Biotechnology company Halozyme Therapeutics Inc. reported a bigger third-quarter loss on Friday, as it started clinical trials of a fast-acting insulin during the period.
Halozyme lost $13.9 million, or 16 cents per share, compared with $10.9 million, or 14 cents per share, a year ago. Revenue rose 23 percent to $3 million from $2.5 million. Halozyme said revenue from collaborations and product sales both increased. Most of Halozyme's revenue comes from partnerships with Baxter International Inc. and Roche AG.
Analysts expected a loss of 18 cents per share and $3.1 million in revenue, according to a Thomson Reuters survey.
During the third quarter, Halozyme began an early-stage clinical trial of an experimental insulin called PH20, which is supposed to be given along with diabetes treatments. Halozyme said PH20 is intended to be absorbed more quickly than other insulin drugs. Results from the study are expected in the second quarter of 2010.
In total, the company's research and development expenses rose to $13.2 million from $10.1 million.
Halozyme shares rose 4 cents to $6.27 in morning trading.