Halozyme Reports First Quarter 2013 Financial Results PR Newswire SAN DIEGO, May 8, 2013 SAN DIEGO, May 8, 2013 /PRNewswire/ -- Halozyme Therapeutics, Inc.(NASDAQ: HALO) today reported financial results for the quarter ended March 31, 2013. (Logo: http://photos.prnewswire.com/prnh/20100302/LA63139LOGO) "With the potential for 3 new product launches over the next 12 months and continued progress on the Hylenex^® brand, I am pleased with the steps we are making towards our near term revenue drivers," said Gregory I. Frost, Ph.D., President and Chief Executive Officer, Halozyme. "Moreover, over the next 8 weeks, we will present a first-look at clinical data from our innovative pipeline products, PEGPH20 and HTI-501." Highlights of Halozyme's first quarter activities and recent events include: oThe European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) granted a positive opinion to Baxter for the use of HyQvia as replacement therapy for adult patients with primary and secondary immunodeficiencies. oInitiated a 124 patient Phase 2 clinical study evaluating PEGPH20, a proprietary, investigational drug, as a first-line therapy for patients with stage IV metastatic pancreatic cancer. Patients in the study will receive gemcitabine and nab-paclitaxel either with or without PEGPH20. The primary endpoint will be to measure progression-free survival. oInitiated a 400 patient Phase 4 clinical study – The CONtinuous Subcutaneous Insulin infusion STudy ENrolling Type 1 Diabetes (CONSISTENT 1) – that will evaluate Hylenex use in conjunction with rapid analog insulin in people with Type 1 diabetes using insulin pumps. The primary endpoints include metabolic and safety outcomes. oInvestigators at Yale received FDA clearance to start an artificial pancreas investigator initiated trial that incorporates Hylenex. The study will test the effect of Hylenex in the continuous loop setting. oInitiated an additional multi-lot campaign with our higher productivity manufacturing process to support potential Roche product launches. oAppointed Matt Posard, Senior Vice President and General Manager of Translational & Consumer Genomics at Illumina, Inc., to our Board of Directors. First Quarter 2013 Financial Highlights oRevenues for the first quarter of 2013 were$11.8 million, compared to$7.4 million for the first quarter of 2012. Revenues in the first quarter of 2013 included $9.7 million in revenue from research and development reimbursements from partners primarily related to manufacturing activities to support potential launches by our partners. oResearch and development expenses for the first quarter of 2013 were$22.0 million, compared with$15.9 million for the first quarter of 2012. The increase was due primarily to an increase in manufacturing activities to support potential launches by our partners and an increase in clinical trial activities. oSelling, general and administrative expenses for the first quarter of 2013 were$7.6 million, compared to$6.6 million for the first quarter of 2012. The increase was mainly due to an increase in marketing activities. oThe net loss for the first quarter of 2013 was$19.3 million, or$0.17per share, compared with a net loss for the first quarter of 2012 of$15.1 million, or$0.14 per share. oCash, cash equivalents and marketable securities were$87.4 million atMarch 31, 2013, compared with$99.5 millionatDecember 31, 2012. Net cash used in the first quarter of 2013 was approximately$12.0 million. Conference Call Halozyme will webcast its Quarterly Update Conference Call today at 4:30 p.m. ET/1:30 p.m. PT. Gregory I. Frost, Ph.D., Halozyme's President and Chief Executive Officer, will lead the call. During the call, the Company plans to provide further details underlying its first quarter 2013 financial results. The call will be webcast through the "Investors" section of Halozyme's corporate website at www.halozyme.com, and the recording will be made available for 90 days following the event. To access the live webcast, please log on to Halozyme's website approximately fifteen minutes prior to the presentation to register and download 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 replay ID number 413625. Upcoming Conferences oBank of America Merrill Lynch 2013 Healthcare Conference, Las Vegas, Nevada – 5/14 oUBS Global Health Care Conference, New York, NY – 5/22 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, which increase the absorption and dispersion of biologics, drugs and fluids. Halozyme's pipeline addresses therapeutic areas, including 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 potential product launches and near-term revenue opportunities, the Company's expected presentation of data from the PEGPH20 Phase 1b study in pancreatic cancer and Phase 2 HTI-501 trial in cellulite, the development and commercialization of product candidates and the potential benefits and attributes of such product candidates) 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 typically, but not always, 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 events and competitive conditions. These and other factors that may result in differences are discussed in greater detail in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 1, 2013. Halozyme Therapeutics, Inc. Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended March 31, 2013 2012 REVENUES: Product sales, net $ 1,508,594 $ 187,411 Revenues under collaborative 10,324,946 7,252,768 agreements Total revenues 11,833,540 7,440,179 OPERATING EXPENSES: Cost of product sales 738,971 70,761 Research and development 22,034,437 15,891,109 Selling, general and 7,555,905 6,618,707 administrative Total operating expenses 30,329,313 22,580,577 OPERATING LOSS (18,495,773) (15,140,398) Investment and other income 54,988 21,217 Interest expense (847,584) - NET LOSS $ (19,288,369) $ (15,119,181) Basic and diluted net loss per share $ (0.17) $ (0.14) Shares used in computing basic and diluted 112,416,792 107,589,514 net loss per share Halozyme Therapeutics, Inc. Condensed Consolidated Balance Sheets (Unaudited) March 31, December 31, 2013 2012 ASSETS Current assets: Cash and cash equivalents $ 39,017,804 $ 99,501,264 Marketable securities, available-for-sale 48,408,220 - Accounts receivable, net 10,375,733 15,703,087 Inventories 2,737,387 2,670,696 Prepaid expenses and other assets 10,571,334 12,752,888 Total current assets 111,110,478 130,627,935 Property and equipment, net 3,975,052 3,700,462 Prepaid expenses and other assets 1,280,765 - Restricted cash 500,000 400,000 Total Assets $ 116,866,295 $ 134,728,397 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 2,884,794 $ 2,271,689 Accrued expenses 9,177,574 7,783,447 Deferred revenue, current portion 6,326,158 8,891,017 Current portion of long-term debt 1,362,055 - Total current liabilities 19,750,581 18,946,153 Deferred revenue, net of current portion 34,318,481 34,954,966 Long-term debt, net 28,323,233 29,661,680 Lease financing obligation 1,450,000 1,450,000 Deferred rent, net of current portion 906,091 861,879 Other long term liability 436,849 - Stockholders' equity: Common stock 113,143 112,709 Additional paid-in capital 349,459,065 347,314,658 Accumulated other comprehensive loss (29,131) - Accumulated deficit (317,862,017) (298,573,648) Total stockholders' equity 31,681,060 48,853,719 Total Liabilities and Stockholders' Equity $ 116,866,295 $ 134,728,397 Investor Contact: Kurt Gustafson Halozyme Therapeutics 858-704-8272 firstname.lastname@example.org Media Contact: Nurha Hindi Hill + Knowlton Strategies 310-633-9434 Nurha.Hindi@hkstrategies.com SOURCE Halozyme Therapeutics, Inc. Website: http://www.halozyme.com
Halozyme Reports First Quarter 2013 Financial Results
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