SAN DIEGO, Nov. 7, 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 third quarter of 2011 and discussed recent business progress.
"The past few months highlight the progress at Halozyme on all fronts, with positive results from our Insulin programs, Roche's Herceptin SC Phase 3 study and additional regulatory submissions for Baxter's HyQ program," said Gregory I. Frost, Ph.D., Halozyme's President and CEO. "The initiation of trials with PEGPH20 and HTI-501, two first in class biologics developed by Halozyme, further support our growth strategy balanced by partnered revenue."
Upcoming Anticipated Milestones
Third Quarter 2011 and Year-to-Date 2011 Financial ResultsThe net income for the third quarter of 2011 was $5.2 million, or $0.05 per share, compared with a net loss for the third quarter of 2010 of $(12.4) million, or $(0.13) per share. The net loss for the nine months ended September 30, 2011 was $(1.4) million, or $(0.01) per share, compared to a net loss of $(36.3) million, or $(0.39) per share, for comparable period in 2010.
Conference CallHalozyme management will host a conference call and webcast on November 7, 2011 to discuss these topics beginning at 4:30 p.m. EST (1:30 p.m. PST). 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 # 376771. 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. In addition to partnerships that use Halozyme's ENHANZE™ Technology, the Company has a number of product candidates in its pipeline that 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 commercial reintroduction of Hylenex, the timing, scope and outcomes of our clinical trials and presentation of data from our clinical trials, future regulatory submissions and PDUFA dates for our product candidates, expected financial results including anticipated operating expenses and net cash burn for FY 2011 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 "expect," "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 clinical trial results, 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.
Chief Financial Officer
firstname.lastname@example.orgHalozyme Therapeutics, Inc.Condensed Consolidated Statements of Operations(unaudited)Three Months EndedNine Months EndedSeptember 30, September 30, 2011201020112010REVENUES:Product sales
95,440Revenues under collaborative agreements
22,942,4283,396,50753,675,26910,051,591OPERATING EXPENSES:Cost of product sales
11,7237,214201,67596,413Research and development
13,514,35212,448,86542,647,26535,840,475Selling, general and administrative
4,263,5203,374,06912,237,15210,488,568Total operating expenses
17,789,59515,830,14855,086,09246,425,456OPERATING INCOME (LOSS)
5,152,833(12,433,641)(1,410,823)(36,373,865)Interest and other income, net
12,36024,06556,58625,889NET INCOME (LOSS)
$ 5,165,193$ (12,409,576)$ (1,354,237)$ (36,347,976)Net income (loss) per share:Basic
(0.39)Shares used in computing net income (loss) per share:Basic
105,009,18993,626,893102,282,90492,342,665Halozyme Therapeutics, Inc.Condensed Consolidated Balance SheetsSeptember 30, December 31,20112010(unaudited)ASSETSCurrent assets:Cash and cash equivalents$
,329,358$ 83,255,848Accounts receivable6,237,9042,328,268Inventory103,443193,422Prepaid expenses and other assets4,297,8143,720,896Total current assets76,968,51989,498,434Property and equipment, net1,274,7531,846,899Total Assets$
78,243,272$ 91,345,333LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable$
3,820,368Accrued expenses8,864,7058,605,569Deferred revenue3,707,7952,917,129Total current liabilities13,792,40515,343,066Deferred revenue, net of current portion36,667,44555,176,422Deferred rent, net of current portion728,259474,389Stockholders' equity:Common stock103,648100,581Additional paid-in capital253,557,547245,502,670Accumulated deficit(226,606,032)(225,251,795)Total stockholders' equity27,055,16320,351,456Total Liabilities and Stockholders' Equity$
|SOURCE Halozyme Therapeutics, Inc.|
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