Full Press Release Details
SAN DIEGO , Aug. 6, 2012 /PRNewswire/ -- Halozyme Therapeutics, Inc. (NASDAQ: HALO ) today reported financial results for the quarter ended June 30, 2012 .
"With receipt of the complete response letter for the HyQ BLA, we will be working to address the questions raised by FDA's Blood Products Division regarding the subcutaneous plasma derivatives programs," said Gregory I. Frost , Ph.D., President and Chief Executive Officer, Halozyme. "We are also pleased that after a review of the most recent safety data submitted, we have confirmation from FDA's Drug Division that no action is required on our approved product, Hylenex, or clinical programs under the Hylenex IND."
Second Quarter Highlights Highlights of Halozyme's second quarter activities and recent events include:
Second Quarter 2012 and Year-To-Date Financial Results The net loss for the second quarter of 2012 was $(14.0) million , or $(0.13) per share, compared with a net income for the second quarter of 2011 of $3.1 million , or $0.03 per share. The net loss for the six months ended June 30, 2012 was $(29.1) million , or $(0.27) per share, compared to a net loss of $(6.5) million , or $(0.06) per share, for the comparable period in 2011.
Conference Call The call will be webcast live through the "Investors" section of Halozyme's corporate website and a recording will be made available following the close of the call. 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 398418.
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, drugs and fluids. 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 ours and our collaborators' programs in development, our intention to address the concerns raised in the complete response letter for HyQ, the anticipated regulatory status of these programs in development, anticipated regulatory milestones, Roche's stated intention to present data from the MabThera Phase 3 trial by the end of the year, our anticipated cash burn for 2012 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 Comprehensive Income (Loss) | |||||||||
| Three Months Ended | Six Months Ended | ||||||||
| June 30, | June 30, | ||||||||
| 2012 | 2011 | 2012 | 2011 | ||||||
| REVENUES: | |||||||||
| Product sales, net | $ 524,942 | $ 165,470 | $ 712,353 | $ 330,919 | |||||
| Revenues under collaborative agreements | 7,232,233 | 23,023,478 | 14,485,001 | 30,401,922 | |||||
| Total revenues | 7,757,175 | 23,188,948 | 15,197,354 | 30,732,841 | |||||
| OPERATING EXPENSES: | |||||||||
| Cost of product sales | 143,120 | 178,235 | 213,881 | 189,952 | |||||
| Research and development | 16,081,729 | 15,347,116 | 31,972,838 | 29,132,913 | |||||
| Selling, general and administrative | 5,580,424 | 4,567,666 | 12,199,131 | 7,973,632 | |||||
| Total operating expenses | 21,805,273 | 20,093,017 | 44,385,850 | 37,296,497 | |||||
| OPERATING INCOME (LOSS) | (14,048,098) | 3,095,931 | (29,188,496) | (6,563,656) | |||||
| Interest and other income, net | 26,979 | 20,357 | 48,196 | 44,226 | |||||
| NET INCOME (LOSS) | $ (14,021,119) | $ 3,116,288 | $ (29,140,300) | $ (6,519,430) | |||||
| Basic and diluted net income (loss) loss per share | $ (0.13) | $ 0.03 | $ (0.27) | $ (0.06) | |||||
| Shares used in computing net income (loss) | |||||||||
| per share: | |||||||||
| Basic | 112,063,665 | 102,671,410 | 109,826,589 | 101,804,887 | |||||
| Diluted | 112,063,665 | 104,393,835 | 109,826,589 | 101,804,887 | |||||
| COMPREHENSIVE INCOME (LOSS) | $ (14,021,119) | $ 3,116,288 | $ (29,140,300) | $ (6,519,430) |
| Halozyme Therapeutics, Inc | ||||
| Unaudited Condensed Consolidated Balance Sheets | ||||
| June 30, | December 31, | |||
| 2012 | 2011 | |||
| ASSETS | ||||
| Current assets: | ||||
| Cash and cash equivalents | $ 102,041,617 | $ 52,825,527 | ||
| Accounts receivable, net | 5,687,096 | 2,262,465 | ||
| Inventories | 1,783,894 | 567,263 | ||
| Prepaid expenses and other assets | 10,218,468 | 8,332,242 | ||
| Total current assets | 119,731,075 | 63,987,497 | ||
| Property and equipment, net | 2,016,809 | 1,771,048 | ||
| Total Assets | $ 121,747,884 | $ 65,758,545 | ||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
| Current liabilities: | ||||
| Accounts payable | $ 2,087,432 | $ 7,556,859 | ||
| Accrued expenses | 7,529,322 | 5,615,574 | ||
| Deferred revenue, current portion | 6,530,834 | 4,129,407 | ||
| Total current liabilities | 16,147,588 | 17,301,840 | ||
| Deferred revenue, net of current portion | 35,506,951 | 36,754,583 | ||
| Deferred rent, net of current portion | 859,027 | 802,006 | ||
| Stockholders' equity: | ||||
| Common stock | 112,689 | 103,990 | ||
| Additional paid-in capital | 343,283,575 | 255,817,772 | ||
| Accumulated deficit | (274,161,946) | (245,021,646) | ||
| Total stockholders' equity | 69,234,318 | 10,900,116 | ||
| Total Liabilities and Stockholders' Equity | $ 121,747,884 | $ 65,758,545 |
SOURCE Halozyme Therapeutics, Inc.