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Halozyme Therapeutics Reports 2008 Second Quarter Financial Results
Date:8/8/2008

share, compared with a net loss for the second quarter of 2007 of $4.8

million, or $0.07 per share. Net loss for the six months ended June

30, 2008 was $21.0 million, or $0.27 per share, compared with a net

loss of $8.2 million, or $0.11 per share, for the comparable period

last year.

-- Revenues for the second quarter of 2008 were $1.4 million, compared

with $709,000 for the second quarter of 2007. Revenues under

collaborative agreements for the second quarter of 2008 were $1.4

million, compared with $539,000 for the second quarter of 2007.

Revenues under collaborative agreements in 2008 primarily consisted of

the amortization of upfront fees received from Baxter and Roche of

$588,000 and research and development reimbursements from Baxter of

$554,000 and Roche of $210,000. Cumulase(R) product sales for the

second quarter of 2008 were $48,000, compared with $139,000 for the

second quarter of 2007.

-- Research and development expenses for the second quarter of 2008 were

$8.9 million, compared with $4.1 million for the second quarter of

2007, reflecting increased compensation expenses including share-based

compensation expenses, research and development spending on the

Company's Insulin, Bisphosphonates, and PEG PH20 clinical and

pre-clinical programs, and production costs associated with the

manufacturing scale-up of the Company's rHuPH20 enzyme.

-- Selling, general and administrative expenses for the second quarter of

2008 were $3.8 million, compared with $2.4 million for the second

quarter of 2007, reflecting increases in compensation expenses

including share-based compensation expenses, as well as higher legal

and facilities expenses compared with the prior-year quarter.

-- Cash and cash equivalents were $82.4 million as of Jun
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SOURCE Halozyme Therapeutics, Inc.
Copyright©2008 PR Newswire.
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