Full Press Release Details
SAN DIEGO , Aug. 5, 2011 /PRNewswire/ -- Halozyme Therapeutics, Inc. (NASDAQ: HALO ), a biopharmaceutical company developing and commercializing products targeting the extracellular matrix for the diabetes, cancer, dermatology and drug delivery markets, today reported financial results for the second quarter of 2011 and discussed recent business progress.
“We continue to execute on our business strategy, with strong progress this quarter,” said Gregory I. Frost , Ph.D., Halozyme's President and CEO. “The complete dataset from our PH20-Aspart studies in patients with type 1 diabetes was very encouraging, revealing decreased variability of insulin absorption and reduced post-glycemic excursions via pump infusions over three days of infusion set life. This could provide more predictable insulin therapy for patients, and better management of their disease. On the partnering front, we added two new Enhanze Technology partnerships, while our existing partners continue to make progress, for example, Baxter’s filing a BLA for HyQ in the second quarter.”
Second Quarter 2011 and Recent Business Highlights
Second Quarter 2011 and Six Months Ended June 30, 2011 Financial Results
The net income for the second quarter of 2011 was $3.1 million , or $0.03 per share, compared with a net loss for the second quarter of 2010 of $(12.2) million , or $(0.13) per share. The net loss for the six months ended June 30, 2011 was $(6.5) million , or $(0.06) per share, compared to a net loss of $(23.9) million , or $(0.26) per share, for comparable period in 2010.
Upcoming 2011 Milestones
The Company anticipates the following milestones in 2011:
Upcoming Corporate and Scientific Presentations
Halozyme management is scheduled to present at the following investor events:
Conference Call
Halozyme management will host a conference call and webcast on August 5, 2011 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 shortly after the end of 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 # 376771. 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 Therapeutics is a biopharmaceutical company developing and commercializing products targeting the extracellular matrix for the diabetes, cancer, dermatology and drug delivery markets. The company's product portfolio is based primarily 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 and with Baxter to apply Enhanze technology to biological therapeutics including Herceptin ®, MabThera ® and immunoglobulin. 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, scope and outcomes of our clinical trials as well as 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 clinical trial results, 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 Kurt Gustafson Chief Financial Officer (858) 704-8272 [email protected]
| Halozyme Therapeutics, Inc. | ||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||
| (unaudited) | ||||||||||
| Three Months Ended | Six Months Ended | |||||||||
| June 30, | June 30, | |||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||
| REVENUES: | ||||||||||
| Product sales | $ 165,470 | $ 199,530 | $ 330,919 | $ 597,340 | ||||||
| Revenues under collaborative agreements | 23,023,478 | 3,013,823 | 30,401,922 | 6,057,744 | ||||||
| Total revenues | 23,188,948 | 3,213,353 | 30,732,841 | 6,655,084 | ||||||
| OPERATING EXPENSES: | ||||||||||
| Cost of product sales | 178,235 | 83,539 | 189,952 | 89,199 | ||||||
| Research and development | 15,347,116 | 11,924,406 | 29,132,913 | 23,391,610 | ||||||
| Selling, general and administrative | 4,567,666 | 3,357,486 | 7,973,632 | 7,114,499 | ||||||
| Total operating expenses | 20,093,017 | 15,365,431 | 37,296,497 | 30,595,308 | ||||||
| OPERATING INCOME (LOSS) | 3,095,931 | (12,152,078) | (6,563,656) | (23,940,224) | ||||||
| Interest and other income, net | 20,357 | 1,155 | 44,226 | 1,824 | ||||||
| NET INCOME (LOSS) | $ 3,116,288 | $ (12,150,923) | $ (6,519,430) | $ (23,938,400) | ||||||
| Net income (loss) per share: | ||||||||||
| Basic | $ 0.03 | $ (0.13) | $ (0.06) | $ (0.26) | ||||||
| Diluted | $ 0.03 | $ (0.13) | $ (0.06) | $ (0.26) | ||||||
| Shares used in computing net income (loss) | ||||||||||
| per share: | ||||||||||
| Basic | 102,671,410 | 91,766,799 | 101,804,887 | 91,689,909 | ||||||
| Diluted | 104,393,835 | 91,766,799 | 101,804,887 | 91,689,909 |
| Halozyme Therapeutics, Inc. | |||||||
| Condensed Consolidated Balance Sheets | |||||||
| June 30, | December 31, | ||||||
| 2011 | 2010 | ||||||
| (unaudited) | |||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ 79,116,705 | $ 83,255,848 | |||||
| Accounts receivable | 4,495,792 | 2,328,268 | |||||
| Inventory | 83,849 | 193,422 | |||||
| Prepaid expenses and other assets | 4,317,105 | 3,720,896 | |||||
| Total current assets | 88,013,451 | 89,498,434 | |||||
| Property and equipment, net | 1,495,639 | 1,846,899 | |||||
| Total Assets | $ 89,509,090 | $ 91,345,333 | |||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ 1,731,663 | $ 3,820,368 | |||||
| Accrued expenses | 9,465,723 | 8,605,569 | |||||
| Deferred revenue | 20,345,671 | 2,917,129 | |||||
| Total current liabilities | 31,543,057 | 15,343,066 | |||||
| Deferred revenue, net of current portion | 37,279,394 | 55,176,422 | |||||
| Deferred rent, net of current portion | 633,243 | 474,389 | |||||
| Stockholders' equity: | |||||||
| Common stock | 103,610 | 100,581 | |||||
| Additional paid-in capital | 251,721,011 | 245,502,670 | |||||
| Accumulated deficit | (231,771,225) | (225,251,795) | |||||
| Total stockholders' equity | 20,053,396 | 20,351,456 | |||||
| Total Liabilities and Stockholders' Equity | $ 89,509,090 | $ 91,345,333 |
SOURCE Halozyme Therapeutics, Inc.