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Halozyme Therapeutics, Inc. 2009 Investor Day Presentation

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Halozyme Therapeutics, Inc. 2009 Investor Day Presentation Powered By Docstoc
					 Halozyme Therapeutics
ANALYST AND INVESTOR MEETING

      THURSDAY, OCTOBER 15, 2009
              New York
Safe Harbor


    The Private Securities Litigation Reform Act of 1995
                 safe harbor      forward looking
    provides a "safe harbor" for forward-looking statements. All
    statements made in this presentation that are not
    statements of historical fact constitute forward-looking
                                             forward looking
    statements. The matters referred to in forward-looking
    statements could be affected by the risks and uncertainties
    of the Company's business. Such risks inherent to the
    Company s                                      Company s
    Company’s business will be described in the Company’s
    filings, when they occur, with the Securities and Exchange
    Commission, as well as in its press releases. The
    Company's actual results may differ materially from those
    Company s
    expressed in or indicated by such forward-looking
    statement.


                                                                   2
AGENDA


                      Jonathan E. Lim, M.D.
               President & Chief Executive Officer
                 Introduction d Strategic R i
                 I t d ti and St t i Review

                          Robert J. Little
                  President
            Vice President, Chief Commercial Officer
         Leveraging the Technology Across Multiple Partners

                              I. Frost, Ph.D.
                     Gregory I Frost Ph D
             Vice President, Chief Scientific Officer
         Discovery and Early Development Pipeline Update

                  Douglas B. Muchmore, M.D.
     Vice President, Endocrinology Clinical Development
     Ultrafast Insulin-PH20 Program – Where We Are Going


                                                              3
Introduction & Strategic Review


      Jonathan E. Lim, M.D.
President & Chief Executive Officer




                                      4
Halozyme is Well Positioned to Generate
Current and Future Shareholder Value
   • Strong technology foundation and pipeline of commercial, partnered, and
     clinical stage assets with near-term value drivers
                                                             million,
       – Partnerships with Roche and Baxter worth up to $724 million plus
         royalties; near term launches underway (Hylenex) and anticipated
         (Enhanze GAMMAGARD, Roche)
            p      y programs in clinical development that could g
       – Proprietary p g                        p                           g
                                                                 generate high
         value partnerships (e.g., Phase 2 Ultrafast Insulin-PH20 Program)
       – Investment in high value but low-cost development activities that
         advance programs to next value inflection point
                     g
   • Innovative biotech company with strong biologics capabilities that can help
     drive long-term growth
                                                                          Matrix )
       – Scientific focus and expertise in the extracellular matrix (the “Matrix”)
       – Expertise in maximizing value from multifunctional Matrix platforms
         (rHuPH20, HTI-501, rHuMMP1ts)
         Culture of excellence: E
       – C lt     f     ll       Exceptional t
                                       ti  l team with extensive bi l i
                                                   ith t     i biologics
         experience and ability to produce complex recombinant proteins
                                                                                     5
                                                            Strong patent
                                                            protection and
                                                               lifecycle
                                                               lif    l
                                                              extension
                                     Validation                                      Diversified,
                                      through                                          robust
                                      existing                                        pipeline/
                            s
Biologics Toolbox fo Partners




                                    partnerships                                      portfolio




                                                                                                              Novel M
                                                                                                                    Matrix Thera
                   or




                                                            Halozyme’s
                                                            Technology
                                                                                             Increased
                                De-risked                   Foundation                    footprint in high
                                biological
                                     g                                                         g
                                                                                               growth
          T




                                                                                                                              rapeutics
                                programs                                                      biologics
                                                                                               market
B




                                                                         Differentiated
                                               Expedited
                                                                         biologics with
                                               regulatory
                                                                         best-in-class
                                                pathway
                                                                            potential


                                                   Differentiated Products
                                                                                                              6
Existing Alliances Drive Significant Value

   Enhanze Technology with Roche (up to 13 biologic targets)
                     p $612M ($
   • Alliance worth up to $              p      ;$
                                  ($20M up-front; $111M milestones for first 3
     exclusive targets; $470M up-front & milestones for 10 additional targets;
     $11M equity), plus royalties; $48M received to date

   Enhanze Technology with Baxter BioScience (GAMMAGARD)
   • Alliance worth up to $47M ($10M up-front; $37M milestones), plus
    royalties; $10M received to date

   HYLENEX with Baxter Medication Delivery
   • Alliance worth up to $65M ($10M up-front; $25M milestones; $10M pre-
                          equity),
     paid royalties; $20M equity) plus royalties; $40M received to date



    Nearly $100 million of alliance related cash received to date

                                                                                 7
8
Our Vision




     To be the best “Matrix Company” in the world by
     growing our expertise in the science of the extracellular
     matrix to develop and commercialize meaningful new
     biotechnology products for patients

                                                                 9
Halozyme’s Robust Pipeline of Multifunctional
Platforms Targeting the Matrix

Matrix Targets                                 Matrix Biologics


                                PH20          PEGPH20 PH20                    PH20 SC
Hyaluronan                      Depot                 Intravesical



                                rHuCAT-L
Collagen
     g           rHuMMP1ts


                 Other Matrix
Other            modifying
                      y g
                 agents


                 Discovery      Preclinical    Phase 1   Phase 2     Phase 3 Commercial

                                              Development Stage
                                                                                          10
Our First Multifunctional Enzyme Platform Targets
over $10 Billion in Product Opportunities

                             Analog-PH20
                               Phase 2
                                              Roche
                                                 g
                                            Biologic#1
               Hylenex
                                              Phase 1
              for drugs
               Phase 4




                                               Roche Biologics
                             rHuPH20              #2 & #3
                              Enzyme                   Phase 1




              Hylenex
              for fl id
              f fluids
               Launched
                                            Enhanze
                                              IgG
                               Insulin-
                                             Phase 3
                                PH20
                               Phase 2



Fluids and small molecules    Peptides     Large molecules       11
Culture of Excellence: “The Halo Edge”
 • Att ti world class bi h
   Attracting ld l              talent t k      iti
                      biopharma t l t to key positions
     – H. Michael Shepard, Ph.D., VP of Discovery Research (Receptor
       BioLogix, Canji, Genentech)
     – Jonathan Leff, M.D., VP and Chief Medical Officer (Roche, Amgen,
       Merck)
 • ~140 employees from nearly 70 companies with competencies across the
   drug development value chain, with exception of sales
     – Highly committed, passionate workforce that has the capabilities and
       experience to execute Halozyme’s plan and build a great company
 • Successful track record with talent initiatives
     – Offer acceptance rate was 87% last year; 60% of new employees
       came from internal referrals
     – Voluntary turnover remains less than 5% (vs. 10.5% industry
       average; Radford)                                                  12
With Fewer than 150 Employees, Halozyme
Has Solid Biologics R&D Expertise Per Capita




                                           Biologics Experience
                                        (Enzymes, MoAbs, Gene Rx)




                                            Expression Systems
                                         (Mammalian, Bacterial, Viral)




                                                                   13
Halozyme’s Growth Strategy Can Generate
Value Over Multiple Time Horizons
                                                                      Generate value for
                                                                      patients and shareholders
Value creation
                                                                       • Grow partnership and
                                                                         own product revenue
                                         Develop pipeline of
                                                                       • Other Matrix drugs
                                         proprietary programs
                                                                       • Other promising
                                                                         innovations
                                          •   Analog-PH20
                                          •   Insulin-PH20
                                              Insulin PH20
                 B ild revenue
                 Build
                                          •   PEGPH20
                 generating engine
                                          •   PH20 Depot
                                          •   HTI-501
                  • Roche Enhanze
                                          •   rHuMMP1ts
                    p g
                    programs
                  • Enhanze
                    GammaGard
                  • Hylenex



                                                                                            Time

Capabilities     • PH20 drug delivery    • PH20 drug development   • Commercialization in core TA’s
                 • Protein engineering   • Other Matrix drug         alone or with partners
                                           development             • Delivery or development of
                                                                     other promising breakthroughs
                                                                                                 14
HALO Pursuing Multi-Billion Dollar Franchise
Opportunities Targeting the Matrix




  Drug delivery revenue                 Proprietary pipeline targeting
  generating engine                     the Matrix
  • Enhanze Technology with             • Ultrafast Insulin-PH20 (diabetes)
    Roche (up to 13 biologic targets)   • PEGPH20 (NME, solid tumors)
  • Enhanze Technology with             • Chemophase (bladder cancer)
    Baxter BioScience
                                        • HTI-501 (NME, dermatology)
    (GAMMAGARD)
  • HYLENEX with Baxter
    Medication delivery

                                                                              15
       Commercial Opportunities –
Leveraging the Technology Across Multiple
                 Partners

               Robert J. Little
   Vice President, Chief Commercial Officer




                                              16
Leveraging the rHuPH20 Technology
Through Drug Delivery Deals


    rHuPH20 technology can be used with a broad range of
    injectable pharmaceutical products to improve delivery and
    optimize value

    • Technology can be applied to multiple pharmaceuticals,
      especially biologics, to transform them from intravenous (IV)
      to subcutaneous (SC) administration

    • Deals provide attractive non-dilutive cash through upfront,
      milestone, and royalty payments

    • Cash generated from deals helps to fund Halozyme’s
      proprietary pipeline



                                                                      17
Enhanze Technology:
For Partners with Injectable Biologics and Drugs
                 Value proposition
                 • Deliver more drug to intended targets
   Increased     • Allow drugs to work faster
   efficacy      • Increased volume of drug at each injection


                 • Change route of administration (IV to SC)
   Convenience
   and                               j
                 • Reduce adverse injection site reactions
   compliance    • Decrease pain and tissue distortion upon injection


                 • Provide competitive differentiation and reduce COGS
   Economic      • Enable cost-effective self-administration of physician
   benefits        delivered drugs
                 • Extend lifecycle of products coming off patent

                                                                        18
Enhanze Technology Platform De-Risked Through
Progress of Roche and Baxter Collaborations

    • Preclinical Safety – high dose chronic and reproductive tox
      completed in several animal species
    • Product Development – numerous stable formulations of
      biologics with PH20
    • Regulatory Affairs – U.S. and EU regulatory pathways more
      clarified
    • Clinical Development – Enhanze GAMMAGARD in pivotal
      Phase 3, other clinical studies underway
    • Manufacturing – two API manufacturing sites established, 2nd
            ti     ll line d    l         l t d
      generation cell li and scale-up completed
    • Commercial – reimbursement and pricing research with
      partners completed


                                                                     19
Three Partnered Programs Based on
Halozyme s
Halozyme’s Drug Delivery Technology




      1.
      1 Enhanze Technology with Roche (up to 13 biologic targets)
      2. Enhanze Technology with Baxter BioScience
         (
         (GAMMAGARD)  )
      3. HYLENEX with Baxter Medication Delivery
                                                                    20
Roche Enhanze Technology Alliance
Moving Forward


    • Three targets in Phase 1 clinical trials including third
                                        trials,
     target which began in September 2009

    • Exercised exclusive global rights to a fourth biologic
     target in December 2008 and fifth target in June 2009

    • Initiation of additional Roche clinical trial plus milestone
     possible in 2009

    • Clinical progress also expected in 2010




                                                                     21
 Recent Public Disclosures Reflect Strong
               Roche Halo
 Momentum of Roche-Halo Progress

                                               • 4th exclusive biologic
                                                 target elected
$612M partnership signed,                      • 1st Phase 1 (n=70, mid-09   5th exclusive 3rd Phase
3 exclusive biologic                             completion)                 biologic       1 begins
targets elected                                • Annual maintenance fees     target elected (Sep09)
(Dec06)                                        (Dec08)                       (Jun09)




YE06                             YE07                               YE08                            YE09


       CMC, including manufacturing scale-up, nonclinical,         2nd Phase 1     Additional Roche
       toxicology, and other development activities for product    (n=48, mid-09   clinical trial plus
       candidates formulated with PH20 (not disclosed)
                                       (               )           completion)
                                                                        p     )    milestone possible
                                                                                               p
                                                                   (Jan09)         (2H09)
Baxter BioScience - Enhanze GAMMAGARD
                                   $8 $9
Addressable IgG Market Forecast at $8-$9 Billion




        Market Size Reflects The Broad Clinical Applications Of IgG
Source: Baxter                                                        23
Baxter BioScience - Enhanze GAMMAGARD
Development Plan Moving Forward Rapidly
 • Current market dominated by IV administration
 • SC IgG available - limited by low bioavailability (62%) and need for weekly
   dosing at multiple injection sites
 • Phase 1/2a trial showed SC bioavailability equal to 92% of IV administration
                        61.2
   with dosing of up to 61 2 grams (612 ml) IgG together with PH20 at up to 300
   mL per hour
 • Pivotal Phase 3 for GAMMAGARD with PH20 began December 2008; fully
                                       2009,
   enrolled with ~ 80 patients in July 2009 ahead of plan
 • Final clinical study reports planned in 1H11
 • Pre-launch activities initiated with physician, p
                                        p y                    payer
                                                   patient and p y research
   underway
 • SC GAMMAGARD offers convenient, once monthly, self-administration in a
      g        j                          gold standard in large g
   single SC injection site; could become g                           g
                                                              g growing market


                                                                                  24
HYLENEX –
Franchise Potential Could be Worth up to $500M

 • $200M U.S. market opportunity in             Addressable U.S. ED Visits (M)
     pediatric hydration alone
                                               4.0
 • 2.4M ED (emergency
     department) visits potentially
     addressable by HYLENEX                                   1.6

 • Potential for $500M franchise                                          2.4

          – Adult hydration
            Ex U.S.
          – Ex-U.S. markets
          – Delivery of small molecule
            drugs (e.g., pain, infection)
  • Paradigm shift in ED medical
      practice means slow, gradual          ED pediatric   Successful   Total IV
      uptake and acceptance                 visits for     ORT          procedures
                                            dehydration                 (incl. ORT
                                            only                        failures)

 Source: Baxter
 ORT: Oral rehydration therapy
                                                                                     25
HYLENEX – Clinically Meaningful Rehydration
Demonstrated in INFUSE Peds 1 Study




Allen, C.H., et al, Recombinant Human Hyaluronidase-Enabled Subcutaneous
Pediatric Rehydration, Pediatrics, 2009;124;e859-e868.                     26
HYLENEX – Favorably Perceived By 9 out of 10
Healthcare Providers and Patients




Allen, C.H., et al, Recombinant Human Hyaluronidase-Enabled Subcutaneous Pediatric
Rehydration, Pediatrics, 2009;124;e859-e868.                                         27
HYLENEX – Encouraging Interim Results at ACEP
from INFUSE PEDS 2 Study




                                                28
HYLENEX – Fully Resourced Launch in
Pediatric Hydration Underway

    • Product launched for pediatric hydration at ACEP in Boston
       on Oct 5th
    • Two sales forces - dedicated HYLENEX specialty team and
       existing Baxter IV team supported by formulary specialists in
        l
       place
    • 90% acceptance rate onto target formularies, even prior to
       published data
    • Full team of clinical and scientific medical science liaisons
       established
    • L      d                ith   lti l      k
      Large advocacy program with multiple speaker programs
       have been underway for several months
    • Leading national and regional KOLs on board
            g                g


                                                                       29
HYLENEX –
An Emerging Strong Value Proposition

   •              y                             parents and children
       Enables rehydration with less stress for p
   •   Makes infusion simple and efficient
   •   Facilitates clinically meaningful hydration
   •   Potentially benefits over 2 million pediatric patients each year in
       the U.S. alone
   •   Perceived f
       P              bl by      healthcare providers compared t IV
            i d favorably b 9/10 h lth          id           d to
   •   Additional post-marketing clinical data being developed
   •                                       rehydration,
       Building a new standard of care for rehydration paradigm shift
   •   HYLENEX safe and well tolerated in clinical experience




                                                                             30
Strong Alliances Generate Non-dilutive
Cash and Leverage Technology



       • Three alliances with Roche and Baxter have
          provided $98 million of cash so far

       • Ability to leverage the technology platform multiple
          times through additional alliances

       • rHuPH20 drug delivery platform being evaluated by
          nearly every large biopharma company




                                                                31
Discovery and Early Development
        Pipeline U d t
        Pi li Update

        Gregory I. Frost, Ph.D.
Vice President , Chief Scientific Officer




                                            32
     ECM: Breaking it Down
            5 classes of macromolecules

1. Collagens
2. Elastic fibers     3. Hyaluronan
                      4. Proteoglycans
                      5. Adhesive glycoproteins

                                                  33
               rHuPH20 SC
                 Preclinical
                  through
                Commercial
rHuMMP1ts
Conditional                     rHuPH20-
Collagenase                    Intravesical
                                 Phase 2
Discovery
Research

                Matrix
               Biologics
 rHuCAT-L
Conditional                     PEGPH20
Proteinase
P t i
                                 Phase 1
 Preclinical

               PH20 Depot
                Preclinical


                                              34
                 How Halozyme is Targeting the Matrix Environment




                 Delivery               ECM             Disease


Current           Candidate    Mechanism
Matrix Targets    Enzymes      of Action            Potential Applications
COLLAGENS         rHuCAT-L     Focal Proteolysis    Cellulite
                                                    Dupuytren’s Contracture
                  rHuMMP1ts                         Fibrosis
                                                    Fib    i
                                                    Keloids/Scarring
                               Transient Focal      SC administration:
                  rHuPH20      Hydrolysis           Fluids, Peptides and Biologics
                                                    Chemotherapy Delivery


HYALURONAN        PH20 Depot   Prolonged Focal      Postsurgical Edema,
                               Hydrolysis           Benign Prostatic Hypertrophy (BPH)
                                                    Chemonucleolysis
                  PEGPH20      Prolonged Systemic   Solid Tumors
                               Hydrolysis
                                                                                         35
Matrix Target: Collagen




  Type I Collagen - Abundant in skin, tendon,
  ligament, bone,        88 99%
  ligament bone cornea – 88-99% of total collagen




                                                    36
Fibrous Septae:
A Potential Target for Enzymatic Contouring?




     Potential A
     P t ti l Approaches h       Challenge:
                                 Ch ll
     1) Surgical subscision      Temporal spatial
     2) Enzymatic subscision     control of enzyme activity



                                                              37
Enzymatic Subscision: Focal Digestion of
Fibrous Septae with Collagenolytic Enzymes

                     Dimple




      TARGET




                   Fibrous
                         fibrous septae
                    Septae
                         create dimples

                                             38
rHuCathepsin-L (rHuCAT-L) is a Recombinant
Human Lysosomal Cysteine Endopeptidase
 • Cathepsin-L: an enzyme naturally
   regulated by an acidic cellular
   environment
 • Active at acidic pH but rapidly
   inactivated at physiological p in
                  p y     g     pH
   the extracellular space
 • Very efficient ‘collagenase’ at pH
   5.0 ( pH
   5 0 (~pH of lidocaine)



                                                ollagen
                                        Type I Co
                         pH 5.0
                                        T




                                                     Enzyme ‘On’   Enzyme ‘Off’
                      Concept:
                      Temporal Spatial Control of
  Dimple              Collagenolytic Activity

                      1- rHuCAT-L enzyme injected in an active state
                          formulated in artificial lysosomal buffer

                      2- Enzyme cleaves fibrous septae

                      3 Body’s natural pH in the Matrix
                      3- Body s
                         inactivates rHuCAT-L as it diffuses
  Adipocytes             away from injection site

                      4- Dimple relieved as septae lysed



Fibrous Septae
     fibrous septae
     create dimples                                                    40
rHuCAT-L Treatment Leads to pH Conditional
Release of Collagen Fragments In Vivo
                        Rodent perfusion model                  Porcine model

                                                       CATL
                                                       C            B ff
                                                                    Buffer    C ll
                                                                              Collagenase
                  4.0
                                                       pH 5         pH 5        pH 7.5
                           pH 7.4
                  3.5




                                                                                               ss
                           pH 5 0
                           pH 5.0




                                                                                            gros
                  3.0

                           pH 7.4 + CATL
                  2.5
        proline




                           pH 5.0 + CATL
                  2.0




                                                                                                    e
                                                                                            Trichrome
Hydroxyp
(ug/mL)




                  1.5


                  1.0


                  05
                  0.5


                  0.0
                                                     septae lysis   septae      septae lysis
                         0 min      8 min   16 min
                                                                    control



                                                                                                    41
rHuCAT-L Progressing Towards the Clinic


        • rHuCAT-L cell bank
        • Fermentation process development
        • Downstream process development
        • IND enabling CMC activities
        • cGMP production of clinical batches
        • GLP toxicology
        • Final pharmacology and secondary indication
          evaluation
        • IND filing



                                                        42
Second Collagenase Program: rHuMMP1ts
(Temperature Specific MMP1 Analog)
                      MMP1 (Matrix Metalloproteinase 1)
                              yp                             g
                      • Prototypical interstitial human collagenase
                      • Selectively degrades interstitial collagens (I/III)
                      • Little activity towards blood vessel collagen (IV)
                      • Can temporal spatial enzyme activity be engineered to
                        increase safety at pharmacologically relevant doses?




                                                                                                      ollagen Type I/III
Collagen Type I/III




                                 Bacterial Collagenase
                                         Control                               rHuMMP1
                                   (positive control)
                                     (Dermis H&E)




                                                                                                     Co
                             In situ collagen release                     In situ collagen release
                                                                                        43
                                                                                  by MMP1                     43
By High Throughput Single AA Mutagenesis,
Temperature Specific MMP1 Analogs Identified
               structed




                                                           Product Concept:
       NA’s Cons




                          • 199 amino acid (AA) protein    Inject enzyme at room temperature.
                          • All potential single amino     Digestion of target until body
                            acid substitutions screened    temperature warms enzyme to
                          • 8 strong hits identified
2985 cDN




                                                           i   ti t
                                                           inactivate

                                                          tsAnalog           tsAnalog
                                            Wildtype      >40 X 20/37        >40 X 20/37




                                                                                                44
Value of New Matrix Platforms



       p                          y       p
   • A positive extension of Halozyme’s expertise in Matrix
     enzymes, proteins, and delivery
   • A novel biologic compound generating engine outside
     the realm of monoclonal antibodies, creating a new
     class of potential breakthrough therapies
   • Generation of new high value therapeutic biologics
     beyond HA and hyaluronidase




                                                              45
Matrix Target: Hyaluronan in the Tumor Microenvironment
• Tumor extends beyond the cancer cells
• Many tumors contain reactive stromal matrix that facilitates tumor progression
• Treating the tumor as an organ opens up new opportunities for therapeutic
  intervention (beyond angiogenesis)
               ( y        g g       )




                                                          VESSELS
                                                                     TUMOR CELLS
                                               STROMA




 PEGPH20
Example: Stromal Matrix Occupies Most of the
Pancreatic Cancer Microenvironment
            Duct TxN0M0               Duct T3N0M0                Duct T3N0M0   Normal




                                                                                        40x




                                                                                    200x

    Blue               BROWN                                                   HA(+)
                                                 HA(   )
                                                 HA(+++)
(Tumor Cells)       (HA rich Stroma)

 * Representative images of HA/ Hematoxylin on pancreatic tumor tissue                        47
PEGPH20: Background

Section from Metastatic Breast Cancer

                                          • The Matrix comprises the majority of
                                            tumor volume in many tumors
                 Tumor Matrix
                                          • The functions of the Matrix
                                                 pp
                                            – Support structure for the cancer
                                            – Storage for growth factors and
                                              cytokines
                                            – Altered composition during growth
  Tumor Matrix                                and tissue remodeling

                                          • Halozyme’s PEGPH20 degrades Matrix
                                            by removing the hyaluronan component
                        Nest of             of the Matrix
                        Malignant Cells
                                          • Enhances malignant cell vulnerability to
                                            – Chemotherapy
                                            – Biotherapeutics
                                            – Immune system
                                                                                       48
Hyaluronan Overproduction is
Common in Malignancy




                                       87% HA High




                                     All HA overexpressing 
                       46% HA High
                       46% HA High   tumors tested in
                                     tumors tested in 
                                     xenograft models respond
                                     to PEGPH20 and enhance 
                                     activity of chemotherapeutic


                                                                    49
PEGPH20 – HA Degradation May Represent
A Novel Mechanism for Cancer Treatment


                                             HA-rich
                                           • HA rich halos found
                                             on many types of
                              TUMOR          aggressive tumors
     Halo                      CELL          (breast, prostate
                                             (breast prostate,
                                             pancreatic)

                                           • PEGPH20 collapsesp
 + Enzyme=Halo degraded   PEGPH20            HA dependent
                                      HA
                                             pericellular halos on
                                             tumor cells
                              TUMOR
                               CELL        • Modulates resistance
                                             to chemotherapy


                                                                     50
Removal of Hyaluronan from the Tumor Matrix
Alters Tissue Structure
                    PC3 Xenografts (H&E)                                   X      ft
                                                                       PC3 Xenografts (H&E)




                                           PEGPH20
                                            i.v 8hrs
                                                                         TUMOR
                    TUMOR                                              WITHOUT HA
                    WITH HA


   PC3 Xenografts (Alcian Blue Stain)                  PC3 Xenografts (Alcian Blue Stain)




                                           PEGPH20
                                            i.v 8hrs




                                                                                              51
Removal of Hyaluronan from the Tumor Matrix
Rapidly Reduces Tumor Interstitial Fluid Pressure (IFP)
                                    1.2
                                    1.1
                         umor IFP



                                    1.0                                                                        + API Buffer
                                    0.9
                                    0.8                                       >80% reduction in
                malized Tu




                                    07
                                    0.7                                        tumor IFP within
                                    0.6                                           1st hour
                                                Dosed


                                    0.5
             Norm




                                    0.4
                                                D




                                    0.3                                                                    + PEGPH20
                                    0.2
                                    0.1
                                    0.0
                                          -20    0       20     40      60          80        100        120

                                                        Time after injection (min)

*   IM PC3 tumor pressure in tumor bearing mice measured 20 minutes prior and for 2 hours following IV
    injection of 10,000 units of PEGPH20 (n=3), or Carrier Buffer (n=3)                                                 52
        Combinations of PEGPH20 with Docetaxel or Liposomal
        Doxorubicin Demonstrates Significantly Improved Anti-
        Tumor Activity                                                                                                                      3000
                     3000

                                                                                                                                            2500
                     2500                                              Vehicle
                                                                                                                                                                                              Vehicle
Tumor Volume (mm3)




                                                                                                                      Tumor Volume (m 3 )
                                                                      PEGPH20




                                                                                                                                    mm
                                                                                                                                            2000
                     2000                                             15 mg/kg                                                                                                                                 PEG PH20
                                                                                                                                                                                                               PEG-PH20


                     1500                                                                          Taxotere                                 1500
                                                                                                   10 mg/kg                                                                                                    Doxil
                                                                        (0/6)
                     1000                                                                                                                   1000

                                                                                           PEGPH20
T




                                                                     (4/7)                                                                                                                                   Doxil + PEG-PH20
                      500                                                                  + Tax                                            500
                                                                                                                                                   D+P   P   P D+P     P   P D+P
                        0
                         -2 0   234   6 7 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36                                                         0
                                                                                                                                                   0     3   567     9 10 12 1415   18   21      24     27    30   33   36
                                               Time (days)                                                                                                                     Time (Days)
                            T+P P     T+P P




                                                                                                        Tumor IFP                                                          Drug Accumulation
                             Stromal Matrix                                                                   15 mg/kg PEGPH20
                                                                                                   60
                        Pre dose
                        Pre-dose           Post dose
                                           Post-dose
                                                                                              g)
                                                                                 umor IFP (mmHg




                                                                                                   50

                                                                                                   40

                                                                                                   30

                                                                                                   20

                                                                                                   10
                                                                                Tu




                                                                                                   0
                                                                                                          0                        120
                      PEGPH20 enzyme removes
                                                                                                         Time (minutes)
                       matrix substrate in tumor
                                                                                                                                                                                                                                53
PEGPH20 + Gemcitabine Shows Activity

                            D18-Data
                            (1 Round of Rx)
                                                            (%TGI=21% at
BXPC-3 Tumor Line                                           D18)
• HALO++ w/Aggrecan

Tumor Tissue
• HA Stroma+ / Tumor                          (%TGI=62% at D18)

  Cells+




Superior Effect of        D28-Data
                          (2 Rounds of Rx)
PEGPH20+Gemcitabine
vs. Gemcitabine




                                                                           54
PEGPH20 + Erlotinib Shows Activity

                             D18-Data
                             (1 Round of Rx)
BXPC-3 Tumor Line                                                  (%TGI=27% at D18)

• HALO++ w/Aggrecan

Tumor Tissue
                                               (%TGI=63% at D18)
• HA Stroma+ / Tumor
  Cells+




Superior Effect of          D28-Data
                            (2 Rounds of Rx)
PEGPH20 + Erlotinib
    Erlotinib
vs. E l ti ib




                                                                                  55
PEGPH20 Program - Phase 1 Clinical Trial


   • Multicenter, open-label, dose evaluation trial of IV administered
     PEGPH20 in advanced cancer patients began 1Q09

   • Safety and tolerability, PK, and PD data from oncology patients
     anticipated 2H10

   • Determine maximum tolerated dose & dose-limiting toxicities
   • Observe patients for evidence of antitumor activity
   • Study will guide PEGPH20 dose selection for future clinical trials
     – Phase 1b/2 combination studies
     – Phase 2 single agent studies


                                                                          56
PEGPH20 Program Summary



     • Hyaluronan is a major component of the tumor matrix
       (e.g., 87% of pancreatic cancer)

     • PEGPH20 disrupts tumor matrix to enhance cancer cell
                         p
       sensitivity to chemotherapeutics

     • Clinical Phase 1 trial currently underway

     • Complete Phase 1b planned to test combinations with
       chemotherapy




                                                              57
Stromal Matrix Target: Hyaluronan in Benign
           yp     p y(
Prostatic Hypertrophy (BPH))


     • Affects 50% of men by age 50 75% by age 80
                                 50,

     • 40-50% of patients, BPH clinically significant

     • Health care costs > $4.8 billion annually (2004)
       – Non-surgical intervention  $2.5 billion per year
       – Surgical intervention  $2.3 billion per y
             g                                p year

     • Most BPH involves smooth muscle proliferation and
        overproduction of HA, leading to increased prostate size




                                                                   58
HA Distribution in BPH


                         Basal Cells


                         Epithelial Cells



                         Fibroblasts


                         Smooth
                         Muscle
                         Cells




                                       59
BPH Pathogenesis


Prostate Transitional Zone Growth Due to
Epithelial & Stromal Proliferation

           37x  Stromal Proliferation Rate
                                                HA
 BPH                                            Overproduction
           9x  Epithelial Proliferation Rate




         Proliferative Stromal Disease



                                                            60
Removal of Prostate Stromal HA Represents
a Novel Mechanism of Action for BPH
Apoptosis of stromal cells following HA removal in rat BPH model
                                                                                                                 TE 18d
                      Non-    PEGPH20                                   TE 12d     TE 14d     TE 16d
                                            TE 7d        TE 18d                                                 PEGPH20
                    treated     12d                                   PEGPH20 5d PEGPH20 7d PEGPH20 9d
                                                                                                                  11d
 Apoptotic
 cells/section        0       0.8 ± 1.79   4.6 ± 2.51   1.75 ± 1.71   25.6 ± 20.16 36.8 ± 21.99   13.4 ± 5.73   7.8 ± 2.71
 Mean ± SD

 P-Value                                         -           -           0.006         0.001        0.001         0.010


Prostatic weights of BPH rats treated with PEGPH20 and/or Finasteride
                              Prostatic Weight (g)                                                 TE 3wk
Group                                                    P Value        % Inhibition
                                  Mean ± SD

Control                            1.33 ± 0.23               -               -
                                                                                               PEGPH20 Alone
PEGPH20 (2wk)                      1.08 ± 0.21             0.038           18.8

Finasteride (2wk)                  1.00 ± 0.19             0.007           25.2

PEGPH20+Finasteride
                                   0.79 ± 0.17           < 0.0001           41
(2wk)                                                                                     PEGPH20 + Finasteride

                                                                                                                          61
Next Steps



                     g           ,    p
    • Examine dosing schemes, compounds (              ,
                                               (PEGPH20,
      PH20 depot) and routes of delivery to optimize
      therapeutic effect with minimal dosing frequency
      alone and in combination with standard of care
    • Evaluate Hyaluronan targeting compounds in
      canine models of BPH
    • Relevant safety testing
    • Clinical evaluation




                                                           62
Halozyme’s Unique Scientific Core:
The Extracellular Matrix

    our science begins…




                                     63
      Ultrafast Insulin-PH20 Program –
             Where We are Going

           Douglas B M h
           D                  M.D.
               l B. Muchmore, M D
Vice President, Endocrinology Clinical Development




                                                     64
Halozyme’s Ultrafast Insulin-PH20 Program

• Goal - To develop best-in-class rapid-acting insulin products that surpass
  current standards of care

• Proprietary insulin formulations of novel PH20 permeation enhancing
  excipient with

  – Fast acting analog insulin (Humalog, Novolog, Apidra)  “Analog-PH20”

  – Short acting regular human insulin (Humulin R)  “Insulin-PH20”

• Currently in Phase 2, targeting commercialization by 2014, depending on
  most attractive product candidate (Analog-PH20 vs. Regular Insulin-PH20)




                                                                               65
Goal of Insulin Therapy – Replicate Normal
Physiologic Insulin Response




     • Role of fast acting insulin is to replicate normal insulin release response to meal
     • Current meal time insulin alternatives are still too slow to accomplish this goal
                                                                         p          g



Source: Am Fam Physician. 2004 Aug 1;70(3):489-500                                           66
Failure to Match Physiologic Insulin Leads to
Unmet Needs and Risk of Adverse Outcomes

           Suboptimal glycemic control
           • Inability to control post meal blood sugar impedes diabetes
             management
             – >50% of A1C elevation is due to postprandial hyperglycemic
               excursions for patients with A1C < 8.4%1
                                p
           • <30% of all insulin patients meet ADA A1C goal of <7%2

           Hypoglycemia still a problem with current products
           • 72% of T1DM and 54% of T2DM patients on insulin reported
             hypoglycemia in the past 3 months2
             – In mild form, significant quality of life impact
                          form,
             – In severe form can be fatal

           Weight gain
           • Intensive insulin therapy and hypoglycemia associated with weight gain

1    Monnier et al. Diabetes Care (2003) 26:881-85
2   IMS Data, 2008 GFK Roper Patient Survey, N = 2,000 (projectable)                  67
Rise of Multiple Daily Injections in Type 2 DM
  p        g      g                               g
Rapid Acting Analog Insulin Market ~$3B and Growing


                                    Intensive          Conventional
         100

                83            80
          80
                                                  72
                                                                  69       66%
          60


          40                                                               34%
                                                  28              31
                              20
          20    17


           0
           2000              2002               2004            2006     2008

          Definitions: Conventional = 1 – 2 injections/d; Intensive = 3 or more

Source: Roper Starch, 2008                                                        68
Growing Percentage of Type 2 Patients
Treated with Insulin Analogs

                               Rapid Analog Use in Type 2 Diabetes:
                                        % of Insulin Users
   35
                                                                      29.5%
   30                                          25.4
                                               25 4
                                                         23.1
   25
                                        19.3
                 17.9
   20
   15
   10
    5
    0
                2004                    2005   2006      2007         2008

Source: Roper Starch Data (U.S. only)                                         69
Halo’s Ultrafast Insulin-PH20 Products Better
Mimic Physiologic Insulin Response - Phase 1 Data
                                                                  PK of Insulin Lispro and Regular Insulin with and without PH20
                                                           1500                                                                      250
                                                   ol/L)




                                                                                                                                           Mea (± SEM) Imm
                                                                                                                                             an
                          mmunoreactive Insulin (pmo




                                                           1250
                                                                                Lispro+rHuPH20                                       200


                                                           1000
                                      e




                                                                                                                                                         munoreactive Insulin (U/mL
                                                                                                                                     150
                                                                                            Regular Insulin+PH20
                                                            750

                                                                                                                                     100
            Mean (± SEM) Im




                                                            500                   Lispro

                                                                                                                                     50
                                                            250                 Regular Insulin




                                                                                                                                                                                   L)
            M




                                                              0                                                                      0

                                                                  0        60              120        180          240   300   360

                                                                                                  Time (min)

     • PH20 Co-formulation With Humalog Reduced Median Tmax By 54% (p=0.0006)
     • Co-formulation With Humulin Reduced Median Tmax By 64% (p=0.0002)

Vaughn et al. Diabetes Technology and Ther. (2009) 11:345-352                                                                                                                           70
Phase 2 Meal Study in Type 1 Diabetes

 4-way crossover standardized test meal study in type 1 diabetes
 • Objective: compare PK and glucose profiles in response to regular
            /                           /
   insulin +/- PH20 and insulin lispro +/- PH20
 • Primary endpoint: PK AUC0-60
 • Secondary endpoints: Multiple PK parameters, glycemic excursion

 Study design
 • Stabilize FBS* with glucose/insulin infusion
                                           post-meal     oz
 • Up to 3 dose finding visits to optimize post meal (12 oz. Ensure = 60
   gm CHO) glycemic response to Lispro + PH20
 • Using “optimized” dose, repeat test meal with Lispro alone
 • Repeat using regular Insulin-PH20 and regular insulin alone

 Interim data at ADA, New Orleans, June 2009; final data presented
    EASD Vienna,
 at EASD, Vienna Oct 2009

* FBS: Fasting blood sugar                                                 71
Phase 2 Lispro-PH20 Data Confirm in T1DM the
PK Effects Observed in Phase 1 Study

                                                       “Fast In”: Exposure in first hour
                                  5000
                             in

                                                                     (p .0002)
                                                       increased 50% (p=.0002)*
             ol*kg/L*U  SEM))
              noreactiv Insuli
                     malized




                                  4000
                                                                 Lispro (N=22)
                      ve




                                  3000                           Lispro + PH20 (N=37)
                     U
            Do Norm




                                  2000                              “Fast Out”: Exposure after two hours
             ose




                                                                    reduced approximately 45% (p=.027)
                                                                             pp         y       (p    )
         Immun
          (pmo




                                  1000

                                    0

                                         0   60 120 180 240 300 360 420 480
                                                       Time (minutes)


Faster, greater insulin absorption with greater and earlier peak exposure achieved: Cmax
increased by 41%, p=.0007; Tmax from 49  30 mins, p<.0001                                                 72
PH20 Changes Lispro PK Profile and Leads to
                         Post-Meal
Significant Reduction in Post Meal Hyperglycemia
                      220
                 EM



                      200
 Blood Glucos  SE




                      180                                    Lispro
                                                             Lispro + PH20
            se
       (mg/dL)




                      160
                      140                                                     ACE Goal

                      120
                      100
                      80
                            0      60        120           180            240
                                Time from injection (minutes)

Glycemic response was measured using 60gm CHO liquid test meal; Mean insulin dose = 5.7 U/subject.
                                                                                               73
Phase 2 Regular Insulin-PH20 Data Confirm in
T1DM the PK Effects Observed in Phase 1 Study


                             5000
                         n
         noreactiv Insulin

                                              R   l Insulin (N 19)
                                              Regular I   li (N=19)
     (pmol*kg/L*U  SEM)
       Dos Normalized




                             4000             Regular Insulin+PH20 (N=34)
                 ve




                             3000

                             2000
         se
    Immun




                             1000

                               0

                                    0   60 120 180 240 300 360 420 480
                                              Time (minutes)



                                                                            74
PH20 Changes Regular Insulin PK Profile and
                                  Post-Meal
Leads to Significant Reduction in Post Meal
Hyperglycemia
                             220                           Regular Insulin
                         M
        Blood Glucos  SEM


                             200                           Regular Insulin+PH20
                             180
                   se
                   L)
              (mg/dL




                             160
                             140                                            ACE Goal
                             120
            d




                             100
                             80
                                   0      60        120      180         240
                                       Time from injection (minutes)


Glycemic response was measured using 60gm CHO liquid test meal; Mean insulin dose = 6.2 U/subject.
                                                                                               75
PK and Glycemic Responses to Test Meal for
        Insulin-PH20
Regular Insulin PH20 versus Lispro Alone


                                                                                          220
                        5000
 mmunoreactiv Insulin




                                                                      lood Glucos  SEM
                                                                                          200                    Regular Insulin+PH20
           malized




                        4000           Regular Insulin+PH20 (N=34)
                                                                                                                 Lispro
            /L*U)




                                       Lispro (N=22)                                      180
            ve




                                                                                se
                                                                                L)
                                                                           (mg/dL
                        3000
   Dose Norm

    (pmol*kg/




                                                                                          160
                                                                                                                                        ACE
                        2000                                                              140
                                                                                                                                        Goal
                        1000                                                              120
Im




                                                                                          100

                                                                     Bl
                          0
                                                                                          80
                               0   60 120 180 240 300 360 420 480                               0      60        120      180       240
                                         Time (minutes)                                             Time from injection (minutes)




                        Glycemic response was measured using 60gm CHO liquid test meal
                                            57                           6.2       Insulin PH20
                        Mean insulin dose = 5.7 U/subject for Lispro and 6 2 U for Insulin-PH20


                                                                                                                                           76
PK and Glycemic Excursion Improvements of
Lispro PH20
Lispro-PH20 vs. Lispro Alone are Similar to
Lispro Alone Improvements vs. Regular Insulin Alone

                          5000
                                                                                                           220
                                                                                                                                          Lispro
 Immunoreactive Insulin




                                                                                       ood Glucose  SEM
  (pmol*kg/L*U  SEM)




                          4000
                                                                                                           200                            Lispro+PH20
              alized




                                                      Lispro+PH20 (N=37)
                                                      Lispro (N=22)
                                                             (N 22)                                        180                            Regular Insulin
               e
    Dose Norma




                          3000




                                                                                           (m g/dL)
                                                      Regular Insulin (N=19)
                                                                                                           160
                          2000                                                                                                                              ACE
                                                                                                           140
                                                                                                                                                            Goal
                          1000                                                                             120




                                                                                     Blo
                                                                                                           100
                            0
                                                                                                           80
                                 0   60   120   180   240   300    360   420   480                               0      60        120      180       240
                                                Time (minutes)
                                                                                                                     Time from injection (minutes)




                                                                                                                                                                   77
Phase 2 Type 1 Diabetes Meal Study Conclusions


   • Lispro-PH20 and Insulin-PH20 are well tolerated
   • PK results for these preparations confirm in Type 1 patients
      previous findings from Phase 1
   • Lispro-PH20 and Insulin-PH20 accelerate insulin absorption
              d to th        ti insulin products alone, yielding more
      compared t the respective i    li      d t l       i ldi
      physiologic mealtime insulin PK profiles
   • Greater and earlier peak Lispro-PH20 and Insulin-PH20 exposure
      and reduced late exposure compared to respective insulin products
      alone
   • These changes in PK profiles lead to significant reductions in
      postprandial hyperglycemia and are meaningful relative to
      achieving treatment targets



                                                                          78
Upcoming Ultrafast Insulin-PH20
Data Presentations During 4Q09


    • PH20 dose response study to determine optimal PH20
      concentration
      – Data to be presented at International Diabetes Federation
        (Montreal,
        (Montreal October 18-22) and Diabetes Technology
        Society (San Francisco, November 5-7)


      Intra-subject PK/GD variability study completed t clarify d
    • I t     bj t           i bilit t d        l t d to l if dose
      reproducibility
      – Data to be presented at Diabetes Technology Society




                                                                     79
Efficient Development Strategy to
Maximize Program Value
 • Additional clinical studies to further characterize Ultrafast Insulin-PH20 value
    proposition prior to starting pivotal studies
      Phase 1 euglycemic glucose clamp study comparing 3 marketed f t
    – Ph          l      i l        l        t d          i        k t d fast
      acting analog insulins +/- PH20 (first subject dosing performed)
    – Phase 2 standard meal study in T2DM patients (enrollment completed)
 • Ph      E bli     t di
   Phase 3 Enabling studies:
    – Phase 2 3x/day treatment study in T1DM patients comparing
      regular Insulin-PH20 to lispro in a 3 month x 3 month crossover design
      (initiated 2Q09)
    – Phase 2 3x/day treatment study comparing Analog-PH20 to analog alone
      (2010)
 • Pivotal Phase 3 trials in T1DM and T2DM patients comparing PH20 product
    candidate to analog insulin following Phase 2 trials and program review with
    regulatory authorities
 • Halo prepared to partner or proceed to Phase 3 with most attractive product
    candidate (Analog-PH20 and/or regular Insulin-PH20)

                                                                                      80
Ultrafast Insulin-PH20 Goal – Potential Benefits
vs. Standard of Care Analogs

  Better glycemic control
  • Faster higher insulin concentrations and peak exposure (i e fast in)
    Faster,                                                (i.e.,
     results in early glucose lowering effects and reduced post-meal
     hyperglycemia, which may lead to better A1C control
  • Fast in, fast out profile is ideal for insulin p p applications
           ,          p                            pump pp

  Less hypoglycemia
  • Reduced late post-meal exposure (i.e., fast out) may result in fewer
     hypoglycemic events
  • Lowering insulin dose requirements with PH20 to match glycemic control
     of analogs may further reduce hypoglycemia

  Less weight gain
  • Fewer hypoglycemic events and lower insulin doses could result in less
     self medicating snacking
     self-medicating snacking, especially in Type 2 patients


                                                                             81
Key Takeaways and Closing Comments


         Jonathan E. Lim, M.D.
   President & Chief Executive Officer




                                         82
Balanced Growth Strategy –
     p      g          g
Multiple Programs Moving Forward

  Business Development              Proprietary Pipeline

  • Roche has entered the clinic                Insulin PH20
                                    • Ultrafast Insulin-PH20
    with three biologic compounds
                                     – Two scientific presentations for Halo
  • Baxter BioScience in Phase 3       insulins in 4Q09
    pivotal with GAMMAGARD
                                     – Three additional trials underway
  • Baxter Medication Delivery         with results likely mid-2010
    launching HYLENEX for
    pediatric hydration                              g
                                     – Phase 2 Analog-PH20 3x/day  y
                                       treatment study expected to begin
  • Seeking additional business        3Q10
    development deals to leverage
    the technology and generate     • PEGPH20 Phase 1 continues
    non-dilutive cash               • HTI-501 and other dermatology
                                      candidates in preclinical phase
                                      Pipeline has i ifi t   t    hi
                                    • Pi li h significant partnership
                                      value
                                                                           83
Licensing Strategy for Insulin Program


   • Goal is to develop best-in-class ultrafast prandial insulin with unique
     value relative to current standard of care
   • Having conversations with multiple players in the diabetes
     marketplace
     Phase 2 treatment studies provide significant d t of i t
   • Ph        t t      t t di     id i ifi                      t to
                                                 t data f interest t
     potential partners
     – Regular Insulin-PH20 3x/day treatment study data available in
       mid-2010
     – Analog-PH20 3x/day treatment study data available in mid-2011
   • Additional high value, low cost clinical pharmacology studies that
     produce favorable results enhance the value of the program




                                                                               84
Milestones for 2009
  •   $5.5 million payment from Baxter for HYLENEX, 1Q09
  •   Phase 1 underway for second Roche exclusive target, 1Q09
  •   Initiated         Phase 1 1Q09
      I iti t d PEGPH20 Ph    1,
  •   Initiated Insulin-PH20 Phase 2 3x/day treatment study, 2Q09
  •                                                 ADA,
      Presented Analog-PH20 Phase 2 interim data at ADA 2Q09
  •   $4.25 million payment from Roche for fifth exclusive target, 2Q09
  •       p         patient enrollment for Phase 3 GAMMAGARD-PH20 by
      Completion of p                                              y
      Baxter, 3Q09
  •   Phase 1 underway for third Roche exclusive target, 3Q09
  •   Presented Insulin-PH20 Phase 2 data at EASD, 4Q09
  •   HYLENEX launched in pediatric hydration by Baxter, 4Q09
  •   Present A l PH20 and Insulin-PH20 variability d t 4Q09
      P     t Analog-PH20 d I  li PH20     i bilit data,
  •   Initiation of additional Roche clinical trial plus milestone possible
                                                                              85
Potential Milestones for 2010
  • P     t ti    f             li i l data,
    Presentation of PEGPH20 preclinical d t 2Q10
  • Presentation of Analog-PH20 and Insulin-PH20 Phase 1 and 2
                ADA,
     studies at ADA 2Q10
  • Initiation of Analog-PH20 Phase 2 3x/day treatment study, 3Q10
  • Completion of PEGPH20 Phase 1 clinical trial 2H10
                                           trial,
  • Initiation of PEGPH20 Phase 1b chemotherapy combination clinical
     trial, 2H10
  • Completion of Phase 3 GAMMAGARD clinical trial by Baxter in PID,
     4Q10
  • Initiation of additional Roche clinical trial(s) plus milestone(s) possible
  • Additional licensing deal(s) possible
  • Additional guidance for proprietary programs to be provided in 2010
                                                                                  86
What is Halozyme?


    An innovative biotech company with strong biologics
                     multi functional
    capabilities and multi-functional Matrix platforms

    • Commercial, partnered and clinical stage assets (Roche, BAX,
      Insulin, PEGPH20)
    • Enabling biologics delivery platform (rHuPH20) for lifecycle
      management with strong proof of concept
      Other Matrix l tf   that           t future value (HTI 501
    • Oth M t i platforms th t can generate f t     l (HTI-501,
      tsMMP)
    • Ability to produce complex recombinant proteins
            y p             p                p
    • Attracting top level biopharma talent




                                                                     87
HALO’s Unique Investment Thesis

  • Existing and potential drug delivery partnerships (Enhanze
    Technology, HYLENEX) may provide non-dilutive cash to fund
    proprietary pipeline opportunities and drive near-term value

  • Multifunctional enzymes targeting the Matrix (PH20, PEGPH20,
    HTI-501), with broad potential and patient benefits across variety of
    therapeutic uses, drives long-term value

  • Strong financial position to execute plan and drive towards key
    value inflection points: $89M cash at end of 2Q09, includes $40M
    equity offering in June




                                                                            88

				
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