Full Press Release Details
SAN DIEGO , Aug. 6 /PRNewswire-FirstCall/ -- 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 second quarter ended June 30, 2010 .
"Halozyme continued to make good progress across multiple development programs in the second quarter, including Ultrafast Insulin, PEGPH20, and our alliance programs with Roche and Baxter ," said Jonathan Lim , M.D., Halozyme's president and CEO. "The exciting clinical results that we presented at the ADA provided additional evidence that the fast-in, fast-out profile for Halozyme's Ultrafast Insulin leads to better glycemic control for patients with diabetes. Two additional treatment studies will be underway soon, which we believe will provide further support for this hypothesis."
Second Quarter 2010 and Recent Business Highlights
Second Quarter 2010 Financial Results
The net loss for the second quarter of 2010 was $12.2 million , or $0.13 per share, compared with a net loss for the second quarter of 2009 of $17.1 million , or $0.21 per share.
Upcoming Corporate Presentations
Halozyme representatives are scheduled to present at the following investor conferences:
Conference Call
Halozyme management will host a conference call and webcast on August 6 to discuss these topics beginning at 8:00 a.m. PDT ( 11:00 a.m. EDT ). 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 approximately two hours after 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 # 354763. 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 Therapeutics
Halozyme 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 primarily based 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®, for up to 13 targets, and with Baxter BioScience to apply Enhanze technology to GAMMAGARD Liquid®. 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 Statement
In 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 clinical trials performed by our partners, and 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 Contact | |
| Robert H. Uhl | |
| Senior Director, Investor Relations | |
| (858) 704-8264 | |
| [email protected] |
| Halozyme Therapeutics, Inc. | ||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||
| Quarters Ended June 30, | Six Months Ended June 30, | |||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||
| REVENUES: | ||||||||||
| Product sales | $ 199,530 | $ 179,951 | $ 597,340 | $ 258,158 | ||||||
| Revenues under collaborative agreements | 3,013,823 | 1,246,205 | 6,057,744 | 3,940,369 | ||||||
| Total revenues | 3,213,353 | 1,426,156 | 6,655,084 | 4,198,527 | ||||||
| OPERATING EXPENSES: | ||||||||||
| Cost of product sales | 83,539 | 45,097 | 89,199 | 49,301 | ||||||
| Research and development | 11,924,406 | 14,561,137 | 23,391,610 | 28,601,224 | ||||||
| Selling, general and administrative | 3,357,486 | 3,903,642 | 7,114,499 | 7,390,464 | ||||||
| Total operating expenses | 15,365,431 | 18,509,876 | 30,595,308 | 36,040,989 | ||||||
| OPERATING LOSS | (12,152,078) | (17,083,720) | (23,940,224) | (31,842,462) | ||||||
| Interest and other income, net | 1,155 | 23,695 | 1,824 | 57,073 | ||||||
| NET LOSS | $ (12,150,923) | $ (17,060,025) | $ (23,938,400) | $ (31,785,389) | ||||||
| Basic and diluted net loss per share | $ (0.13) | $ (0.21) | $ (0.26) | $ (0.38) | ||||||
| Shares used in computing basic and diluted | ||||||||||
| net loss per share | 91,766,799 | 82,990,107 | 91,689,909 | 82,807,253 |
| Halozyme Therapeutics, Inc. | |||||||
| Condensed Consolidated Balance Sheets | |||||||
| June 30, | December 31, | ||||||
| 2010 | 2009 | ||||||
| (unaudited) | |||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ 41,312,426 | $ 67,464,506 | |||||
| Accounts receivable | 2,253,771 | 4,243,909 | |||||
| Inventory | 1,081,876 | 1,159,551 | |||||
| Prepaid expenses and other assets | 4,676,229 | 1,573,777 | |||||
| Total current assets | 49,324,302 | 74,441,743 | |||||
| Property and equipment, net | 2,161,549 | 2,708,016 | |||||
| Total Assets | $ 51,485,851 | $ 77,149,759 | |||||
| LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ 2,101,349 | $ 2,820,491 | |||||
| Accrued expenses | 4,134,661 | 6,083,854 | |||||
| Deferred revenue | 4,825,735 | 5,492,604 | |||||
| Total current liabilities | 11,061,745 | 14,396,949 | |||||
| Deferred revenue, net of current portion | 53,857,056 | 54,989,588 | |||||
| Deferred rent, net of current portion | 684,315 | 859,833 | |||||
| Stockholders' (deficit) equity: | |||||||
| Common stock | 92,010 | 91,682 | |||||
| Additional paid-in capital | 181,739,270 | 178,821,852 | |||||
| Accumulated deficit | (195,948,545) | (172,010,145) | |||||
| Total stockholders' (deficit) equity | (14,117,265) | 6,903,389 | |||||
| Total Liabilities and Stockholders' (Deficit) Equity | $ 51,485,851 | $ 77,149,759 |
SOURCE Halozyme Therapeutics, Inc.