all of its right, title, patents and interest in technologies related to PP-14 (an immune modulator) to Intermune for $750,000 cash. Interest income of $387,834 was recognized in the first half of 1992 as the result of an equity issue in the third quarter of 1991 compared with no interest income for the same period in 1991.
 Revenues for the six months ended June 30, 1992 were $515,090 compared with $672,574 for the same period in 1991. The company attributed the comparative decline in revenues to decreased sales of product for pre-clinical evaluation and to lower sales of the company's Visible Youth cosmetic products. The company attributed the downturn in Visible Youth sales to the current economic recession and the generally increased competitive environment in the market in which these products are sold.
 The company's spending on research and development activities increased to $1,905,541 for the first half of 1992 compared with $1,260,717 for the same period in 1991. The increase reflects the expansion of the company's product development and clinical trial efforts in the areas of basal cell carcinoma and analgesia (pain control). Selling, general and administrative costs were $1,170,350 for the first six months compared with $731,659 for the same period in 1991. The comparative increase in selling, general, and administrative expenses in 1992 is related to increases associated with managing the company's expanding research and development efforts. On June 26, 1992 the company completed an offering of 2,000,000 common shares and 1,100,000 warrants to purchase common shares for net proceeds of $11,700,000.
 Hyal is a Canadian company dedicated to the development and commercialization of pharmaceutical formulations utilizing its proprietary Hyaluronic Acid drug delivery technology.
 -0- 8/28/92
 /CONTACT: Dr. Samuel S. Asculai, president & CEO, 416-366-4863, or Michael A. Byrne, vice president, finance, 416-678-6800, both of Hyal Pharmacuetical/ CO: Hyal Pharmaceutical Corporation ST: Ontario IN: MTC SU: ERN


DC -- NY062 -- 4586 08/28/92 16:51 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 28, 1992
Words:488
Previous Article:ECKERD DRUG COMPANY DONATES ADDITIONAL HURRICANE RELIEF SUPPLIES
Next Article:OCEANEERING INTERNATIONAL, INC. ISSUES STATEMENT ON STOCK ACTIVITY
Topics:


Related Articles
HYAL PHARMACEUTICAL REPORTS THIRD QUARTER RESULTS
HYAL PHARMACEUTICAL REPORTS 1992 FINANCIAL RESULTS
HYAL PHARMACEUTICAL REPORTS FIRST QUARTER FINANCIAL RESULTS
HYAL PHARMACEUTICAL REPORTS SECOND QUARTER FINANCIAL RESULTS
HYAL PHARMACEUTICAL REPORTS THIRD QUARTER FINANCIAL RESULTS
HYAL PHARMACEUTICAL REPORTS 1ST QUARTER FINANCIAL RESULTS
ATTENTION BUSINESS/FINANCIAL EDITORS
$1.5 Million Invested by Hyal Pharmaceutical Corporation and Natural Sciences and Engineering Research Council of Canada for Research Into New...
Hyal Pharmaceutical Announces Third Quarter Results
Hyal Pharmaceutical Announces Six-month Results

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters