NEW YORK (TheStreet) -- Halozyme Therapeutics (HALO - Get Report) surged Tuesday after the biopharmaceutical company announced in its first-quarter results that an independent data-monitoring panel now supports patient enrollment in its experimental pancreatic cancer treatment trial with proposed changes.
"In early April, we temporarily halted dosing of PEGPH20 in Study 202 so the Data Monitoring Committee (DMC) could evaluate a possible imbalance in the rate of thromboembolic events between the drug arm and the control arm in the trial," said President and CEO Dr. Helen Torley in a statement.
"We have since provided the DMC with requested information including an amended study protocol, and the DMC has informed us that they now support continued enrollment of patients and dosing of PEGPH20 in the trial with the proposed study modifications. We have provided information to the U.S. Food and Drug Administration (FDA) so they can conduct their assessment of our request for the clinical hold to be lifted so we may continue enrollment of patients and dosing of PEGPH20 in the Phase 2 trial."
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The news caused Halozyme to surge despite the company's results that came up short of analysts' expectations. The company reported a loss of 22 cents a share compared to analysts' consensus estimate of a loss of 14 cents a share. Revenue totaled $12 million, which came up short of the consensus estimate of $13.37 million.
Halozyme also expects net cash burn in the range of $45 million to $55 million for the full year 2014, excluding proceeds from recent financing.
The stock was up 16.36% to $8.75 at 11:08 a.m.