Halozyme posts wider-than-expected loss
(Reuters) - Biopharmaceutical company Halozyme Therapeutics Inc (HALO.O) posted a wider-than-expected fourth-quarter loss, hurt by a fall in revenue from its collaborative agreements.
The company also said partner Roche Holding AG (ROG.VX) submitted an extended application to the European health regulators for a subcutaneous form of its cancer drug, Herceptin.
The under-the-skin injections can offer a faster, more convenient way to administer Herceptin, which is currently given through 30 minutes long standard intravenous infusion.
The application triggers a $4 million milestone payment for Halozyme, the company said.
Fourth-quarter net loss was $18.4 million, or 18 cents a share, compared with a net loss of $16.9 million, 17 cents a share, a year ago.
Total revenue fell 33 percent to $2.4 million.
Revenue under collaborative agreements -- upfront fees and research and development reimbursements received from Baxter International Inc (BAX.N) and Roche -- declined to $2.1 million from $3.4 million last year.
Analysts on average had expected the company to post a loss of 15 cents a share on revenue of $5.2 million, according to Thomson Reuters I/B/E/S.
For 2012, the company, which specializes in reformulating drug products available only as infusions, expects net cash burn to be $50 million to $55 million, excluding a recent financing.
Shares of the San Diego, California-based company closed at $11.51 on Thursday on the Nasdaq.
(Reporting by Kavyanjali Kaushik in Bangalore; Editing by Sriraj Kalluvila)
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