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Anadys Pharmaceuticals Reports First Quarter 2009 Financial Results and Highlights
Date:4/23/2009

SAN DIEGO, April 23 /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, 2009.

"We have now concluded three Phase I trials of ANA598, including a study in HCV patients that demonstrated potent antiviral activity over three days," said Steve Worland, Ph.D., Anadys' President and CEO. "Coupled with very favorable results at three months in our chronic toxicology studies and ongoing manufacturing activities, the conclusion of these Phase I clinical studies positions the program to be ready in mid-2009 for the first Phase II study of ANA598 in combination with pegylated interferon and ribavirin, a study with the potential to demonstrate the impact of ANA598 on durable clinical benefit, known as SVR, in HCV patients."

Financial Results

As of March 31, 2009, the Company's cash, cash equivalents and securities available-for-sale totaled $20.8 million compared to $27.9 million as of December 31, 2008.

Research and development expenses were $6.9 million for the first quarter of 2009 compared to $6.0 million for the first quarter of 2008. The $0.9 million increase primarily resulted from a $1.7 million increase in development costs for ANA598 in the first quarter of 2009 compared to the first quarter of 2008, partially offset by a decrease in our ANA773 development costs. The ANA598 development costs were associated with our completed Phase Ib clinical trial which was initiated during September 2008, our 14-day healthy volunteer study which was initiated in February 2009 and our on-going long-term chronic toxicology studies which were initiated during Septe
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SOURCE Anadys Pharmaceuticals, Inc.
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