CAMBRIDGE, Mass., July 29 /PRNewswire-FirstCall/ -- Idenix
Pharmaceuticals, Inc. (NASDAQ:IDIX), a biopharmaceutical company
engaged in the discovery and development of drugs for the treatment
of human viral and other infectious diseases, today reported
unaudited financial results for the second quarter ended June 30,
2008. At June 30, 2008, Idenix's cash, cash equivalents and
marketable securities totaled $80.6 million. 2008 Year-to-Date
Business Highlights -- Idenix has reported positive data from an
ongoing phase I/II study of IDX899, a non-nucleoside reverse
transcriptase inhibitor (NNRTI) being developed for the treatment
of HIV-1. Patients receiving once-daily IDX899 achieved a mean
plasma viral load reduction of approximately 1.8 log(10) after
seven days of treatment in each of the 800 mg, 400 mg and 200 mg
dosing cohorts. Patients receiving placebo had a 0.05 log(10) viral
load increase over the same treatment period. No treatment-related
serious adverse events were reported for any of the patients
receiving IDX899 and no patients discontinued the study. Based on
the potent antiviral activity of IDX899 observed to date, the study
was recently amended to also evaluate a 100 mg/day dose. -- Idenix
has submitted an investigational new drug (IND) application for
IDX184, a once-daily, oral nucleotide prodrug candidate for the
treatment of chronic hepatitis C, to the United States Food and
Drug Administration (FDA) and has initiated a phase I single dose
escalation study in healthy volunteers. IDX184 has demonstrated HCV
antiviral activity in both in vitro and in vivo preclinical models.
-- Idenix has continued to make progress in its preclinical HCV
discovery effort. Clinical candidates from both its HCV protease
inhibitor and non-nucleoside polymerase inhibitor programs are
entering IND-enabling preclinical studies. "This year, we have
continued to advance our HCV and HIV discovery and development
programs," said Jean-Pierre Sommadossi, Ph.D., chairman and chief
executive officer of Idenix. "We now have a pipeline that includes
a promising HIV drug candidate and HCV drug candidates from each of
the major HCV drug classes, nucleoside/tide polymerase inhibitors,
non-nucleoside polymerase inhibitors and protease inhibitors." For
the second quarter ended June 30, 2008, Idenix reported total
revenues of $1.6 million, compared with total revenues of $19.7
million in the second quarter of 2007. The decrease is primarily
due to a decline of $11.5 million in reimbursements of research and
development costs from Novartis and a decrease of $6.7 million in
license fee revenue. Idenix reported a net loss of $18.9 million,
or a loss of $0.34 per basic and diluted share, for the second
quarter ended June 30, 2008, compared to a net loss of $22.9
million, or a loss of $0.41 per basic and diluted share, for the
second quarter ended June 30, 2007. For the six months ended June
30, 2008, Idenix reported total revenues of $3.6 million, compared
with total revenues of $44.5 million for the six months ended June
30, 2007. The decrease was due to a decline of $23.0 million in
reimbursements of research and development costs from Novartis, a
decrease of $8.2 million in license fee revenue and the lack of
milestone payments during the first half of 2008 as compared to the
first half of 2007. The company reported a net loss of $39.4
million, or a loss of $0.70 per basic and diluted share, for the
six months ended June 30, 2008, compared with a net loss of $34.5
million, or a loss of $0.61 per basic and diluted share, for the
six months ended June 30, 2007. 2008 Financial Guidance The company
continues to expect to end 2008 with approximately $50.0 million of
cash, cash equivalents and marketable securities, assuming no
milestone payments, license fees, reimbursement for development
programs, and no financing activities during 2008. Conference Call
Information Idenix will hold a conference call and webcast today at
8:30 a.m. ET. To access the call please dial 800-471-3635
U.S./Canada or 706-758-9475 International and enter passcode
56201724 or to listen to and view the live webcast of the call, go
to "Calendar of Events" in the Idenix Investor Center at
http://www.idenix.com/. A replay of the call will also be available
from 11:30 a.m. ET on July 29, 2008 until 11:59 p.m. ET on August
12, 2008. To access the replay, please dial 800-642-1687
U.S./Canada or 706-645-9291 International and enter passcode
56201724. An archived webcast will also be available for two weeks
after the call on the Idenix website. About Idenix Idenix
Pharmaceuticals, Inc., headquartered in Cambridge, Massachusetts,
is a biopharmaceutical company engaged in the discovery and
development of drugs for the treatment of human viral and other
infectious diseases. Idenix's current focus is on the treatment of
infections caused by hepatitis C virus and HIV. For further
information about Idenix, please refer to http://www.idenix.com/.
Forward-looking Statements This press release contains
"forward-looking statements" within the meaning of The Private
Securities Litigation Reform Act of 1995. Such forward- looking
statements can be identified by the use of forward-looking
terminology such as "expect," "plans," "anticipates," "will," or
similar expressions, or by express or implied statements with
respect to the company's clinical development programs or
commercialization activities in HIV or hepatitis C, or any
potential pipeline candidates and expectations with respect to
additional milestone payments, future royalty payments and cash
balances at the end of 2008. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results to be materially different from any
future results, performance or achievements expressed or implied by
such statements. There can be no guarantees that historical sales
of Tyzeka/Sebivo will in any way suggest future royalty payments or
royalty rates owed to the company, or that the company will advance
any clinical product candidate or other component of its potential
pipeline to the clinic, to the regulatory process or to
commercialization. In particular, management's expectations could
be affected by unexpected regulatory actions or delays;
uncertainties relating to, or unsuccessful results of, clinical
trials, including additional data relating to the ongoing clinical
trials evaluating its product candidates; the company's ability to
obtain additional funding required to conduct its research,
development and commercialization activities; the company's
dependence on its collaboration with Novartis Pharma AG; changes in
the company's business plan or objectives; the ability of the
company to attract and retain qualified personnel; competition in
general; and the company's ability to obtain, maintain and enforce
patent and other intellectual property protection for its product
candidates and its discoveries. These and other risks which may
impact management's expectations are described in greater detail
under the caption "Risk Factors" in the company's quarterly report
on Form 10-Q for the quarter ended March 31, 2008 as filed with the
Securities and Exchange Commission (SEC) and other filings that the
company makes with the SEC. All forward-looking statements reflect
the company's expectations only as of the date of this release and
should not be relied upon as reflecting the company's views,
expectations or beliefs at any date subsequent to the date of this
release. Idenix anticipates that subsequent events and developments
may cause these views, expectations and beliefs to change. However,
while Idenix may elect to update these forward-looking statements
at some point in the future, it specifically disclaims any
obligation to do so. Idenix Pharmaceuticals' Contact: Amy Sullivan
(617) 995-9838 IDENIX PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED) Three Months Ended Six Months Ended June 30, June 30,
2008 2007 2008 2007 Revenues: Collaboration revenue - related party
$1,433 $18,674 $3,478 $43,025 Other revenue 159 1,058 157 1,513
Total revenues 1,592 19,732 3,635 44,538 Operating expenses (1):
Cost of sales 415 167 810 237 Research and development 14,136
24,570 29,004 47,124 Selling, general and administrative 6,651
19,837 14,972 35,677 Restructuring charges 37 ------ 297 ------
Total operating expenses 21,239 44,574 45,083 83,038 Loss from
operations (19,647) (24,842) (41,448) (38,500) Investment income
and other income, net 485 1,802 1,425 3,780 Loss before income
taxes (19,162) (23,040) (40,023) (34,720) Income tax benefit 256
138 657 249 Net loss $(18,906) $(22,902) $(39,366) $(34,471) Basic
and diluted net loss per share: ($0.34) ($0.41) ($0.70) ($0.61)
Shares used in calculation of basic and diluted net loss per share:
56,359 56,170 56,316 56,148 (1) Stock-based compensation expenses
included in operating expenses amounted to approximately: Research
and development $467 $723 $1,127 $1,891 Selling, general and
administrative 876 1,296 1,755 2,533 IDENIX PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS) (UNAUDITED)
June 30, December 31, 2008 2007 ASSETS Cash and cash equivalents $
54,062 $ 48,260 Marketable securities 16,270 39,862 Receivables
from related party 1,727 11,196 Other current assets 3,221 4,401
Total current assets 75,280 103,719 Intangible asset, net 12,968
13,548 Property and equipment, net 14,873 15,460 Marketable
securities, non-current 10,308 23,882 Other assets 3,852 3,931
Total assets $ 117,281 $ 160,540 LIABILITIES AND STOCKHOLDERS'
EQUITY Accounts payable and accrued expenses $ 15,953 $ 21,809
Deferred revenue, related party 7,766 8,372 Other current
liabilities 645 553 Total current liabilities 24,364 30,734
Long-term obligations 18,237 19,107 Deferred revenue, related
party, net of current portion 34,948 41,861 Total liabilities
77,549 91,702 Stockholders' equity 39,732 68,838 Total liabilities
and stockholders' equity $ 117,281 $ 160,540 DATASOURCE: Idenix
Pharmaceuticals, Inc. CONTACT: Amy Sullivan of Idenix
Pharmaceuticals, Inc., +1-617-995-9838 Web site:
http://www.idenix.com/
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