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Anadys Pharmaceuticals Reports First Quarter 2008 Financial Results and Highlights
Date:4/30/2008

.7 million decrease primarily resulted from cost savings derived from our completed strategic restructuring and associated termination of prior development programs, partially offset by an increase in development costs for ANA773 and ANA598 in the first quarter of 2008 compared to the first quarter of 2007.

General and administrative expenses remained relatively consistent at approximately $2.1 million for the first quarter of both 2008 and 2007.

Operating expenses were $8.1 million for the first quarter of 2008, compared to $8.8 million for the first quarter of 2007. Included as a component of Anadys' operating expenses were non-cash, share-based expenses of $0.7 million and $1.1 million for the first quarter of 2008 and 2007, respectively.

The net loss was $7.4 million for the first quarter of 2008, compared to a net loss of $6.7 million for the first quarter of 2007. Basic and diluted net loss per common share was $0.26 in the first quarter of 2008 compared to $0.23 in the first quarter of 2007. Non-cash share-based expense resulted in a $0.02 and $0.04 decrease in basic and diluted net loss per share for the three months ended March 31, 2008 and 2007, respectively.

Recent Development Program Highlights

-- Completion of Preclinical Activities and IND filing for ANA598. In the

first quarter, Anadys completed preclinical activities required to

advance ANA598 into clinical studies. Subsequent to the close of the

quarter, Anadys submitted an Investigational New Drug (IND) application

to the U.S. Food and Drug Administration (FDA). Pending allowance of

the IND by the FDA, Anadys expects to commence a Phase I single,

ascending-dose clinical trial in healthy volunteers in the second

quarter of 2008 to assess the safety and pharmacokinetics of ANA598.

Following the healthy volunteer study, Anadys plans to initiate a

short-term Phase Ib study of ANA
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SOURCE Anadys Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
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