Biotechnology company Halozyme Therapeutics Inc. reported a smaller third-quarter loss Friday as it received more revenue from partnerships.
The enzyme developer said it lost $12.4 million, or 13 cents per share, compared with a loss of $13.9 million, or 16 cents per share, during the same period a year prior. Revenue rose 12 percent to just under $3.4 million from $3 million.
Analysts polled by Thomson Reuters expected a loss of 14 cents per share on $4.8 million in revenue.
Halozyme is studying an enzyme called hyaluronidase, which is designed to alter intravenous drugs so they can be delivered by an injection instead of an IV drip.
Halozyme's partners include Baxter International Inc. and Roche.