Hyal Pharma Posts 1st-Qtr Loss

Hyal Pharmaceutical of Canada reported a net loss for the first quarter of 1995 of C$2.3 million, ($1.6 million), compared with net profits in the like, year-earlier period of C$2.9 million. The loss per share in the quarter was C$0.13, compared with earnings per share of $0.17 in the 1994 first quarter, the company said.

The drug company pointed out that 1994 operating results include a one-time dilution gain of C$5 million relating to the company's Australian subsidiary, Hyal Pharmaceutical Australia. Hyal has reduced its stake in the Australian unit from 100% to 60% and notes that the Australian company completed an initial public offering of 20 million common shares in 1994 which made net proceeds of C$8.3 million.

Total revenues for the 1995 first quarter were C$348,746, up 9%. Quarterly R&D expenditure grew 12% to C$1.7 million due to costs of ongoing Phase III clinical trials, basic research projects and legal costs related to the company's patent applications.