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 /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 Commission.
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.