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Halozyme Therapeutics Reports Fourth Quarter and Year End 2007 Financial Results

- Pipeline Update Conference Call and Webcast on March 14 at 8:00 a.m. PDT


SAN DIEGO, March 13 /PRNewswire-FirstCall/ -- Halozyme Therapeutics, Inc. (Nasdaq: HALO), a biopharmaceutical company developing and commercializing products targeting the extracellular matrix, today reported financial results for the three months and year ended December 31, 2007.

"Our achievements in 2007 have advanced our partnered programs, while building a strong foundation for our proprietary programs. We are pursuing a number of exciting opportunities to build shareholder value and will be presenting clinical and pre-clinical data on a number of these programs throughout 2008," said Jonathan Lim, MD, Halozyme's President and CEO. "By continuing to leverage the franchises of our partners and expanding upon our broad and deep scientific expertise in the extracellular matrix, we plan to develop therapeutic and aesthetic drugs in oncology, dermatology, and metabolism."

Upcoming Scientific Data Presentations

-- American Academy of Allergy Asthma & Immunology (AAAAI) 2008 Annual

Meeting -- March 14-18th -- presentation of GAMMAGARD / Enhanze

Technology Phase I/IIa data

-- American Association of Cancer Research (AACR) Annual Meeting

2008 -- April 12-16th -- presentation of subcutaneous bisphosphonates /

rHuPH20 pre-clinical data

-- American Association of Cancer Research (AACR) Annual Meeting 2008 --

April 12-16th -- presentation of systemic PEG rHuPH20 in solid tumor

models pre-clinical data

Fourth Quarter 2007 Highlights

-- The Original Article publication of the INFUSE-LR clinical trial

results in the Journal of Palliative Medicine, the official journal of

the American Academy of Palliative Medicine (Thomas JR et al. J Pall

Med. December 2007; 19(6):1312-1320). The authors of this publication

concluded from this volunteer subject study that clinically relevant

fluid volumes can be rapidly delivered subcutaneously with HYLENEX in a

well-tolerated manner without the need for an infusion pump. The

findings suggest that this method of hydration could potentially

replace intravenous infusions in many clinical settings and that

further studies with HYLENEX, in patients, are warranted.

-- The addition to the NASDAQ Biotechnology Index(R) (Nasdaq: NBI) on

November 19, 2007. Launched in 1993, the NASDAQ Biotechnology Index is

ranked on a semi-annual basis in May and November and serves as the

basis for the iShares NASDAQ Biotechnology Fund (Amex: IBB).

Securities included in the NASDAQ Biotechnology Index must be listed on

the NASDAQ National Market and be classified according to the FTSE(TM)

Global Classification System as either biotechnology or pharmaceutical.

Additionally, securities in the index must meet minimum requirements

for market value, average daily share volume and seasoning as a public

company, among other criteria. For more information about the NASDAQ

Biotechnology Index, including eligibility criteria, visit

Fourth Quarter and Year End 2007 Financial Results

-- Net loss for the fourth quarter of 2007 was $8.7 million, or

$0.11 per share, compared with a net loss for the fourth quarter of

2006 of $4.4 million, or $0.07 per share. Net loss for the twelve

months ended December 31, 2007 was $23.9 million, or $0.32 per share,

compared with a net loss of $14.8 million, or $0.24 per share, for

the comparable period last year.

-- Revenues for the fourth quarter of 2007 were $1.3 million, compared

with $426,000 for the fourth quarter of 2006. Cumulase product sales

for the fourth quarter of 2007 were $70,000, compared with $105,000

for the fourth quarter of 2006. Revenues under collaborative

agreements for the fourth quarter of 2007 were $1.2 million, compared

with $311,000 for the fourth quarter of 2006. Revenues under

collaborative agreements in 2007 primarily consisted of the

amortization of upfront fees received from Baxter and Roche of

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

Roche of $652,000.

-- Research and development expenses for the fourth quarter of 2007 were

$7.3 million, compared with $2.7 million for the fourth quarter of

2006, reflecting increased compensation expenses including

share-based compensation expenses, research and development spending

on our various pre-clinical and clinical programs, and manufacturing

costs associated with the manufacturing scale-up of the Company's

rHuPH20 enzyme.

-- Selling, general and administrative expenses for the fourth quarter

of 2007 were $3.9 million, compared with $2.4 million for the fourth

quarter of 2006, reflecting increases in compensation expenses

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

facilities, and marketing expenses as compared with the prior-year


-- Cash and cash equivalents were $97.7 million as of December 31, 2007,

compared with $44.2 million as of December 31, 2006 and $105.1

million as of September 30, 2007.

Financial Outlook for 2008

The Company anticipates 2008 cash expenses of approximately $40 million to $50 million, depending on the progress of various pre-clinical and clinical programs and the timing of its manufacturing scale up.

Conference Call

Halozyme management will host a pipeline update conference call tomorrow to discuss these topics beginning at 8:00 a.m. PDT (11:00 a.m. EDT). To participate via telephone, please call 888-463-4487 for domestic callers, or 706-679-5355 for international callers. A telephone replay will be available for 48 hours by dialing 800-642-1687 for domestic callers, or 706-645-9291 for international callers, and entering reservation number 21378327. The conference call will be broadcast live over the Internet at and will be available for 30 days.


HYLENEX recombinant (hyaluronidase human injection) is indicated as an adjuvant to increase the absorption and dispersion of other injected drugs, as an adjuvant for subcutaneous fluid administration (hypodermoclysis), and as an adjunct in subcutaneous urography for improving resorption of radiopaque agents. Hyaluronidase is contraindicated in patients with hypersensitivity to hyaluronidase enzyme or any other ingredients in the formulation. Hyaluronidase should not be used to enhance the absorption and dispersion of dopamine and/or alpha agonist drugs. Discontinue HYLENEX recombinant if sensitization occurs. Hyaluronidase should not be applied directly to the cornea, and should not be injected around infected or acutely inflamed areas, nor used to reduce the swelling of bites or stings. Hyaluronidase should not be used for intravenous injections because the enzyme is rapidly inactivated. Furosemide, the benzodiazepines, and phenytoin are incompatible with hyaluronidase. Please see accompanying package insert at for full Prescribing Information.

About Halozyme Therapeutics, Inc.

Halozyme is a biopharmaceutical company developing and commercializing products targeting the extracellular matrix for the drug delivery, oncology and dermatology markets. The company's portfolio of products and product candidates is based on intellectual property covering the family of human enzymes known as hyaluronidases. The company's Enhanze(TM) Technology is a novel drug delivery platform designed to increase the absorption and dispersion of biologics. Its key partnerships are with Roche to apply Enhanze Technology to Roche's biological therapeutic compounds for up to 13 targets and with Baxter to apply Enhanze Technology to Baxter's biological therapeutic compound, GAMMAGARD LIQUID 10%. In addition, the company has received FDA approval for two products: Cumulase(R), for use in in-vitro fertilization, and HYLENEX, for use as an adjuvant to increase the absorption and dispersion of other injected drugs and fluids. HYLENEX is partnered with Baxter International Inc. The Company also has a number of different enzymes in its portfolio that are targeting significant areas of unmet need.

Safe Harbor Statement

In addition to historical information, the statements set forth above include forward-looking statements (including, without limitation, (i) statements concerning the company's ability to execute on its strategy and (ii) clinical trial results and the conclusions drawn from such trials) 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.

Halozyme Contact Media Contact

David A. Ramsay Karen Sparks / Joleen Schultz

Chief Financial Officer Mentus

(858) 704-8260 (858) 455-5500, x275/x215




Three Months Ended Twelve Months Ended

December 31, December 31,

2007 2006 2007 2006


Product sales $98,170 $115,206 $639,590 $670,625

Revenue under


agreements 1,239,739 311,121 3,159,931 311,121

Total Revenues 1,337,909 426,327 3,799,521 981,746


Cost of sales 29,229 41,399 240,429 436,990

Research and

development 7,288,460 2,678,749 20,554,105 9,214,759

Selling, general and

administrative 3,946,050 2,374,984 11,155,194 6,912,853

Total Operating

Expenses 11,263,739 5,095,132 31,949,728 16,564,602

LOSS FROM OPERATIONS (9,925,830) (4,668,805) (28,150,207) (15,582,856)

Interest income 1,217,439 290,842 4,254,024 830,870

NET LOSS $(8,708,391) $(4,377,963) $(23,896,183) $(14,751,986)

Basic and diluted net

loss per share $(0.11) $(0.07) $(0.32) $(0.24)

Shares used in computing

net loss per share,

basic and diluted 77,459,803 65,402,770 74,317,930 62,610,265



AS OF DECEMBER 31, 2007 AND 2006

2007 2006


Cash and cash equivalents $97,679,085 $44,189,403

Accounts receivable 779,825 363,565

Inventory 703,468 442,492

Prepaid expenses and other assets 2,014,680 598,090

Total current assets 101,177,058 45,593,550

Property and equipment, net 2,283,316 497,770

Total Assets $103,460,374 $46,091,320


Accounts payable $3,055,637 $2,017,395

Accrued expenses 2,502,259 1,011,153

Deferred revenue 3,306,225 1,221,992

Total current liabilities 8,864,121 4,250,540

Deferred revenue, net of current portion 35,963,266 18,759,545

Deferred rent, net of current portion 865,063 -

Stockholders' Equity:

Common Stock 77,904 68,737

Additional paid-in-capital 122,685,443 64,111,738

Accumulated deficit (64,995,423) $(41,099,240)

Total stockholders' equity 57,767,924 23,081,235

Total Liabilities and Stockholders' Equity $103,460,374 $46,091,320

SOURCE Halozyme Therapeutics, Inc.
Copyright©2008 PR Newswire.
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