1st-Qtr Revenues Rise At Hyal Pharmaceutical

26 May 1996

Canadian company Hyal Pharmaceutical saw revenues in the first quarter of 1996 rise 95.1% to C$679,576 ($495,207). The firm said that this significant increase was driven by higher interest income generated from cash reserves on hand from the equity offering completed in October 1995, and by an increased rate of return on cash invested. The net loss for the quarter was C$2.4 million or 11 cents, compared with C$2.3 million or 13 cents a year earlier.

During the quarter, Hyal licensed Hyanalgese-D, its topical treatment for osteoarthritis pain, to Searle Canada for the Canadian market. The firm also established an agreement with South Africa's Adcock Ingram for the licensing of both Hyanalgese-D (hyaluronic acid and diclofenac) and Solarase (diclofenac), which is a topical treatment for precancerous skin lesions.

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