Full Press Release Details
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 Results
The 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 Call
Halozyme 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 Presentations
Halozyme 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.
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
Media/Investor Contact: Anne Erickson Executive Director Halozyme Therapeutics 858-704-8264 [email protected]
| Halozyme Therapeutics, Inc. | ||||||
| Unaudited Condensed Consolidated Statements of Operations | ||||||
| Three Months Ended March 31, | ||||||
| 2012 | 2011 | |||||
| REVENUES: | ||||||
| Product sales, net | $ 187,411 | $165,449 | ||||
| Revenues under collaborative agreements | 7,252,768 | 7,378,445 | ||||
| Total revenues | 7,440,179 | 7,543,894 | ||||
| OPERATING EXPENSES: | ||||||
| Cost of product sales | 70,761 | 11,717 | ||||
| Research and development | 15,891,109 | 13,785,797 | ||||
| Selling, general and administrative | 6,618,707 | 3,405,966 | ||||
| Total operating expenses | 22,580,577 | 17,203,480 | ||||
| OPERATING LOSS | (15,140,398) | (9,659,586) | ||||
| Interest and other income, net | 21,217 | 23,869 | ||||
| NET LOSS | $ (15,119,181) | $ (9,635,717) | ||||
| Basic and diluted net loss per share | $ (0.14) | $ (0.10) | ||||
| Shares used in computing basic and diluted net loss per share | 107,589,514 | 100,927,402 |
| Halozyme Therapeutics, Inc. | ||||||
| Unaudited Condensed Consolidated Balance Sheets | ||||||
| March 31, | December 31, | |||||
| 2012 | 2011 | |||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ 116,608,304 | $ 52,825,527 | ||||
| Accounts receivable, net | 5,550,830 | 2,262,465 | ||||
| Inventory | 1,496,783 | 567,263 | ||||
| Prepaid expenses and other assets | 8,910,059 | 8,332,242 | ||||
| Total current assets | 132,565,976 | 63,987,497 | ||||
| Property and equipment, net | 2,152,934 | 1,771,048 | ||||
| Total Assets | $ 134,718,910 | $ 65,758,545 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ 3,011,181 | $ 7,556,859 | ||||
| Accrued expenses | 7,184,794 | 5,615,574 | ||||
| Deferred revenue, current portion | 6,484,800 | 4,129,407 | ||||
| Total current liabilities | 16,680,775 | 17,301,840 | ||||
| Deferred revenue, net of current portion | 36,130,767 | 36,754,583 | ||||
| Deferred rent, net of current portion | 846,957 | 802,006 | ||||
| Stockholders' equity: | ||||||
| Common stock | 112,411 | 103,990 | ||||
| Additional paid-in capital | 341,088,827 | 255,817,772 | ||||
| Accumulated deficit | (260,140,827) | (245,021,646) | ||||
| Total stockholders' equity | 81,060,411 | 10,900,116 | ||||
| Total Liabilities and Stockholders' Equity | $ 134,718,910 | $ 65,758,545 |
SOURCE Halozyme Therapeutics, Inc.