Halozyme Therapeutics yields strong results in Q1

SAN DIEGO Halozyme Therapeutics reported significant product development progress in its first quarter 2009 financial results, released Friday.

The San Diego-based drug maker of endocrinology, oncology and dermatology drugs said its progress included two new phase 1 trials, one with Roche and another for PEGPH20, a drug designed to treat refractory cancer patients.

“We anticipate advancing additional clinical studies during the course of 2009 and will present interim results from our phase 2 insulin-PH20 study in Type 1 diabetic patients in early June,” Halozyme president and CEO Jonathan Lim said.

Net losses for the company were $14.7 million, compared with $10 million in first quarter 2008. Revenue was $2.8 million, compared with $1.8 million during the same period last year.

Research and development expenses increased to $14 million, from $8.4 million in first quarter 2008, while selling, general and administrative expenses declined to $3.5 million, from $4.2 million a year ago.

Cash and cash equivalents were $62.1 million, compared with $92.6 million for first quarter 2008.