SAN DIEGO, March 11, 2011 /PRNewswire/ -- Halozyme Therapeutics, Inc. (Nasdaq: HALO), a biopharmaceutical company developing and commercializing products targeting the extracellular matrix for the endocrinology, oncology, dermatology and drug delivery markets, today reported financial results for the fourth quarter and year ended December 31, 2010.
"I am energized and excited by the performance and advancements that Halozyme delivered in 2010 as we executed on our broad clinical development strategies for our rHuPH20 technology," stated Gregory I. Frost, Ph.D., Halozyme's president and CEO. "Halozyme's research pipeline is positioned to achieve value inflection points this year including the results of three Ultrafast Insulin studies and the start of additional clinical trials for PEGPH20 in pancreatic cancer and for HTI-501 to assess its potential utility in cellulite. Our alliance partners should also demonstrate substantial progress in 2011 for products that utilize our technology as Baxter has stated it expects to file a BLA for HyQ (immunoglobulin subcutaneous) and Roche has stated it plans to announce top line data from the pivotal Phase 3 trial for subcutaneous Herceptin®."
Fourth Quarter 2010 and Recent Business Highlights
Fourth Quarter and Year End 2010 Financial ResultsThe net loss for the fourth quarter of 2010 was $16.9 million, or $0.17 per share, compared with a net loss for the fourth quarter of 2009 of $12.7 million, or $0.14 per share. The net loss for the year ended December 31, 2010 was $53.2 million, or $0.56 per share, compared to a net loss of $58.4 million, or $0.67 per share, for the year 2009.
Upcoming Corporate PresentationHalozyme representatives are scheduled to present at Barclays Capital 2011 Global Healthcare Conference in Miami on March 16, 2011 at 4:45 p.m. EDT (1:45 p.m. PDT). To listen to the live webcast or a replay of the presentation, please visit the Investor Relations section of the company's Web site at www.halozyme.com. The replay will be available for six months after the event.
Conference CallHalozyme management will host a conference call and webcast on March 11, 2011 to discuss these topics beginning at 8:00 a.m. PST (11:00 a.m. EST). 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 # 368697. 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 endocrinology, oncology, 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. The company has key partnerships with Roche to apply Enhanze technology to Roche's biological therapeutics, including Herceptin® and MabThera®, and with Baxter BioScience to apply Enhanze technology to immunoglobulin. Halozyme's Ultrafast Insulin program combines its rHuPH20 enzyme with mealtime insulins, which may produce more rapid absorption, faster action, and improved glycemic control. The product candidates in Halozyme's pipeline target multiple areas of significant unmet medical need. For more information visit 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 timing and scope of our clinical trials 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 "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 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.Halozyme ContactRobert H. UhlSenior Director, Investor Relations(858) firstname.lastname@example.orgHalozyme Therapeutics, Inc.Condensed Consolidated Statements of OperationsThree Months EndedTwelve Months EndedDecember 31, December 31, 2010200920102009(unaudited)(unaudited)REVENUES:Product sales
970,847Revenues under collaborative agreements
3,572,5246,443,89313,624,11513,671,305OPERATING EXPENSES:Cost of product sales
888,870159,952985,283311,891Research and development
15,933,02914,850,29451,773,50456,614,266Selling, general and administrative
4,634,3924,109,84515,122,96015,203,408Total operating expenses
(17,883,767)(12,676,198)(54,257,632)(58,458,260)OTHER INCOME (EXPENSE):Other income (expense)
972,806-966,967(3,010)Interest income, net
17,28711,34649,015100,747Total other income, net
$ (16,893,674)$ (12,664,852)$ (53,241,650)$ (58,360,523)Basic and diluted net loss per share
(0.67)Shares used in computing basic and dilutednet loss per share
100,337,07591,488,38894,357,69586,700,094Halozyme Therapeutics, Inc.Condensed Consolidated Balance SheetsDecember 31,December 31,20102009ASSETSCurrent assets:Cash and cash equivalents
$ 83,255,848$ 67,464,506Accounts receivable
193,4221,159,551Prepaid expenses and other assets
3,720,8961,573,777Total current assets
89,498,43474,441,743Property and equipment, net
$ 91,345,333$ 77,149,759LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable
2,917,1295,492,604Total current liabilities
15,343,06614,396,949Deferred revenue, net of current portion
55,176,42254,989,588Deferred rent, net of current portion
474,389859,833Stockholders' equity:Common stock
100,58191,682Additional paid-in capital
(225,251,795)(172,010,145)Total stockholders' equity
20,351,4566,903,389Total Liabilities and Stockholders' Equity
$ 91,345,333$ 77,149,759
|SOURCE Halozyme Therapeutics, Inc.|
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