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Halozyme Therapeutics Reports First Quarter 2011 Financial Results
Date:5/6/2011

t Scientific Sessions – June 24-28, 2011 in San Diego. Halozyme has received acceptance notification for two presentations of results from its Ultrafast Insulin studies at this year's ADA. A poster presentation examines the role that the coinjection of rHuPH20 with prandial insulin plays in the acceleration of pharmacokinetics and glucodynamics across a variety of populations. The second data set to be presented utilizes continuous glucose monitoring over a 72-hour period to test the variability of insulin absorption with and without rHuPH20 at the beginning and the end of a 12-week treatment study. The goal of Halozyme's Ultrafast Insulin program is to develop a best-in-class mealtime insulin product compared to the currently prescribed analogs that participate in the growing $3.8 billion worldwide prandial insulin market.

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.

  • Revenue for the first quarter of 2011 was $7.5 million, compared to $3.4 million for the first quarter of 2010. Revenues under collaborative agreements for the first quarter of 2011 were $7.4 million, compared to $3.0 million for the first quarter of 2010. Revenues under collaborative agreements in the first quarter of 2011 primarily consisted of a milestone payment and the amortization of upfront payments received from Baxter and Roche of $5.7 million and research and development reimbursements from Baxter and Roche of $1.6 million.
  • Research and development expenses for the first quarter of 2011 were $13.8 million, compared with $11.5 million for the first quarter of 2010, primarily due to an increase in clinical trial activities supporting the Ultrafast Insulin program.  
  • Selling, general and administrative expenses for the first quarter of 2011 were $3.4 million, compared to $3.8 million
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  • SOURCE Halozyme Therapeutics, Inc.
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