Halozyme Achieves Endpoint In Pancreatic Cancer Study, But Not Everyone Is Bullish

Shares of Halozyme Therapeutics, Inc. HALO, a biotechnology company focused on developing and commercializing novel oncology products that target tumor microenvironment, gained more than 10 percent Thursday morning.

Investors and traders were buying Halozyme's stock after the company reported early Thursday morning top-line results from a Phase 2 clinical trial evaluating its lead investigational drug PEGPH20.

Study, Endpoints

PEGPH20 is an investigational PEGylated form of Halozyme's proprietary recombinant human hyaluronidase under clinical development for the potential systemic treatment of tumors that accumulate hyaluronan. As part of the trial, patients were given PEGPH20 in combination with ABRAXANE and gemcitabinein stage IV pancreas cancer patients.

Halozyme stated that the overall study population showed a statistically significant increase in their progression-free survival (PFS) in patients with high levels of hyaluronan who were treated with EGPH20 plus ABRAXANE and gemcitabine when compared to HA-High patients receiving ABRAXANE and gemcitabine alone.

A second stage of the study, which completed enrollment in February of last year, showed a 91 percent improvement in median PFS for HA-High patients in the PEGPH20 arm of 8.6 months compared to 4.5 months.

"These findings confirm our confidence in the development of PEGPH20 in this difficult to treat cancer," said Dr. Helen Torley, president and CEO. "We are pleased by the overall consistency of both the efficacy and safety data which are supportive of our ongoing Phase 3 clinical trial, HALO 301, currently underway at more than 160 sites worldwide."

Not Everyone Is Bullish

Notable biotech expert Adam Feuerstein took to Twitter on Thursday and blasted the company for what he claimed to be "shameful conduct."

"Press release cherry picks single, most positive data point, omits everything else less so," he tweeted.

Feuerstein wasn't done just yet. Here is a recap of all of his tweets directed toward Halozyme:

• "$HALO followers, did you read the PR closely? Seems like they're only reporting positive results from a subset of pancreatic cancer pats."
• "$HALO data are muddled mess. Listening to the call."
• $HALO stage 1 data, stage 2 data, stage 1/2 combined, HA high, HA low, ITT, evaluable, etc. Throw all against wall, hope something sticks."
• "$HALO needed 31 slides to explain a ph2 study. They didn't even get to the primary endpoint data until slide 22. Red flag…"
• "And we wonder why biotech industry has poor reputation for transparency and honest disclosure of data. Stop the nonsense, $HALO."
• "Last word on $HALO: Impressive display of power/strength of bio-twitter to analyze data in real time. @zbiotech @AndyBiotech @bio_clouseau."