Halozyme announces that rrial of Hylenex recombinant met primary endpoint Halozyme announced that the primary endpoint of non-inferiority of A1C levels at six months was met for the CONSISTENT 1 trial. The trial is evaluating Hylenex recombinant and a new formulation of Hylenex currently under FDA review, when used as pretreatment of the insulin infusion site in patients with type 1 diabetes receiving continuous subcutaneous insulin infusion in comparison to no pre-treatment. In accordance with the trial protocol pre-specified analysis of the endpoints, data from the two patient groups treated with Hylenex formulations were pooled in comparison to a group consisting of patients using standard CSII with rapid acting analog insulin alone. Adverse events were similar across the treatment and control groups. The most common treatment related adverse event in the Hylenex groups was mild infusion site discomfort.
Halozyme price target lowered to $10 from $12 at JMP Securities JMP Securities cut its price target on Halozyme after the company said it intends to explore partnerships and/or strategic alternatives for the Hylenex program in diabetes. The firm removed the diabetes program from its valuation due to uncertainty. It reiterates an Outperform rating on the shares.
Halozyme completes workforce reduction The company noted, "We completed a corporate reorganization to align with strategic priorities. This reorganization resulted in a workforce reduction of 22 employees. We will incur a one-time charge in Q414 that will be largely offset by reduced compensation expenses during the quarter."