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HYAL PHARMACEUTICAL REPORTS THIRD QUARTER RESULTS

 MISSISSAUGA, Ontario, Nov. 27 ~PRNewswire~ -- Hyal Pharmaceutical Corporation (NASDAQ: HYAL or TSE: HPC) today reported a net loss of $1,847,607 or $0.14 per share for the nine month period ended Sept. 30, 1992 compared to a net loss of $2,210,084 or $0.27 per share for the same nine month period of 1991. Included in this year's results is a dilution gain of $1,520,000 relating to the company's previously announced, March 1992 equity interest in InterMune Life Sciences, Inc. 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 based on the mid-market rates in Toronto at noon, Sept. 30, 1992, was $1 Cdn. = $0.8013 U.S.
 Revenues for the nine months ended Sept. 30, 1992 were $770,244 compared to $928,620 for the same period in 1991. While sales for the first nine months of 1992 declined from comparable 1991 levels, combined revenues for the quarter, excluding short term interest income and royalties, were consistent with the same period in 1991.
 The company entered Phase III clinical trials with its basal cell carcinoma and analgesic products, increasing research and development costs by 52 percent over 1991 levels for the same reporting period. As these projects mature, the company believes research expenses will level off.
 Excluding certain one-time costs, selling, general and administrative expenses increased 29 percent over the comparable nine month period of 1991. The increased costs relate primarily to the Company's obtaining listing on the NASDAQ and building its management team to further business development and research efforts.
 Hyal Pharmaceutical Corporation is a Canadian company engaged 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
 Consolidated Statements of Operations
 (unaudited)
 Periods ended Nine months
 Sept. 30, 1992 1991
 Sales $770,244 $928,620
 Cost of Sales 302,738 268,243
 Gross Profit 467,506 660,377
 Interest Income 624,717 86,870
 Royalty Income 94,128 14,000
 Dilution Gain 1,520,000 -
 Total 2,706,351 761,247
 Expenses
 Selling, general, and
 administrative 1,753,886 1,068,076
 Research and development 3,006,771 1,978,700
 Interest 60,785 270,669
 Total 4,821,442 3,317,445
 Earnings (Loss) Before
 Minority Interest (2,115,091) (2,556,198)
 Minority Interest 267,484 -
 Earnings (Loss) From
 Continuing Operations (1,847,607) (2,556,198)
 Earnings from Discontinued
 Business - 346,114
 Net Earnings (Loss) ($1,847,607) ($2,210,084)
 Earnings (Loss) Per Share
 Continuing Operations ($0.14) ($0.31)
 Discontinued Operations 0.00 0.04
 Net Earnings (Loss)
 Per Share ($0.14) ($0.27)
 NOTE: All figures are presented in Canadian dollars. For information purposes only the exchange rate for translating Canadian dollars into United States dollars based on the mid-market rates in Toronto at noon, Sept. 30, 1992, was $1 Cdn.= $0.8013 U.S.
 CONSOLIDATED BALANCE SHEETS
 Sept. 30 Dec. 31
 1992 1991
 Assets (unaudited)
 Current Assets
 Cash and short term
 investments $15,670,238 $4,229,022
 Accounts receivable - Trade 101,376 128,774
 Other 290,799 70,740
 Inventory 491,342 594,429
 Notes receivable 175,825 329,600
 Prepaid expenses 113,107 128,539
 Total 16,842,687 5,481,104
 Notes Receivable 154,570 300,310
 Capital Assets 332,201 153,525
 License Agreement and
 Other Assets 4,410,556 4,355,556
 Total $21,740,014 $10,290,495
 Liabilities
 Current Liabilities
 Accounts payable $519,807 $639,946
 Accrued liabilities $155,453 $147,688
 Current portion of
 long-term debt 1,000,000 1,000,000
 Total 1,675,260 1,787,634
 Minority Interest 1,521,522 -
 Shareholders' Equity
 Share Capital
 Issued -
 Common shares - without par value
 1992 - 15,095,737
 (1991 - 12,631,362) 31,108,081 18,489,434
 Series A Preferred Shares -
 without par value
 1992 - NIL
 (1991 - 93,750) - 598,419
 31,108,081 19,087,853
 Contributed Surplus 561,321 457,321
 Deficit (13,126,170) (11,042,313)
 18,543,232 8,502,861
 $21,740,014 $10,290,495
 NOTE: All figures are presented in Canadian dollars. For information purposes only the exchange rate for translating Canadian dollars into United States dollars based on the mid-market rates in Toronto at noon, Sept. 30, 1992, was $1 Cdn.= $0.8013 U.S.
 -0- 11~27~92
 ~CONTACT: Samuel S. Asculai, Ph.D., 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, 212-661-8030, for Hyal~
 (HYAL)


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

SH -- NY004 -- 1775 11~27~92 10:41 EST
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Date:Nov 27, 1992
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