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Halozyme narrows net loss in 2Q

San Diego-based Halozyme Therapeutics Inc. (Nasdaq: HALO) reported a second quarter net loss of $16.3 million, or $0.13 per share, compared to a net loss of $22.9 million, or $0.20 per share, for the second quarter of 2013.

The company also reported revenues of $18.4 million, compared to revenues of $14.5 million for the second quarter of 2013. Revenues in the second quarter included $6.0 million in product sales of bulk rHuPH20 for use in manufacturing Roche products, $7.2 million in collaboration revenues, $3.0 million in Hylenex product sales, and $1.7 million in royalty revenue from sales of products under the company's collaborations. Revenues for the six months were $30.4 million compared to $26.3 million in the corresponding period of 2013.

Research and development expenses for the second quarter of 2014 were $18.6 million, compared with $28.0 million for the second quarter of 2013. The decrease was primarily driven by lower manufacturing costs, which are now included in cost of product sales.

"This was a quarter of strong progress across our proprietary and partner programs," stated Dr. Helen Torley, President and Chief Executive Officer. "We are pleased to have resolved the clinical hold and to resume patient enrollment and dosing in our Phase 2 clinical trial for PEGPH20 in patients with pancreatic cancer. The launch of MabThera SC, the continued sales ramp of Herceptin SC in Europe, and the recent vote by the Blood Products Advisory Committee (BPAC) of the U.S. Food and Drug Administration (FDA) that Baxter's HyQvia has a favorable benefit to risk profile, continue to validate our proprietary Enhanze platform."

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