Local drugmaker Halozyme Inc. is seeing an uptick in royalty payments from the company’s Enhanze technology, which is partnered with several Big Pharmas.
That’s according to the company’s recent earnings statement, which showed quarterly revenue from royalties was up 20 percent, at $14.7 million, compared to $8.9 million in Q2 of 2016.
Halozyme’s Enhanze technology is partnered with several pharmaceutical companies that have medicines on the market or in clinical testing. Enhanze does a great many things, all different depending on which drug it is paired with. In short, it makes patients’ lives a little easier by reducing the time it takes for treatments to work.
The company is partnered with Genentech on the drug Rituxan Hycela, which just received approval from the U.S. Food and Drug Administration during the second quarter.
"A clear highlight of the second quarter was approval of Genentech's Rituxan Hycela in the U.S., and the resulting strong interest from new potential partners who seek to coformulate with our Enhanze technology," said Dr. Helen Torley, president and chief executive officer, in a statement. "We have strong momentum in the Enhanze business with continued growth in royalties and a number of catalysts in the second half of 2017…”
The company’s total revenue for the quarter was $33.8 million, compared with $33.3 million in the same period the prior year. Net loss was $30.8 million, up from $26.9 million in Q2 2016.
Halozyme has $297.5 million in cash, cash equivalents, and marketable securities.