Full Press Release Details
SAN DIEGO , March 9, 2012 /PRNewswire/ -- Halozyme Therapeutics, Inc. (NASDAQ: HALO ) today reported financial results for the quarter and year ended December 31, 2011 , and announced that Roche has submitted a Line Extension Application to the European Medicines Agency (EMA) for a subcutaneous (SC) formulation of Herceptin® (trastuzumab) to treat patients with HER2-positive breast cancer. The filing of the application triggers a $4 million milestone payment to Halozyme under the License and Collaboration Agreement between Halozyme and Roche.
"2011 was a year of high productivity at Halozyme. We made significant progress advancing all of our product candidates, including ones that could improve patient care in oncology, diabetes, and dermatology," said Gregory I. Frost , Ph.D., President and Chief Executive Officer, Halozyme. "The European regulatory filing for subcutaneous Herceptin is particularly exciting as it could represent a more convenient treatment option for many women with this life-threatening disease."
Fourth Quarter Highlights Highlights of Halozyme's fourth quarter and recent activities include:
Proprietary Programs
Partnered Programs
Fourth Quarter and Year End 2011 Financial Results The net loss for the fourth quarter of 2011 was $18.4 million , or $0.18 per share, compared with a net loss for the fourth quarter of 2010 of $16.9 million , or $0.17 per share. The net loss for the year ended December 31, 2011 was $19.8 million , or $0.19 per share, compared to a net loss of $53.2 million , or $0.56 per share, for the comparable period in 2010.
Financial Outlook for 2012
Conference Call Halozyme will webcast its Quarterly Update and Year End Conference Call today at 8:00 a.m. ET / 5:00 a.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 2011 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 390311.
Upcoming Corporate Presentations Halozyme is scheduled to present at two upcoming investor conferences.
The presentations will be webcast through the "Investors" section of Halozyme's corporate website at www.halozyme.com , and recordings will be made available for 90 days following the events. To access the live webcasts, please log on to Halozyme's website approximately fifteen minutes prior to the presentations to register and download any necessary audio software.
About Halozyme 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 In addition to historical information, the statements set forth above include forward-looking statements including, without limitation, statements concerning our anticipated financial results for 2012 (including operating expense and cash burn) and potential benefits and attributes of our product candidates. These statements 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, clinical trial results, delays in development and regulatory review, 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.
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 | Twelve Months Ended | |||||||||
| December 31, | December 31, | |||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||
| REVENUES: | ||||||||||
| Product sales | $ 348,280 | $ 200,078 | $ 1,836,102 | $ 895,518 | ||||||
| Revenues under collaborative agreements | 2,062,886 | 3,372,446 | 54,250,334 | 12,728,597 | ||||||
| Total revenues | 2,411,166 | 3,572,524 | 56,086,436 | 13,624,115 | ||||||
| OPERATING EXPENSES: | ||||||||||
| Cost of product sales | 56,159 | 888,870 | 257,834 | 985,283 | ||||||
| Research and development | 14,916,205 | 15,933,029 | 57,563,470 | 51,773,504 | ||||||
| Selling, general and administrative | 5,866,921 | 4,634,392 | 18,104,073 | 15,122,960 | ||||||
| Total operating expenses | 20,839,285 | 21,456,291 | 75,925,377 | 67,881,747 | ||||||
| OPERATING LOSS | (18,428,119) | (17,883,767) | (19,838,941) | (54,257,632) | ||||||
| OTHER INCOME, NET: | ||||||||||
| Interest income, net | 7,521 | 17,287 | 63,530 | 49,015 | ||||||
| Other income, net | 4,983 | 972,806 | 5,560 | 966,967 | ||||||
| Total other income, net | 12,504 | 990,093 | 69,090 | 1,015,982 | ||||||
| NET LOSS | $ (18,415,615) | $ (16,893,674) | $(19,769,851) | $ (53,241,650) | ||||||
| Basic and diluted net loss per share | $ (0.18) | $ (0.17) | $ (0.19) | $ (0.56) | ||||||
| Shares used in computing basic and diluted | ||||||||||
| net loss per share | 103,406,407 | 100,337,075 | 102,566,089 | 94,357,695 |
| Halozyme Therapeutics, Inc. Unaudited Condensed Consolidated Balance Sheets | ||||||
| December 31, | December 31, | |||||
| 2011 | 2010 | |||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ 52,825,527 | $ 83,255,848 | ||||
| Accounts receivable | 2,262,465 | 2,328,268 | ||||
| Inventory | 567,263 | 193,422 | ||||
| Prepaid expenses and other assets | 8,332,242 | 3,720,896 | ||||
| Total current assets | 63,987,497 | 89,498,434 | ||||
| Property and equipment, net | 1,771,048 | 1,846,899 | ||||
| Total Assets | $ 65,758,545 | $ 91,345,333 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ 7,556,859 | $ 3,820,368 | ||||
| Accrued expenses | 5,615,574 | 8,605,569 | ||||
| Deferred revenue | 4,129,407 | 2,917,129 | ||||
| Total current liabilities | 17,301,840 | 15,343,066 | ||||
| Deferred revenue, net of current portion | 36,754,583 | 55,176,422 | ||||
| Deferred rent, net of current portion | 802,006 | 474,389 | ||||
| Stockholders' equity: | ||||||
| Common stock | 103,990 | 100,581 | ||||
| Additional paid-in capital | 255,817,772 | 245,502,670 | ||||
| Accumulated deficit | (245,021,646) | (225,251,795) | ||||
| Total stockholders' equity | 10,900,116 | 20,351,456 | ||||
| Total Liabilities and Stockholders' Equity | $ 65,758,545 | $ 91,345,333 |
SOURCE Halozyme Therapeutics, Inc.