Idenix Pharmaceuticals Reports First Quarter 2013 Financial Results
April 30 2013 - 4:05PM
Idenix Pharmaceuticals, Inc. (Nasdaq:IDIX), a biopharmaceutical
company engaged in the discovery and development of drugs for the
treatment of human viral diseases, today reported unaudited
financial results for the first quarter ended March 31, 2013.
First Quarter 2013 Financial Results
For the first quarter ended March 31, 2013, Idenix reported
total revenues of $0.9 million, compared to total revenues of $35.6
million in the first quarter of 2012. The Company reported a net
loss of $30.8 million, or $0.23 per basic and diluted share, for
the first quarter ended March 31, 2013, compared to a net income of
$11.4 million, or $0.11 per basic share and $0.10 per diluted share
for the first quarter ended March 31, 2012. The change in net
income (loss) was mainly due to additional revenue as a result of
the recognition of $36.1 million of deferred revenue in the first
quarter of 2012 related to the termination of the license agreement
with ViiV Healthcare Company. Additionally, there were increases in
research and development expenses of $5.4 million and additional
legal costs of $1.8 million.
2013 Financial Guidance
At March 31, 2013, Idenix's cash and cash equivalents totaled
$205.3 million. The Company continues to expect that its current
cash and cash equivalents will be sufficient to sustain its
operations into at least the second half of 2014. This guidance
assumes no milestone payments or license fees, no reimbursement for
development programs and no financing activities.
"During the first quarter, we continued to advance our HCV
development programs and remain on track to initiate a phase II
all-oral combination study of IDX719 and Janssen's simeprevir in
the first half of the year," said Ron Renaud, Idenix's President
and Chief Executive Officer. "We continue to be pleased with the
profile of our lead uridine nucleotide prodrug candidate and are
conducting studies to support an investigational new drug
application submission in the first half of the year. Based on
these timelines, we anticipate data readouts from these programs
later this year and the initiation of a phase II all-oral
combination study of IDX719 and our lead uridine nucleotide by
year-end 2013."
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.
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 IDX719 or any other
drug candidate; the successful development of novel combinations of
direct-acting antivirals for the treatment of HCV; the likelihood
and success of any future clinical trials involving IDX719 or our
other 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 expectations regarding the benefits of
the restructuring of its collaboration with Novartis; 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 annual report on Form 10-K
for the year ended December 31, 2012 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,
INC. |
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(LOSS) |
|
|
|
(IN THOUSANDS, EXCEPT
PER SHARE DATA) |
|
|
|
(UNAUDITED) |
|
|
|
|
Three Months Ended |
|
March 31, |
|
2013 |
2012 |
Revenues: |
|
|
Collaboration revenue –
related party |
$852 |
$ (423) |
Other revenue |
--- |
36,068 |
Total revenues |
852 |
35,645 |
Operating expenses (1): |
|
|
Cost of revenues |
332 |
1,170 |
Research and
development |
24,008 |
18,593 |
General and
administrative |
7,535 |
4,774 |
Total operating
expenses |
31,875 |
24,537 |
Income (loss) from operations |
(31,023) |
11,108 |
Other income, net |
271 |
342 |
Income (loss) before income taxes |
(30,752) |
11,450 |
Income tax expense |
(1) |
(1) |
Net income (loss) |
$ (30,753) |
$11,449 |
Earnings (loss) per common share: |
|
|
Basic |
$ (0.23) |
$0.11 |
Diluted |
$ (0.23) |
$0.10 |
Weighted average number of common shares
outstanding: |
|
|
Basic |
133,958 |
107,751 |
Diluted |
133,958 |
112,330 |
Comprehensive income (loss): |
|
|
Net income (loss) |
$ (30,753) |
$11,449 |
Changes in other
comprehensive income: |
|
|
Foreign currency
translation adjustment |
(349) |
208 |
Comprehensive income (loss) |
$ (31,102) |
$11,657 |
(1) Share-based compensation expenses
included in operating expenses amounted to approximately: |
|
|
Research and
development |
$469 |
$298 |
General and
administrative |
779 |
432 |
|
|
|
IDENIX PHARMACEUTICALS,
INC. |
|
|
|
CONDENSED CONSOLIDATED
BALANCE SHEETS |
|
|
|
(IN
THOUSANDS) |
|
|
|
(UNAUDITED) |
|
|
|
|
March 31, |
December 31, |
|
2013 |
2012 |
|
|
|
ASSETS |
|
|
Cash and cash equivalents |
$205,297 |
$230,826 |
Receivables from related party |
1,350 |
1,195 |
Other current assets |
6,976 |
5,771 |
Total current assets |
213,623 |
237,792 |
Property and equipment, net |
3,114 |
3,274 |
Receivables from related party, net of
current portion |
5,918 |
6,210 |
Other assets |
3,838 |
3,589 |
Total assets |
$226,493 |
$250,865 |
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
Accounts payable and accrued expenses |
$21,212 |
$15,064 |
Deferred revenue, related party |
714 |
714 |
Other current liabilities |
142 |
154 |
Total current liabilities |
22,068 |
15,932 |
Other long-term obligations |
11,978 |
11,785 |
Deferred revenue, related party, net of
current portion |
3,810 |
3,988 |
Total liabilities |
37,856 |
31,705 |
Stockholders' equity |
188,637 |
219,160 |
Total liabilities and stockholders'
equity |
$226,493 |
$250,865 |
CONTACT: Idenix Pharmaceuticals Contact:
Teri Dahlman (617) 995-9807
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