Lower Interest Rates Hit Hyal Revenues

Canadian drug company Hyal Pharmaceutical has reported a consolidatednet loss of C$7.7 million ($5.6 million), or C$0.29 per share, for the six months ended June 30, compared to C$7 million, C$0.31 per share, for the same period a year ago. Revenues fell from C$1.2 million to C$0.7 million, accounting for 54% of the overall decline, which the company attributes to lower interest rates and decreased sales of products for clinical use.

R&D expenses for the first six months rose by 7% to C$6.4 million, due principally to additional clinical activities in ophthalmology and oncology at the company's Australian subsidiary. All other expenses decreased by 2% to C$2.6 million, while cash reserves, at June 30, totaled $C$18.2 million.

First Product Approval In June this year, Hyal received its first product approval, in the UK, for Solarase (diclofenac and hyaluronic acid), a topical gel for the treatment of actinic keratosis.