Halozyme not to develop osteoporosis study further

June 3 (Reuters) - Halozyme Therapeutics Inc (HALO.O) said it will not develop further its bisphosphonate-PH20 Phase 1 program for osteoporosis based on results of an open-label study, sending its shares down 9 percent.

Preclinical data showed bisphosphonates formulated for intravenous administration cause severe injection-site reactions when administered locally, the company said.

Halozyme said it decided to deploy resources to its other internal programs in endocrinology, oncology and dermatology.

Shares of Halozyme were trading at $7.08 after the bell. They closed at $7.75 Wednesday on Nasdaq. (Reporting by Jennifer Robin Raj in Bangalore; Editing by Vinu Pilakkott)