UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported):	 	August 7, 2009	

HALOZYME THERAPEUTICS, INC. 
__________________________________________
(Exact name of registrant as specified in its charter)

Delaware	001-32335	88-0488686	
_____________________
(State or other jurisdiction	_____________
(Commission	______________
(I.R.S. Employer	
of incorporation)	File Number)	Identification No.)	
  	 	 	
11388 Sorrento Valley Road, San Diego, California	 	92121	
_________________________________
(Address of principal executive offices)	 	___________
(Zip Code)	
 	 	 	
Registrant’s telephone number, including area code:	 	858-794-8889	
Not Applicable
______________________________________________
Former name or former address, if changed since last report
  
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Top of the Form
Item 2.02 Results of Operations and Financial Condition.
On August 7, 2009, Halozyme Therapeutics, Inc. issued a press release to report its financial results for the three and six months ended June 30, 2009. The press release is attached as Exhibit 99.1, which is furnished under Item 2.02 of this report and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

 
Item 9.01 Financial Statements and Exhibits.
Exhibit No. Description
99.1 Press release, dated August 7, 2009

Top of the Form
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 	 	HALOZYME THERAPEUTICS, INC.	
  	 	 	 	 	
August 7, 2009	 	By:	 	Kurt A. Gustafson	
 	 	 	 		
 	 	 	 	Name: Kurt A. Gustafson	
 	 	 	 	Title: Vice President, CFO	

Top of the Form
Exhibit Index 

Exhibit No.	 	Description	
	 		
99.1	 	Press release, dated August 7, 2009	

Halozyme Contact
Robert H. Uhl
Senior Director, Investor Relations
(858) 704-8264
ruhl@halozyme.com
Halozyme Therapeutics Reports Second Quarter 2009 Financial Results
— Patient enrollment complete for Phase 2 Insulin-PH20 multidose treatment study in type 1
diabetes patients —
SAN DIEGO, August 7, 2009 – Halozyme Therapeutics, Inc. (Nasdaq: HALO), a biopharmaceutical company developing and commercializing products targeting the extracellular matrix for the endocrinology, oncology, dermatology and drug delivery markets, today reported financial results for the three and six months ended June 30, 2009.
“Halozyme continues to advance on multiple fronts including the presentation of encouraging Insulin-PH20 data at the ADA meeting, the selection of a fifth exclusive target by Roche, and the completion of patient enrollment in our first type 1 Insulin-PH20 treatment study with three times per day dosing,” said Jonathan Lim, M.D., Halozyme’s President and CEO. “I am also pleased we have recruited Mike Shepard, Ph.D. and Jonathan Leff, M.D., two highly successful biotech industry leaders who will help take Halozyme’s research and development capabilities to a new level of excellence.”
Second Quarter 2009 and Recent Corporate Developments and Scientific Achievements

 	•	 	Halozyme raised net proceeds of $38.2 million through a public offering of 6,150,000 newly issued shares of common stock priced at $6.50 per share. The offering closed on June 26, 2009 and resulted in a cash balance of $89.2 million as of June 30, 2009. Excluding the proceeds from the financing, we still expect 2009 net cash burn to be between $30 and $35 million. Including the proceeds of the financing, the company expects a net cash increase of $5 to $10 million.	

 	•	 	Results from a Phase 2 clinical trial in type 1 diabetic patients comparing Humalog ® (insulin lispro) with and without rHuPH20 demonstrated faster insulin absorption and increased peak insulin concentrations for the insulin-enzyme combination. The study also showed a significant reduction in postprandial blood glucose levels following administration of a standardized test meal. Mean glucose levels after the meal challenge remained within current treatment targets throughout the eight hour post meal observation period. Halozyme presented these results at the American Diabetes Association meeting on June 6, 2009 in New Orleans. Additional results from the study for Humulin ® R (regular human insulin) with and without rHuPH20 will be presented at the European Association for the Study of Diabetes (EASD) annual meeting in Vienna on September 30, 2009. Additional studies to determine the optimal insulin and rHuPH20 enzyme dose and concentration and intra-subject variability are underway. A Phase 2, three times per day, multi-dose, crossover study comparing regular insulin plus rHuPH20 to Humalog alone has completed patient enrollment. A Phase 2 standard meal study in type 2 diabetic patients began in July and will compare insulin lispro+PH20 and regular insulin+PH20 to lispro (Humalog) alone. Our goal is to develop a best in class insulin product in comparison to the current gold standard analog products on the market today.	

 	•	 	In June 2009, Roche selected a fifth exclusive target under our existing license and collaboration agreement. Roche paid Halozyme $4.25 million, net of previously paid maintenance fees, for exclusive, global rights for the application of Halozyme’s hyaluronidase enzyme, rHuPH20, to a fifth biologic target.	

 	•	 	Patient enrollment has been completed in the Phase 3 pivotal study of GAMMAGARD LIQUID with rHuPH20 for the treatment of primary immunodeficiency disorder. Patients will receive monthly subcutaneous injections of Halozyme’s rHuPH20 with Baxter’s GAMMAGARD LIQUID.	

 	•	 	H. Michael Shepard, Ph.D., joined Halozyme in June 2009 as vice president of discovery research. Previously at Genentech, Dr. Shepard led the team that discovered the breast cancer drug Herceptin™ (trastuzumab). In July 2009, Jonathan Leff, M.D. was appointed vice president and chief medical officer. Dr. Leff, previously the global head of inflammation clinical development at Roche, brings extensive experience in pharmaceutical product development from early stage molecules through post marketing clinical investigations.	
Second Quarter 2009 Financial Results
The net loss for the second quarter of 2009 was $17.1 million, or $0.21 per share, compared with a net loss for the second quarter of 2008 of $11.0 million, or $0.14 per share. Net loss for the six months ended June 30, 2009 was $31.8 million, or $0.38 per share, compared with a net loss of $21.0 million, or $0.27 per share for the comparable period last year.

 	•	 	Revenue for the second quarter of 2009 was $1.4 million, which equaled $1.4 million for the second quarter of 2008. Revenues under collaborative agreements for the second quarter of 2009 were $1.2 million, compared to $1.4 million for the second quarter of 2008. Revenues under collaborative agreements in the second quarter of 2009 primarily consisted of the amortization of license fees and milestone payments received from Baxter and Roche of $0.7 million and research and development reimbursements from Baxter and Roche of $0.5 million.	

 	•	 	Research and development expenses for the second quarter of 2009 were $14.6 million, compared to $8.9 million for the second quarter of 2008, primarily due to an increase in clinical trial expenses and outsourced research and development expense due to spending on the PEGPH20 and Insulin-PH20 programs, an increase in research and development headcount, and production costs associated with the manufacturing scale-up of the rHuPH20 and PEGPH20 enzymes.	

 	•	 	Selling, general and administrative expenses for the second quarter of 2009 were $3.9 million, compared to $3.8 million for the second quarter of 2008.	

 	•	 	Cash and cash equivalents totaled $89.2 million as of June 30, 2009, compared with $63.7 million as of December 31, 2008 and $82.4 million as of June 30, 2008. During the second quarter of 2009 the company received cash of $4.25 million from Roche and $38.2 million of net proceeds from an equity financing. Net cash burn for the second quarter of 2009, not including the equity financing, was $10.9 million.	
Upcoming Corporate and Scientific Presentations
Halozyme representatives are scheduled to present at the following meetings and conferences:
— Southern California Investor Conference to be held in Newport Beach, Calif. on August 18, 2009
— UBS Global Life Sciences Conference to be held in New York on September 21-23, 2009
— European Association for the Study of Diabetes 45 th Annual Meeting in Vienna, Austria on September 30, 2009
— Investor R&D Day, hosted by Halozyme management, to be held in New York on October 15, 2009.
Conference Call
Halozyme management will host a conference call and webcast on August 7, 2009 to discuss these topics beginning at 8:00 a.m. PST (11:00 a.m. EST). To participate via telephone, please call 888-256-9044 for domestic callers or 706-643-5585 for international callers. The conference ID # is 22806199. A telephone replay will be available beginning approximately two hours after the call by dialing 800-642-1687 for domestic callers or 706-645-9291 for international callers. The conference call will be broadcast live over the Internet at www.halozyme.com and the replay will be available on the company’s Web site for seven days.
About Halozyme Therapeutics, Inc.
Halozyme is a biopharmaceutical company developing and commercializing products targeting the extracellular matrix for the endocrinology, oncology, dermatology and drug delivery markets. The company’s portfolio of products and product candidates is based on intellectual property covering the family of human enzymes known as hyaluronidases and additional enzymes that affect the extracellular matrix. Halozyme’s Enhanze Ô Technology is a novel drug delivery platform designed to increase the dispersion and absorption of biologics. The company has key partnerships with Roche to apply Enhanze Technology to Roche’s biological therapeutics for up to 13 targets and with Baxter BioScience to apply Enhanze Technology to Baxter’s biological therapeutic compound, GAMMAGARD LIQUID ™ . The product candidates in Halozyme’s research pipeline target multiple areas of significant unmet medical need. For more information visit www.halozyme.com .
Safe Harbor Statement
In addition to historical information, the statements set forth above include forward-looking statements (including, without limitation, (i) statements concerning the company’s financial position and (ii) clinical trial results and the conclusions drawn from such trials) 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 regulatory approval requirements 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.
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Halozyme Therapeutics, Inc.
Condensed Consolidated Statements of Operations

 	 	Three Months Ended	 	Six Months Ended	
 	 	June 30,	 	June 30,	
 	 	2009	 	2008	 	2009	 	2008	
 	 	(unaudited)	 	(unaudited)	 	(unaudited)	 	(unaudited)	
REVENUES:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenues under collaboration agreements	 	$	1,246,205	 	 	$	1,351,492	 	 	$	3,940,369	 	 	$	3,015,572	 	
Product sales	 	 	179,951	 	 	 	82,727	 	 	 	258,158	 	 	 	224,165	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	1,426,156	 	 	 	1,434,219	 	 	 	4,198,527	 	 	 	3,239,737	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
OPERATING EXPENSES:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cost of product sales	 	 	45,097	 	 	 	37,126	 	 	 	49,301	 	 	 	74,316	 	
Research and development	 	 	14,561,137	 	 	 	8,925,488	 	 	 	28,601,224	 	 	 	17,369,679	 	
Selling, general and administrative	 	 	3,903,642	 	 	 	3,846,175	 	 	 	7,390,464	 	 	 	8,003,778	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total operating expenses	 	 	18,509,876	 	 	 	12,808,789	 	 	 	36,040,989	 	 	 	25,447,773	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
OPERATING LOSS	 	 	(17,083,720	)	 	 	(11,374,570	)	 	 	(31,842,462	)	 	 	(22,208,036	)	
Interest income	 	 	23,695	 	 	 	372,180	 	 	 	57,073	 	 	 	1,251,649	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NET LOSS	 	$	(17,060,025	)	 	$	(11,002,390	)	 	$	(31,785,389	)	 	$	(20,956,387	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic and diluted net loss per share	 	$	(0.21	)	 	$	(0.14	)	 	$	(0.38	)	 	$	(0.27	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Shares used in computing basic and diluted net loss per share	 	 	82,990,107	 	 	 	79,454,496	 	 	 	82,807,253	 	 	 	78,923,520	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Halozyme Therapeutics, Inc.
Condensed Consolidated Balance Sheets

 	 	June 30,	 	December 31,	
 	 	2009	 	2008	
 	 	(unaudited)	 	 	 	 	
ASSETS	 	 	 	 	 	 	 	 	
Current assets:	 	 	 	 	 	 	 	 	
Cash and cash equivalents	 	$	89,240,763	 	 	$	63,715,906	 	
Accounts receivable	 	 	893,093	 	 	 	7,264,410	 	
Inventory	 	 	803,534	 	 	 	441,323	 	
Prepaid expenses and other assets	 	 	2,711,585	 	 	 	2,591,149	 	
 	 	 	 	 	 	 	 	 	
Total current assets	 	 	93,648,975	 	 	 	74,012,788	 	
Property and equipment, net	 	 	2,646,666	 	 	 	2,549,925	 	
 	 	 	 	 	 	 	 	 	
Total Assets	 	$	96,295,641	 	 	$	76,562,713	 	
 	 	 	 	 	 	 	 	 	
LIABILITIES AND STOCKHOLDERS’ EQUITY	 	 	 	 	 	 	 	 	
Current liabilities:	 	 	 	 	 	 	 	 	
Accounts payable	 	$	5,430,644	 	 	$	6,668,791	 	
Accrued expenses	 	 	4,721,593	 	 	 	3,995,897	 	
Deferred revenue	 	 	5,016,178	 	 	 	3,553,730	 	
 	 	 	 	 	 	 	 	 	
Total current liabilities	 	 	15,168,415	 	 	 	14,218,418	 	
Deferred revenue, net of current portion	 	 	53,667,269	 	 	 	45,894,726	 	
Deferred rent, net of current portion	 	 	1,025,399	 	 	 	1,069,573	 	
Stockholders’ Equity:	 	 	 	 	 	 	 	 	
Common stock	 	 	89,657	 	 	 	81,554	 	
Additional paid-in capital	 	 	171,779,912	 	 	 	128,948,064	 	
Accumulated deficit	 	 	(145,435,011	)	 	 	(113,649,622	)	
 	 	 	 	 	 	 	 	 	
Total stockholders’ equity	 	 	26,434,558	 	 	 	15,379,996	 	
 	 	 	 	 	 	 	 	 	
Total Liabilities and Stockholders’ Equity	 	$	96,295,641	 	 	$	76,562,713	 	
 	 	 	 	 	 	 	 	 	
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