HYALF - currently halted on news
HYAL ANNOUNCES AGREEMENT IN PRINCIPLE TO LICENSE SOLARASE(TM)
MISSISSAUGA, Ont., July 16 /CNW/ - Hyal Pharmaceutical Corporation
(NASDAQ/NNM:HYALF; TSE:HPC) announced today that it has accepted an offer from
Altana Inc., Melville, New York, for a license to the worldwide rights to
Solarase, excluding those territories previously licensed to F.H. Faulding
Inc. Solarase is Hyal's topical gel formulation to treat actinic keratosis, a
precancerous skin condition caused by over-exposure to the sun. Solarase is
approved to market in Canada, France, Germany, Italy, Sweden and the United
Kingdom. A New Drug Application is expected to be filed with the U.S. FDA
during the third quarter of 1998. The offer includes an up-front payment to
Hyal and a royalty based on sales of Solarase. Altana Inc. is a wholly-owned
subsidiary of Byk Gulden Lomberg Chemische Fabrik GmbH, a German multinational
pharmaceutical company. Byk Gulden is a subsidiary of Altana AG. The Altana
Inc. Pharmaceutical Group is a fully integrated pharmaceutical company with a
major focus on the manufacturing and marketing of dermatological products.
Hyal and Altana have also agreed to enter into a joint development
agreement with the objective of obtaining regulatory approval of Hyanalgese-D
for uses other than treatment of pain due to osteoarthritis. Pursuant to the
joint development agreement, Altana will fund one half of the development
costs and will be granted a worldwide license to Hyanalgese-D, excluding those
territories previously licensed. In exchange, Altana will pay a royalty to
Hyal on all sales arising in connection with the joint development agreement.
The license and joint development agreements are expected to close in the
third quarter of 1998 and are subject to a number of conditions including the
execution of definitive agreements and final approval of the Board of
Directors of Hyal and Altana.
Dr. Zenas B. Noon, President and CEO stated: ''Hyal is excited to
collaborate with a world class pharmaceutical partner of Altana's stature.
Hyal believes that the up-front payments offered by Altana in connection with
the license to Solarase will strengthen Hyal's financial position and enable
Hyal to fund the continued development of promising product candidates''.
Hyal Pharmaceutical Corporation is a drug delivery company engaged in
research and development and is seeking worldwide commercialization of
pharmaceutical formulations utilizing its proprietary Hyaluronan Induced
Targeting (HIT)(TM) Technology and Hyaluronan Improved Liposome Technology
(HILT)(TM).
This news release may contain forward-looking statements relating to the
future performance of Hyal. Forward-looking statements, specifically those
concerning future performance, are subject to certain risks and uncertainties,
and actual results may differ materially. These risks and uncertainties are
detailed from time to time in the Company's filings with the appropriate
securities commissions. |
