Thursday July 16, 9:45 am Eastern Time
Company Press Release
SOURCE: Hyal Pharmaceutical Corporation
Hyal Announces Agreement in Principle to License SOLARASE(TM)
MISSISSAUGA, Ont., July 16 /CNW-PRN/ - Hyal Pharmaceutical Corporation (NASDAQ/NNM:HYALF - news;
TSE:HPC - news) 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.
SOURCE: Hyal Pharmaceutical Corporation |
