SAN DIEGO, May 6, 2011 /PRNewswire/ -- Halozyme Therapeutics, Inc. (Nasdaq: HALO), a biopharmaceutical company developing and commercializing products targeting the extracellular matrix for the diabetes, cancer, dermatology and drug delivery markets, today reported financial results for the first quarter 2011.
"The faster insulin absorption and shorter duration of action observed in our first ultrafast insulin pump study is exciting," stated Gregory I. Frost, Ph.D., Halozyme's president and CEO. "Patients with diabetes that use insulin pumps could see unique benefits from Halozyme's Ultrafast Insulin."
First Quarter 2011 and Recent Business Highlights
First Quarter 2011 Financial ResultsThe net loss for the first quarter of 2011 was $9.6 million, or $0.10 per share, compared with a net loss for the first quarter of 2010 of $11.8 million, or $0.13 per share.
Upcoming Corporate and Scientific PresentationsHalozyme representatives are scheduled to present at the following events:
Conference CallHalozyme management will host a conference call and webcast on May 6, 2011 to discuss these topics beginning at 8:00 a.m. PDT (11:00 a.m. EDT). To participate via telephone, please call 877.407.8037 for domestic callers or 201.689.8037 for international callers. A telephone replay will be available beginning shortly after the end of the call by dialing 877.660.6853 from the U.S. or 201.612.7415 for international callers and using account # 367 and replay ID # 371588. The conference call will be broadcast live over the Internet at www.halozyme.com and the replay will be available on the company's Web site for seven days.
About Halozyme TherapeuticsHalozyme Therapeutics is a biopharmaceutical company developing and commercializing products targeting the extracellular matrix for the diabetes, cancer, dermatology and drug delivery markets. The company's product portfolio is based primarily on intellectual property covering the family of human enzymes known as hyaluronidases and additional enzymes that affect the extracellular matrix. Halozyme's Enhanze™ technology is a novel drug delivery platform designed to increase the absorption and dispersion of biologics. The company has key partnerships with Roche and with Baxter to apply Enhanze technology to biological therapeutics including Herceptin®, MabThera® and immunoglobulin. Halozyme's Ultrafast Insulin program combines its rHuPH20 enzyme with mealtime insulins, which may produce more rapid absorption, faster action, and improved glycemic control. The product candidates in Halozyme's pipeline target multiple areas of significant unmet medical need. For more information visit www.halozyme.com.
Safe Harbor Statement In addition to historical information, the statements set forth above include forward-looking statements (including, without limitation, statements concerning the timing and scope of our clinical trials as well as expected activities under our collaborative partnerships) that involve risk and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. The forward-looking statements are also identified through use of the words "believe," "enable," "may," "will," "could," "intends," "estimate," "anticipate," "plan," "predict," "probable," "potential," "possible," "should," "continue," and other words of similar meaning. Actual results could differ materially from the expectations contained in forward-looking statements as a result of several factors, including regulatory approval requirements and competitive conditions. These and other factors that may result in differences are discussed in greater detail in the company's reports on Forms 10-K, 10-Q, and other filings with the Securities and Exchange Commission.
Robert H. Uhl
Senior Director, Investor Relations
firstname.lastname@example.orgHalozyme Therapeutics, Inc.Condensed Consolidated Statements of OperationsQuarters Ended March 31,20112010(unaudited)(unaudited)REVENUES:Product sales
397,810Revenues under collaborative agreements
7,543,8943,441,731OPERATING EXPENSES:Cost of product sales
11,7175,660Research and development
13,785,79711,467,204Selling, general and administrative
3,405,9663,757,013Total operating expenses
(9,659,586)(11,788,146)Interest and other income, net
(9,635,717)$ (11,787,477)Basic and diluted net loss per share
(0.13)Shares used in computing basic and dilutednet loss per share
100,927,40291,610,830Halozyme Therapeutics, Inc.Condensed Consolidated Balance SheetsMarch 31, December 31,20112010(unaudited)ASSETS Current assets:Cash and cash equivalents
248,474193,422Prepaid expenses and other assets.
3,382,9933,720,896Total current assets
79,192,09189,498,434Property and equipment, net
91,345,333LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable
2,914,4792,917,129Total current liabilities
12,603,73915,343,066Deferred revenue, net of current portion
54,447,80355,176,422Deferred rent, net of current portion
366,392474,389Stockholders' equity:Common stock
102,033100,581Additional paid-in capital
(234,887,512)(225,251,795)Total stockholders' equity.
13,515,34920,351,456Total Liabilities and Stockholders' Equity
|SOURCE Halozyme Therapeutics, Inc.|
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