Stumbled across very recent (as in yesterday) insider buying in San Diego minnow Halozyme (HZYM.OB). They seem to be on their way to commercializing their products before their cash runs out. Probably very small niche products.
finance.yahoo.com
>>SAN DIEGO, Aug. 16 /PRNewswire-FirstCall/ -- Halozyme Therapeutics, Inc. (OTC Bulletin Board: HZYM - News), a development stage biopharmaceutical company developing and commercializing recombinant human enzymes, today reported financial results for the three months ended June 30, 2004.
Second Quarter and Subsequent Highlights
* The signing of an exclusive sales and marketing agreement with Baxter
Healthcare Corporation for commercialization of Halozyme's
investigational therapeutic, ENHANZE SC(TM): Baxter will market,
distribute, and sell ENHANZE SC, Halozyme's recombinant human
hyaluronidase enzyme (rHuPH20), for certain indications in the United
States and Puerto Rico upon approval of the therapeutic by the Food
and Drug Administration (FDA). Upon approval, Baxter and Halozyme will
be equal partners in the commercialization of the product.
* The signing of non-exclusive, global distribution agreements with
three of the leading in vitro fertilization (IVF) suppliers for
commercialization of Halozyme's investigational medical device,
CUMULASE(TM): Cook Ob/Gyn Incorporated, MediCult A/S, and MidAtlantic
Diagnostics, Inc., to distribute CUMULASE worldwide. CUMULASE will be
the first and only synthetic alternative to impure
slaughterhouse-derived enzymes to treat eggs prior to certain
IVF procedures.
* Changes to Halozyme's Board of Directors and Scientific Advisory
Board: Halozyme has added Robert Engler, MD, and Kenneth Kelley to
the board, while Ira Lechner and Edward Mercaldo stepped down.
Halozyme added Daniel Von Hoff, MD, a leading expert in the field of
oncology, and Gerhard Baumgartner, MD, a pioneer in the clinical
investigation of hyaluronidase enzymes in the treatment of cancer
patients, to its Scientific Advisory Board. Both will advise the
company in the development of CHEMOPHASE(TM), Halozyme's therapeutic
biologic targeting oncology applications.
* The Company noted that its SB-2 registration statement covering
resales by holders of shares issued in its recent private financing
and shares issuable upon exercise of warrants issued in that financing
has been declared effective by the Securities and Exchange Commission.
Financial Results
* Net loss for the second quarter of 2004 was $2.1 million, or $0.05 per
share, compared to a net loss for the second quarter of 2003 of
$0.4 million, or $0.05 per share.
* Research and development expenses for the second quarter of 2004 were
$1.5 million, compared to $0.3 million for the second quarter of 2003,
reflecting increased research and development expenses associated with
the development of the Company's CUMULASE(TM) and ENHANZE SC(TM)
product candidates.
* General and administrative expenses for the second quarter of 2004
were $0.6 million, compared to $0.1 million for the second quarter of
2003, reflecting increased personnel costs and the additional costs of
being a public company.
* Cash and cash equivalents were $5.9 million at June 30, 2004. Net
cash burn for the second quarter of 2004 was $1.5 million.
Halozyme's lead product candidates are CUMULASE(TM) and ENHANZE SC(TM). CUMULASE is designed to use as an aid in the in vitro fertilization process and ENHANZE SC(TM) is designed for use as a spreading agent for local anesthesia in cataract surgery. Both products target established markets, are based on a common, proprietary technology platform and offer significant competitive safety and potency advantages compared with current alternatives.
"This is a very exciting period for Halozyme. In the second and third quarters of 2004, we have been able to execute key licensing deals to achieve our stated commercialization goals for CUMULASE and ENHANZE SC, our first two products," said Jonathan Lim, MD, Halozyme's Chairman and CEO. "We also remain on track to file a 510(k) application for CUMULASE in the fourth quarter of 2004, and a New Drug Application for ENHANZE SC in the first quarter of 2005."
About Halozyme Therapeutics, Inc.
Halozyme Therapeutics, Inc. is a development stage biopharmaceutical company dedicated to developing and commercializing recombinant human enzymes for the infertility (CUMULASE(TM)), ophthalmology (ENHANZE SC(TM)), and oncology (CHEMOPHASE(TM)) communities. The company's portfolio of products in development is based on intellectual property covering the family of human enzymes known as hyaluronidases. The first recombinant human hyaluronidase (rHuPH20) is being developed by Halozyme as a medical device (CUMULASE(TM)), drug enhancement agent (ENHANZE SC(TM)), and therapeutic biologic (CHEMOPHASE(TM)).<<
halozyme.com
I know nothing about these guys, except that some are from Collateral, which was munched on the cheap (allowing HZYM co-founder to call it "successful") a couple of years ago. First blush, I'll give them credit for reasonable salaries, but I haven't checked option grants.
Cheers, Tuck |
