SAN DIEGO, March 12 /PRNewswire-FirstCall/ -- Halozyme Therapeutics, Inc. , 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 fourth quarter and year ended December 31, 2009.
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“Halozyme’s pipeline programs advanced significantly in 2009 with the start of the Phase 3 pivotal study for Herceptin(R) SC, the achievement of full patient enrollment for the subcutaneous GAMMAGARD(R) with rHuPH20 Phase 3 registration trial, and the completion and presentation at major medical meetings of three clinical trials from our Ultrafast Insulin program,” said Jonathan Lim, M.D., Halozyme’s president and CEO. “We have important clinical and business milestones to look forward to in 2010 as we continue to build the value of our portfolio.”
Fourth Quarter 2009 and Recent Corporate Developments and Scientific Achievements
Fourth Quarter and Year End 2009 Financial Results
The net loss for the fourth quarter of 2009 was $12.7 million, or $0.14 per share, compared with a net loss for the fourth quarter of 2008 of $16.8 million, or $0.21 per share. The net loss for the year ended December 31, 2009 was $58.4 million, or $0.67 per share, compared to a net loss of $48.7 million, or $0.61 per share, for the year 2008.
Financial Outlook for 2010
Halozyme anticipates 2010 net cash burn of approximately $40 million to $45 million, depending on the progress of various preclinical and clinical programs, the timing of our manufacturing scale up and the achievement of various milestones under our existing collaborative agreements. Total operating expenses for the year 2010 are expected to be approximately in line with those reported for 2009. The increase in net cash burn for 2010 relative to 2009 relates to the absence of proceeds from the exercise of warrants in 2010, and to a lesser extent, the amount of anticipated payments from our alliance partners in 2010.
Upcoming Corporate and Scientific Presentations
Halozyme representatives are scheduled to present at the following conferences:
-- Roth 22nd Annual OC Growth Stock Conference to be held in Laguna Niguel, Calif. on Tuesday, March 16, 2010 at 1:00 p.m. PST
-- American Association of Cancer Research (AACR) 101st Annual Meeting - April 17-21, 2010 in Washington, DC, presentation of two posters on the expression of hyaluronan and the effects of PEGPH20 in certain solid tumor types in preclinical investigations.
Conference Call
Halozyme management will host a conference call and webcast on March 12, 2010 to discuss these topics beginning at 8:00 a.m. PST (11:00 a.m. EST). To participate via telephone, please call 888.256.9044 for domestic callers or 706.643.5585 for international callers. The conference ID # is 60348512. A telephone replay will be available beginning approximately two hours after the call by dialing 800.642.1687 for domestic callers or 706.645.9291 for international callers. 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, Inc.
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 based on intellectual property covering the family of human enzymes known as hyaluronidases and additional enzymes that affect the extracellular matrix. Halozyme’s Enhanze(TM) 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(R) and MabThera(R), for up to 13 targets, and with Baxter BioScience to apply Enhanze technology to GAMMAGARD Liquid(R). 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, (i) statements concerning the timing and scope of our clinical trials as well as clinical trials performed by our partners, (ii) expected activities under our collaborative partnerships, and (iii) financial guidance) 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.
CONTACT: Robert H. Uhl Senior Director, Investor Relations of Halozyme
Therapeutics, Inc., +1-858-704-8264, ruhl@halozyme.com
Web site: http://www.halozyme.com/
