SAN DIEGO, Nov. 5, 2010 /PRNewswire-FirstCall/ -- Halozyme Therapeutics, Inc. (Nasdaq: HALO), a biopharmaceutical company developing and commercializing products targeting the extracellular matrix for the endocrinology, oncology, dermatology and drug delivery markets, today reported financial results for the third quarter ended September 30, 2010.
"Halozyme achieved further clinical advances during the third quarter as we began additional studies for our Ultrafast Insulin and PEGPH20 proprietary programs," said Jonathan Lim, M.D., Halozyme's president and CEO. "In addition, we are excited by the continuing progress of our partners as Baxter and Roche presented positive data at medical meetings from their clinical trials for subcutaneous immunoglobulin and Herceptin SC, products that utilize our core rHuPH20 enzyme technology."
Third Quarter 2010 and Recent Business Highlights
Third Quarter 2010 Financial ResultsThe net loss for the third quarter of 2010 was $12.4 million, or $0.13 per share, compared with a net loss for the third quarter of 2009 of $13.9 million, or $0.16 per share.
Upcoming Corporate PresentationHalozyme representatives are scheduled to present at the following investor conference:
To listen to the live webcast or a replay of the presentation, please visit the Investor Relations section of the company's Web site at www.halozyme.com. The replay will be available for 90 days after the event.
Conference CallHalozyme management will host a conference call and webcast on November 5, 2010 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 # 359750. 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 endocrinology, oncology, 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 to apply Enhanze technology to Roche's biological therapeutics, including Herceptin® and MabThera®, for up to 13 targets, and with Baxter BioScience to apply Enhanze technology to 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.Halozyme ContactRobert H. UhlSenior Director, Investor Relations(858) firstname.lastname@example.orgHalozyme Therapeutics, Inc.Condensed Consolidated Statements of OperationsThree Months EndedNine Months EndedSeptember 30, September 30,2010200920102009(unaudited)(unaudited)(unaudited)(unaudited)REVENUES:Product sales
9,267Revenues under collaborative agreements
3,396,5073,028,88510,051,5917,227,412OPERATING EXPENSES:Cost of product sales
7,214102,63896,413151,939Research and development
12,448,86513,162,74835,840,47541,763,972Selling, general and administrative
3,374,0693,703,09910,488,56811,093,563Total operating expenses
(12,433,641)(13,939,600)(36,373,865)(45,782,062)Interest and other income, net
$ (12,409,576)$ (13,910,282)$ (36,347,976)$ (45,695,671)Basic and diluted net loss per share
(0.54)Shares used in computing basic and dilutednet loss per share
93,626,89389,570,54092,342,66585,086,456Halozyme Therapeutics, Inc.Condensed Consolidated Balance SheetsSeptember 30,December 31,20102009(unaudited)ASSETSCurrent assets:Cash and cash equivalents
89,840,588$ 67,464,506Accounts receivable
1,076,5801,159,551Prepaid expenses and other assets
4,891,5561,573,777Total current assets
98,430,80074,441,743Property and equipment, net
$ 100,391,735$ 77,149,759LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable
4,900,5025,492,604Total current liabilities
11,781,29414,396,949Deferred revenue, net of current portion
53,024,34154,989,588Deferred rent, net of current portion
582,385859,833Stockholders' equity:Common stock
100,38491,682Additional paid-in capital
(208,358,121)(172,010,145)Total stockholders' equity
35,003,7156,903,389Total Liabilities and Stockholders' Equity
$ 100,391,735$ 77,149,759
|SOURCE Halozyme Therapeutics, Inc.|
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