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Halozyme Therapeutics Announces Implementation of Development Focused Strategy
Date:10/11/2010

SAN DIEGO, Oct. 11 /PRNewswire-FirstCall/ -- Halozyme Therapeutics, Inc. (Nasdaq: HALO), a biopharmaceutical company developing and commercializing products targeting the extracellular matrix, today announced a focusing of its resources on advancing its core proprietary programs through key clinical inflection points in 2011 and 2012, and supporting strategic alliances with Roche and Baxter such as validation of Halozyme's commercial scale manufacturing process to produce kilogram quantities of enzyme. Halozyme will continue full development of its Phase 2 Ultrafast Insulin, Phase 1 PEGPH20, and preclinical HTI-501 programs, but will decrease research relating to the discovery and preclinical assessment of new compounds, resulting in a reduction in the workforce of approximately 25 percent. The company expects to incur a one-time charge in the fourth quarter related to the workforce reduction that will be mostly offset by reduced payroll expenses during the quarter. The implementation of this strategy is not expected to impact previous net cash burn guidance, and management reiterates its guidance of $40 to $45 million of net cash burn for 2010.  

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"A decade's worth of investment in discovery and preclinical research from 2000 to 2010 has resulted in two FDA approved products, three late stage product candidates with Roche and Baxter, and three exciting proprietary programs with best-in-class or first-in-class potential," stated Jonathan Lim, M.D., president and CEO. "This development focused strategy combined with our partners' achie
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