HALO Halozyme Therapeutics Incorporated

EDISON EQUITY RESEARCH: HALOZYME THERAPEUTICS - HOPE IN PANCREATIC CANCER

Halozyme hosted an analyst day in January, which focused on its PEGPH20 programme in pancreatic and non-small cell lung cancer (NSCLC). It presented interim data from Stage 1 of a Phase II trial where PEGPH20 in combination with the standard of care demonstrated a 71% response rate, compared to just 29% for the standard of care alone. Also, progression-free survival more than doubled in the treatment arm. We have increased our valuation to $15.31 per share from $11.70 per share.

Halozyme Therapeutics focuses on the development of extracellular matrix-based drugs. Its rHuPH20-based delivery platform has been used by partners, including Roche, Baxter and Pfizer, to develop SC injection of IV drugs such as Herceptin, Rituxan (Roche) and GAMMAGARD (Baxter). Its pipeline consists of Hylenex, approved for hydration and PEGPH20 in Phase II trials for pancreatic cancer.

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