SAN DIEGO, May 7, 2012 /PRNewswire/ -- Halozyme Therapeutics, Inc. (NASDAQ: HALO) today reported financial results for the quarter ended March 31, 2012.
"We achieved a significant milestone in the first quarter with the European regulatory filing of the subcutaneous Herceptin program by our partner Roche," said Gregory I. Frost, Ph.D., President and Chief Executive Officer, Halozyme. "Despite the HyQ regulatory delay from our Baxter collaboration, our pipeline has continued to make tangible progress on all fronts, as well as across diverse therapeutic areas and geographies."
First Quarter Highlights Highlights of Halozyme's first quarter activities and recent events include:
First Quarter 2012 Financial ResultsThe net loss for the first quarter of 2012 was $15.1 million, or $0.14 per share, compared with a net loss for the first quarter of 2011 of $9.6 million, or $0.10 per share.
Due to the HyQ regulatory delay, we anticipate 2012 cash burn to be $55-$60 million, instead of $50-$55 million as previously forecasted.
Conference CallHalozyme will webcast its Quarterly Update Conference Call today at 4:30 p.m. ET/1:30 p.m. PT. Gregory I. Frost, Ph.D., Halozyme's President and Chief Executive Officer, will lead the call. During the call, the Company plans to provide further details underlying its first quarter 2012 financial results. To access the webcast, please log on to www.halozyme.com approximately fifteen minutes prior to the call to register, download, and install any necessary audio software. For those without access to the Internet, the live call may be accessed by phone by calling (877) 407-8037 (domestic callers) or (201) 689-8037 (international callers). A telephone replay will be available shortly after the call by dialing (877) 660-6853 (domestic callers) or (201) 612-7415 (international callers) using account number 367 and replay ID number 393124.
Upcoming Corporate PresentationsHalozyme is scheduled to present at the upcoming investor conference.
The presentation will be webcast through the "Investors" section of Halozyme's corporate website at www.halozyme.com, and a recording will be made available for 90 days following the event. To access the live webcast, please log on to Halozyme's website approximately fifteen minutes prior to the presentation to register and download any necessary audio software.
About Halozyme Halozyme Therapeutics is a biopharmaceutical company dedicated to developing and commercializing innovative products that advance patient care. With a diversified portfolio of enzymes that target the extracellular matrix, the Company's research focuses primarily on a family of human enzymes, known as hyaluronidases, that increase the absorption and dispersion of biologics. Halozyme's pipeline addresses therapeutic areas, such as diabetes, oncology and dermatology that have significant unmet medical need. The Company markets Hylenex® recombinant (hyaluronidase human injection) and has partnerships with Roche, Baxter, ViroPharma and Intrexon. Halozyme is headquartered in San Diego, CA. For more information on how we are innovating, please visit our corporate website at 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 EPO's anticipated issuance of a final written decision regarding our European patent for rHuPH20, Roche's anticipated filing of the Line Extension Application of subcutaneous MabThera® (rituxumab with rHuPH20) to the European Medicines Agency this year, our anticipated cash burn for 2012 and potential benefits and attributes of our product candidates. These statements 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 unexpected expenditures, clinical trial results, delays in development and regulatory review, 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.
email@example.com Halozyme Therapeutics, Inc.Unaudited Condensed Consolidated Statements of OperationsThree Months Ended March 31,20122011REVENUES:Product sales, net
87,411$165,449Revenues under collaborative agreements
7,440,1797,543,894OPERATING EXPENSES:Cost of product sales
70,76111,717Research and development
15,891,10913,785,797Selling, general and administrative
6,618,7073,405,966Total operating expenses
(15,140,398)(9,659,586)Interest and other income, net
$ (15,119,181)$ (9,635,717)Basic and diluted net loss per share
(0.10)Shares used in computing basic and diluted net loss per share
107,589,514100,927,402 Halozyme Therapeutics, Inc.Unaudited Condensed Consolidated Balance SheetsMarch 31,December 31,20122011ASSETSCurrent assets:Cash and cash equivalents
52,825,527Accounts receivable, net
1,496,783567,263Prepaid expenses and other assets
8,910,0598,332,242Total current assets
132,565,97663,987,497Property and equipment, net
5,758,545LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable
7,184,7945,615,574Deferred revenue, current portion
6,484,8004,129,407Total current liabilities
16,680,77517,301,840Deferred revenue, net of current portion
36,130,76736,754,583Deferred rent, net of current portion
846,957802,006Stockholders' equity:Common stock
112,411103,990Additional paid-in capital
(260,140,827)(245,021,646)Total stockholders' equity
81,060,41110,900,116Total Liabilities and Stockholders' Equity
|SOURCE Halozyme Therapeutics, Inc.|
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