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HYAL PHARMACEUTICAL REPORTS 1992 FINANCIAL RESULTS

 MISSISSAUGA, Ontario, March 24 /PRNewswire/ -- Hyal Pharmaceutical Corporation (NASDAQ-NMS: HYALF; TSE: HPC) today reported a net loss of $4,107,495 or $0.30 per share (US$3,231,777 or US$0.23 per share) for the year ended Dec. 31, 1992 compared to a net loss of $2,968,828 or $0.32 per share for 1991.
 The company publishes its financial statements in Canadian dollars. Unless otherwise noted, all figures are presented in Canadian dollars. For information purposes only, the exchange rate for translating Canadian dollars into United States dollars as reported by the Bank of Montreal Treasury Group as of Dec. 31, 1992 was $1 Cdn. equals $0.7868 U.S. Included in this year's results is a dilution gain of $1,520,000 (US$1,195,936) relating to the company's previously announced March 1992 equity interest in InterMune Life Sciences, Inc. ("InterMune").
 Sales for 1992 were $865,584 (US$681,041) compared to $1,163,134 in 1991. The decline in sales levels is attributed to a reduction in the selling price of products sold for clinical evaluation and decreased sales volumes of the company's skin care products.
 The company reported in 1991 interest income of $838,609 (US$659,818) for 1992 compared with $183,387 as a result of the investment of net proceeds from equity financings in Sept. 1991 and June 1992.
 Research and development expenses increased from $2,659,318 in 1991 to $4,824,092 (US$3,795,595) in 1992. The increase in research and development expenditures is primarily a result of increased expenditures of approximately $1,238,000 (US$974,058) on clinical trial activities for the company's products for topical and injectable pain relief and product for the treatment of basal cell carcinoma. Also included in research and development are costs of approximately $618,000 (US$486,242) related to the research and development activities of InterMune.
 Selling, general and administrative expenses (SG&A) for 1992 were $2,681,024 (US$2,109,430) compared to $1,391,909 for 1991. The increase in SG&A is primarily related to the inclusion of approximately $350,000 (US$275,380) in SG&A costs incurred by InterMune, costs of approximately $276,000 (US$217,157) associated with the filing and listing of the company's common shares on NASDAQ during 1992 and other costs associated with investor relations and required reporting as a public company. Included in SG&A costs is an amount of $289,000 (US$227,385) related to the veterinary business sold in 1990 and to the forgiveness of debt of a former officer and director of the company. In general, the company's increased activity in research and development in 1992 resulted in an overall increase in general and administrative costs.
 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
 Consolidated Balance Sheets
 U.S. $
 12/31/92 12/31/91 12/31/92
 Assets
 Current assets:
 Cash and short term
 investments $13,922,879 $ 4,229,022 $10,954,521
 Accounts receivable:
 Trade 70,082 128,774 55,140
 Other 547,443 70,740 430,728
 Inventory 448,923 594,429 353,213
 Notes receivable 181,868 329,600 143,094
 Prepaid expenses 80,282 128,539 63,166
 Total 15,251,477 5,481,104 11,999,862
 Notes receivable 159,884 300,310 125,797
 Capital assets 384,249 153,525 302,327
 License agreement and
 technology acquired 4,312,389 4,355,556 3,392,988
 Total $20,107,999 $10,290,495 $15,820,974
 Liabilities
 Current liabilities:
 Accounts payable $ 1,122,143 $ 639,946 $ 882,902
 Accrued liabilities 293,877 147,688 231,223
 Current portion of
 long-term debt -- 1,000,000 --
 Total 1,416,020 1,787,634 1,114,125
 Non-controlling interest 1,295,126 -- 1,019,005
 Shareholders' equity
 Share capital
 issued:
 Common shares - without
 par value
 1992 - 15,446,037
 (1991 - 12,631,362) 32,221,590 18,489,434 25,351,947
 Series A preferred
 shares - without par
 value 1992 - NIL
 (1991 - 93,750) -- 598,419 --
 Total 32,221,590 19,087,853 25,351,947
 Contributed surplus 561,321 457,321 441,647
 Deficit (15,386,058) (11,042,313) (12,105,750)
 Subtotal 17,396,853 8,502,861 13,687,844
 Total $20,107,999 $10,290,495 $15,820,974
 NOTE: Hyal Pharmaceutical Corporation publishes its financial statements in Canadian dollars "CDN$". 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 United States dollar 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 $.7868 based on the closing rate of exchange on Dec. 31, 1992, as prepared by the Bank of Montreal Treasury Group.
 HYAL PHARMACEUTICAL CORPORATION
 Consolidated Statements of Operations
 U.S. $
 1992 1991 1992
 Sales $ 865,584 $ 1,163,134 $ 681,041
 Cost of sales 360,002 351,612 283,250
 Gross profit 505,582 811,522 397,791
 Interest income 838,609 183,387 659,818
 Royalty income 119,185 32,312 93,775
 Total 1,463,376 1,027,221 1,151,384
 Expenses:
 Selling, General, and
 Administrative 2,681,024 1,391,909 2,109,430
 Research and development 4,824,092 2,659,318 3,795,595
 Interest 79,635 290,936 62,657
 Total 7,584,751 4,342,163 5,967,682
 Loss before non-
 controlling interest (6,121,375) (3,314,942) (4,816,298)
 Non-controlling interest
 - share of loss 493,880 -- 388,585
 Gain on dilution of
 investment InterMune 1,520,000 -- 1,195,936
 Loss from continuing
 operations (4,107,495) (3,314,942) (3,231,777)
 Earnings from
 discontinued business -- 346,114 --
 Net loss for the year ($4,107,495) ($2,968,828) ($3,231,777)
 (Loss) earnings per
 share:
 Continuing operations ($0.30) ($0.36) ($0.23)
 Discontinued operations 0.00 0.04 0.00
 Net loss per share ($0.30) ($0.32) ($0.23)
 NOTE: Hyal Pharmaceutical Corporation publishes its financial statements in Canadian dollars "CDN$". 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 United States dollar 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 $.7868 based on the closing rate of exchange on Dec. 31, 1992, as prepared by the Bank of Montreal Treasury Group.
 -0- 3/24/93
 /CONTACT: Samuel S. Asculai, president and CEO, 416-366-4863 or Michael A. Byrne, VP-finance, 416-678-6800, both of Hyal Pharmaceutical; or Diane Perry of The Financial Relations Board, in New York, 212-661-8030/
 (HYALF)


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

WB -- NY026 -- 9074 03/24/93 11:43 EST
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