SAN DIEGO, April 30 /PRNewswire-FirstCall/ -- Anadys Pharmaceuticals, Inc. (Nasdaq: ANDS), a biopharmaceutical company dedicated to improving patient care by developing novel medicines in the areas of hepatitis C and oncology, today reported its financial results and highlights for the first quarter ended March 31, 2008.
"We made significant progress in both of our development programs during the first quarter," said Steve Worland, Ph.D., President and CEO of Anadys. "We successfully completed preclinical evaluation of ANA598, our non-nucleoside polymerase inhibitor for the treatment of hepatitis C, and have subsequently filed an IND for this product candidate. We also commenced dosing with ANA773, our oral TLR7 agonist prodrug, in patients with advanced cancer." Providing an updated cash outlook for 2008, Dr. Worland added, "Based on promising results from the preclinical evaluation of ANA598, we have made the strategic decision to accelerate certain non-clinical development activities for ANA598 into 2008 and now expect our cash utilization this year to be in the range of $29 million to $31 million."
As of March 31, 2008, the Company's cash, cash equivalents and securities available-for-sale totaled $48.8 million compared to $56.5 million as of December 31, 2007.
During the first quarter of 2008 the Company had no revenue, compared to $1.1 million in revenue for the same quarter of 2007. The revenue in the first quarter of 2007 was primarily derived from the amortization of an upfront payment and milestone payment under a prior collaboration.
Research and development expenses were $6.0 million for the first
quarter of 2008 compared to $6.7 million for the first quarter of 2007. The
|SOURCE Anadys Pharmaceuticals, Inc.|
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