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Halozyme Therapeutics Reports Third Quarter 2010 Financial Results
Date:11/5/2010

ceptin SC (trastuzumab subcutaneous) at the European Society for Medical Oncology meeting in Milan on October 9. The results showed that the 8mg/kg dose of SC trastuzumab resulted in area under the curve results comparable to the approved 6 mg/kg IV dose. In addition, the SC formulation was well tolerated with fewer adverse events observed in the SC groups compared to IV controls.  

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.

  • Revenue for the third quarter of 2010 was $3.4 million, compared to $3.0 million for the third quarter of 2009. Revenues under collaborative agreements for the third quarter of 2010 were $3.3 million, compared to $2.6 million for the third quarter of 2009. Revenues under collaborative agreements in the third quarter 2010 primarily consisted of the amortization of upfront fees received from Baxter and Roche of $695,000 and research and development reimbursements from Baxter and Roche of $2.5 million.
  • Research and development expenses for the third quarter of 2010 were $12.4 million, compared with $13.2 million for the third quarter of 2009, primarily due to a decrease in clinical trial expenses mainly related to the Ultrafast Insulin program.  
  • Selling, general and administrative expenses for the third quarter of 2010 were $3.4 million, compared to $3.7 million for the third quarter of 2009, due to a decrease in market research expenses.  
  • Cash and cash equivalents were $89.8 million as of September 30, 2010, compared with $67.5 million as of December 31, 2009 and $77.6 million as of September 30, 2009. Net cash burn for the third quarter of 2010, excluding the proceeds from the financing completed in September 2010, was approximately $11.4 million. Net cash burn for the first nine months of 2010, excluding the proceed
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