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Halozyme Therapeutics Reports Fourth Quarter and Year End 2010 Financial Results
Date:3/11/2011

fourth quarter of 2009. Revenues under collaborative agreements for the fourth quarter of 2010 were $3.4 million, compared to $6.1 million for the fourth quarter of 2009. Revenues under collaborative agreements in the fourth quarter 2010 primarily consisted of the amortization of upfront fees received from Baxter and Roche of $705,000 and research and development reimbursements from Baxter and Roche of $2.7 million.
  • Research and development expenses for the fourth quarter of 2010 were $15.9 million, compared with $14.9 million for the fourth quarter of 2009, primarily due to an increase in manufacturing activities.
  • Selling, general and administrative expenses for the fourth quarter of 2010 were $4.6 million, compared to $4.1 million for the fourth quarter of 2009, due to separation costs associated with staff reductions.
  • Cash and cash equivalents were $83.3 million as of December 31, 2010, compared with $67.5 million as of December 31, 2009. Net cash burn for the fourth quarter of 2010 was approximately $6.6 million. Net cash burn for the twelve months of 2010, excluding the proceeds from the September 2010 financing, was approximately $44.2 million.
  • For 2011, management anticipates total operating expenses will be slightly higher than those reported for 2010, which were approximately $68 million. The increase for operating expense is expected to arise from costs associated with additional clinical trial activity. The company expects a net cash burn of $47 to $52 million for the year 2011.

  • 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 s
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    SOURCE Halozyme Therapeutics, Inc.
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