Halozyme Therapeutics Issues Financial Guidance For 2013
- COMPANY EXPECTS 2013 CASH BURN TO BE BETWEEN $45 AND $50 MILLION -
- COMPANY SECURES $30 MILLION LOAN AGREEMENT -
SAN DIEGO, Jan. 7, 2013
SAN DIEGO, Jan. 7, 2013 /PRNewswire/ --Halozyme Therapeutics, Inc. (NASDAQ:
HALO), a biopharmaceutical company dedicated to developing and commercializing
innovative products that advance patient care, today announced that the
Company ended 2012 with a cash balance of approximately $100 million and
expects 2013 net cash burn to be between $45 and $50 million. The Company
also announced it secured a $30 million term loan from Oxford Finance and
Silicon Valley Bank.
"2013 will be a pivotal year, with the potential approval and launch of our
first partnered program, which is expected to drive the Company to be cash
flow positive as early as 2014," said Gregory I.Frost, Ph.D., President and
Chief Executive Officer. "Based on these near-term growth drivers and our
strong cash position, Halozyme is well financed to advance our pipeline and
support launches of proprietary products."
The $30 million term loan was fully drawn at close on December 28, 2012 and
has a maturity date of December 1, 2016. The proceeds will be used for
working capital and other near-term growth initiatives. Additional details of
the new credit facility are outlined in the Company's Current Report on Form
8-K dated January 4, 2013, filed with the Securities and Exchange
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, which 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, Pfizer, 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 the Company's expect net cash burn for 2013, the anticipated
approval of the Company's first partnered product, the possibility that the
Company may be cash flow positive as early as 2014, the development and
commercialization of products and the potential benefits and attributes of
such products) 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 unexpected expenditures
and costs, unexpected results or delays in development and regulatory review,
regulatory approval requirements, unexpected adverse event 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.
SOURCE Halozyme Therapeutics, Inc.
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