SAN DIEGO, Feb. 25, 2013 /PRNewswire/ -- Halozyme Therapeutics, Inc. (NASDAQ: HALO) today reported financial results for the fourth quarter and year ended December 31, 2012.
"2012 was another productive year marked by key partner regulatory filings in Europe, as well as our establishment of a new collaboration with Pfizer," said Gregory I. Frost, Ph.D., President and Chief Executive Officer, Halozyme. "These advancements, coupled with the continued progress of our own pipeline products, leave Halozyme well-positioned for continued growth in 2013."
Fourth Quarter Highlights Highlights of Halozyme's fourth quarter and recent activities include:
Fourth Quarter and Year End 2012 Financial ResultsThe net loss for the fourth quarter of 2012 was $4.4 million, or $0.04 per share, compared with a net loss for the fourth quarter of 2011 of $18.4 million, or $0.18 per share. The net loss for the year ended December 31, 2012 was $53.6 million, or $0.48 per share, compared to a net loss of $19.8 million, or $0.19 per share for the comparable period in 2011.
Financial guidance for 2013 was announced on January 7, 2013 and remains unchanged, with an expected net cash burn to be between $45 and $50 million.
Conference CallHalozyme will webcast its Quarterly Update and Year End 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 fourth quarter and full year end 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 replay ID number 409638.
Upcoming Corporate PresentationHalozyme is scheduled to present at the upcoming Barclays Global Healthcare Conference in Miami on March 12, 2013 at 4:15 p.m. ET/1:15 p.m. PT.
The presentation will be webcast through the "Investors" section of Halozyme's corporate website at www.halozyme.com, and the 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 HalozymeHalozyme 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, which increase the absorption and dispersion of biologics, drugs and fluids. Halozyme's pipeline addresses therapeutic areas, including diabetes, oncology and dermatology that have significant unmet medical need. The Company markets Hylenex® recombinant (hyaluronidase human injection) and has partnerships with Roche, Pfizer, 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 StatementIn addition to historical information, the statements set forth above include forward-looking statements (including, without limitation, statements concerning the Company's expected net cash burn for 2013, the development and commercialization of products and the potential benefits and attributes of such products) 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 unexpected expenditures and costs, unexpected results or delays in development and regulatory review, regulatory approval requirements, unexpected adverse event 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 Therapeutics, Inc.Unaudited Condensed Consolidated Statements of OperationsThree Months EndedTwelve Months EndedDecember 31, December 31, 2012201120122011REVENUES:Product sales, net
,836,102Revenues under collaborative agreements
21,793,5492,411,16642,325,22656,086,436OPERATING EXPENSES:Cost of product sales
653,88456,1591,094,400257,834Research and development
18,567,74414,916,20570,044,07357,563,470Selling, general and administrative
6,979,0345,866,92124,812,19918,104,073Total operating expenses
(4,407,113)(18,428,119)(53,625,446)(19,838,941)Interest and other income, net
$ (4,405,856)$ (18,415,615)$ (53,552,002)$ (19,769,851)Basic and diluted net loss per share
(0.19)Shares used in computing basic and diluted net loss per share
112,323,056103,406,407111,077,105102,566,089 Halozyme Therapeutics, Inc.Unaudited Condensed Consolidated Balance SheetsDecember 31,December 31,20122011ASSETSCurrent assets:Cash and cash equivalents
$ 99,901,264$ 52,825,527Accounts receivable, net
2,670,696567,263Prepaid expenses and other assets
12,752,8888,332,242Total current assets
131,027,93563,987,497Property and equipment, net
$ 134,728,397$ 65,758,545LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable
7,783,4475,615,574Deferred revenue, current portion
8,891,0174,129,407Total current liabilities
18,946,15317,301,840Deferred revenue, net of current portion
34,954,96636,754,583Long-term debt, net
29,661,680-Lease financing obligation
1,450,000-Deferred rent, net of current portion
861,879802,006Stockholders' equity:Common stock
112,709103,990Additional paid-in capital
(298,573,648)(245,021,646)Total stockholders' equity
48,853,71910,900,116Total Liabilities and Stockholders' Equity
$ 134,728,397$ 65,758,545Investor Contact:
Hill + Knowlton Strategies
|SOURCE Halozyme Therapeutics, Inc.|
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