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Biotechnology company Halozyme Therapeutics Inc. on Friday reported a narrowed first-quarter loss on rising revenue from collaborations.

The developer of enzyme-based products said it lost $9.6 million, or 10 cents per share, compared with a loss of $11.8 million, or 13 cents per share, during the same period a year prior. Revenue more than doubled to $7.5 million from $3.4 million on payments from Baxter and Roche.

Halozyme is studying an enzyme 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.

Analysts polled by FactSet expected a loss of 13 cents per share on $4.7 million in revenue.

Shares of Halozyme rose 23 cents, or 3.7 percent, to $6.44 in midday trading. The stock has traded between $5.79 and $8.31 over the past 52 weeks.

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