Halozyme Secures Additional $20 Million Term Loan
SAN DIEGO, Jan. 6, 2014 /PRNewswire/ -- Halozyme Therapeutics, Inc. (NASDAQ: HALO) today announced it secured an additional $20 million loan from Oxford Finance and Silicon Valley Bank. On December 27, 2013, Halozyme entered into an Amended and Restated Loan and Security Agreement, extending the original $30 million term loan and providing for an additional $20 million term loan, bringing the total loan balance to $50 million. The term loan was fully drawn at close on December 27, 2013 and has a maturity date of January 1, 2018. The proceeds will be used for working capital and other near-term growth initiatives. Additional details of the credit facility are outlined in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on January 3, 2014. As of December 31, 2013, Halozyme had approximately $71 million in cash and cash equivalents.
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, 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 and follow us on Twitter @HALOTherapeutic.
Safe Harbor Statement
In addition to historical information, the statements set forth above include forward-looking statements (including, without limitation, statements concerning the use of cash from its additional term loan) 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 Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 8, 2013.
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SOURCE Halozyme Therapeutics, Inc.