CAMBRIDGE, Mass., Jan. 9, 2012 /PRNewswire/ -- Idenix
Pharmaceuticals, Inc. (NASDAQ: IDIX), a biopharmaceutical company
engaged in the discovery and development of drugs for the treatment
of human viral diseases, today announced the advancement of its
hepatitis C virus (HCV) development pipeline.
IDX719: NS5A Program
Idenix announced today the initiation of a phase I clinical
trial of the Company's NS5A inhibitor, IDX719. The first part of
the study will evaluate safety, pharmacokinetics and food effect of
IDX719 in 48 healthy volunteers. A subsequent part of the study
will evaluate three days of IDX719 treatment in treatment-naïve
genotype 1 HCV-infected patients and is expected to begin in the
second quarter of 2012. Preclinical studies have shown that IDX719
has potent, pan-genotypic activity in vitro with the
potential for once-daily dosing.
IDX19368 and IDX19370: Nucleotide Prodrug Program
Further, the Company has selected two additional nucleotide
inhibitors, IDX19368 and IDX19370, as potential clinical
candidates. The Company anticipates Investigational New Drug (IND)
filings in mid-2012.
"Over the past year, Idenix has made significant progress in
both our core nucleotide and NS5A programs," commented Ron Renaud, President and Chief Executive
Officer of Idenix. "The preclinical profile of IDX719 is very
competitive, and we are leveraging the Company's significant
nucleotide chemistry expertise to discover novel nucleotides with
promising properties as well as continuing to strengthen our IP
position. We are excited about the potential of our novel antiviral
compounds in the evolving HCV field in the coming year."
2011 Year-end Cash Balance
Idenix today reported that it ended 2011 with approximately
$118.3 million of cash and cash
equivalents. The Company's 2011 financial results have not yet been
audited.
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 diseases. Idenix's
current focus is on the treatment of patients with hepatitis C
infection. For further information about Idenix, please refer to
www.idenix.com.
CONFERENCE CALL AND WEBCAST INFORMATION
Idenix will hold a conference call today at 8:30 a.m. ET. To access the call, please dial
(877) 640-9809 (U.S./Canada) or
(914) 495-8528 (International) and enter passcode 40631574. A slide
presentation will accompany the conference call and can be accessed
on the Investor section of the Idenix website at www.idenix.com.
Please log on approximately 10 minutes prior to the start of the
call to ensure adequate time for any downloads that may be
necessary.
A replay of the conference call and webcast will be available
until January 23, 2012, by dialing
(855) 859-2056 (U.S./Canada) or
(404) 537-3406 (International) and enter the passcode 40631574.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" for
purposes of the safe harbor provisions of The Private Securities
Litigation Reform Act of 1995, including but not limited to the
statements regarding the Company's future business and financial
performance. For this purpose, any statements contained herein that
are not statements of historical fact may be deemed forward-looking
statements. Without limiting the foregoing, the words "expect,"
"plans," "anticipates," "intends," "will," and similar expressions
are also intended to identify forward-looking statements, as are
expressed or implied statements with respect to the Company's
potential pipeline candidates, including any expressed or implied
statements regarding the efficacy and safety of IDX184 or any other
drug candidate; the successful development of novel combinations of
direct-acting antivirals for the treatment of hepatitis C; the
likelihood and success of any future clinical trials involving our
drug candidates; and expectations with respect to funding of
operations and future cash balances. Actual results may differ
materially from those indicated by such forward-looking statements
as a result of risks and uncertainties, including but not limited
to the following: there can be no guarantees 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; 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. 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. These and other risks which may impact management's
expectations are described in greater detail under the heading
"Risk Factors" in the Company's quarterly report on Form 10-Q for
the quarter ended September 30, 2011,
as filed with the Securities and Exchange Commission (SEC) and in
any subsequent periodic or current report that the Company files
with the SEC.
All forward-looking statements reflect the Company's estimates
only as of the date of this release (unless another date is
indicated) 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. While Idenix may elect to update these
forward-looking statements at some point in the future, it
specifically disclaims any obligation to do so, even if the
Company's estimates change.
Idenix Pharmaceuticals Contacts:
Kelly Barry (617) 995-9033
(media)
Teri Dahlman (617) 995-9807
(investors)
SOURCE Idenix Pharmaceuticals, Inc.