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Anadys Pharmaceuticals Reports Second Quarter 2008 Financial Results and Highlights
Date:7/30/2008

decrease was partially offset by an increase in development costs for ANA773 in the second quarter of 2008.

General and administrative expenses were $2.0 million for the second quarter of 2008, compared to $2.3 million for the second quarter of 2007. The $0.3 million decrease primarily resulted from cost savings derived from Anadys' completed strategic restructuring.

Operating expenses were $7.5 million for the second quarter of 2008, compared to $9.3 million for the second quarter of 2007. Included as a component of Anadys' operating expenses were non-cash, share-based expenses of $0.7 million and $1.0 million for the second quarter of 2008 and 2007, respectively.

The net loss was $7.1 million for the second quarter of 2008, compared to a net loss of $7.0 million for the second quarter of 2007. Basic and diluted net loss per common share was $0.25 in the second quarter of 2008, compared to $0.24 in the second quarter of 2007. Non-cash share-based expense resulted in a $0.02 and $0.04 increase in basic and diluted net loss per share for the three months ended June 30, 2008 and 2007, respectively.

During the six months ended June 30, 2008 the Company had no revenue, compared to $2.4 million for the same period in 2007. The revenue recognized in the first six months of 2007 was primarily derived from the amortization of an upfront payment and a milestone payment under a prior collaboration. For the six months ended June 30, 2008, Anadys reported a net loss of $14.5 million, compared to $13.7 million for the same period last year. Basic and diluted net loss per common share was $0.51 for the six months ended June 30, 2008, compared to $0.48 for the same period in 2007.

Recent Development Program Highlights

-- Initiation of Phase I Clinical Trial of ANA598. In June, Anadys announced that dosing in healthy volunteers had commenced in a Phase I study of ANA598, the Company's non-nucleoside HCV polymerase inhibitor. Following compl
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SOURCE Anadys Pharmaceuticals, Inc.
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