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Anadys Pharmaceuticals Reports Third Quarter 2007 Financial Results and Operational Highlights
Date:11/1/2007

urrent collaboration. As a result, Anadys recognized $21.0 million of previously deferred revenue during the third quarter, representing the remaining unrecognized portion of the $20 million up-front payment and the $10 million IND milestone payment that were previously being recognized into revenue over the estimated development period of ANA975. Both amounts were received from Novartis in 2005. This completes the recognition of the deferred revenue under the Novartis collaboration. The Company reported revenues of $21.5 million for the third quarter of 2007, compared to $1.1 million for the third quarter of 2006.

Research and development expenses were $7.6 million for the third quarter of 2007 compared to $5.5 million for the third quarter of 2006. The $2.1 million increase was primarily due to an increase in external preclinical development costs for ANA773 and ANA598 and the effect of a one-time reimbursement of $1.1 million received during the three months ended September 30, 2006 for ANA975 costs previously incurred by Anadys. The increase was partially offset by a decrease in development costs associated with ANA975. As a result of our previously announced strategic restructuring, costs savings were achieved during the three months ended September 30, 2007 which were offset by severance related costs of $0.7 million.

General and administrative expenses were $2.4 million for the three months ended September 30, 2007 compared to $3.1 million for the three months ended September 30, 2006. The $0.7 million decrease is primarily due to a decrease in share-based compensation expense partially offset by separation related costs of $0.5 million related to our previously announced strategic restructuring and related reduction in force and the departure of our former President and Chief Executive Officer.

Operating expenses were $10.0 million for the quarter, compared to $8.6 million for the third quarter of 2006. Included as a component of Anadys' op
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SOURCE Anadys Pharmaceuticals, Inc.
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