CAMBRIDGE, Mass., April 30 /PRNewswire-FirstCall/ -- Idenix Pharmaceuticals, Inc. (Nasdaq: IDIX), a biopharmaceutical company engaged in the discovery and development of drugs for the treatment of human viral diseases, today reported unaudited financial results for the first quarter ended March 31, 2009. At March 31, 2009, Idenix's cash, cash equivalents and marketable securities totaled $64.5 million.
"Our primary objective at Idenix is to discover and develop the leading HCV antiviral platform," said Jean-Pierre Sommadossi, Ph.D., chairman and chief executive officer of Idenix. "With the licensing of IDX899 to GSK in February of this year and the continued advancement of drug candidates from three major classes of direct-acting HCV antivirals, we have made substantial progress toward achieving this goal."
For the first quarter ended March 31, 2009, Idenix reported total revenues of $4.0 million, compared with total revenues of $2.0 million in the first quarter of 2008. Idenix reported a net loss of $12.9 million, or a loss of $0.23 per basic and diluted share, for the first quarter ended March 31, 2009, compared to a net loss of $20.5 million, or a loss of $0.36 per basic and diluted share for the first quarter ended March 31, 2008.
2009 Financial Guidance
The company continues to expect that its current cash, cash equivalents and marketable securities can fund operations through at least the first quarter of 2010. This guidance assumes no milestone payments, additional license fees, reimbursement for development programs and no financing activities during 2009.
Idenix Pharmaceuticals, Inc., headquartered in Cambridge, Massachusetts, is a biopharmaceutical company engaged in the discovery and development of drugs for the treatment of human viral diseases. Idenix's current focus is on the treatment of hepatitis C virus. For further information about Idenix, please refer to www.idenix.com.
This press release contains "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements can be identified by the use of forward-looking terminology such as "expect," "plans," "anticipates," "will," "expects," "goal" or similar expressions, or by express or implied statements with respect to the company's clinical development programs or commercialization activities in HIV or hepatitis C, or any potential pipeline candidates, including any expressed or implied statements regarding the efficacy and safety of IDX184 and any future clinical trials involving IDX184 and expectations with respect to additional milestone payments, future royalty payments, funding of operations and future cash balances. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. There can be no guarantees that historical sales of Tyzeka(R)/Sebivo(R) (telbivudine) will in any way suggest future royalty payments or royalty rates owed to the company, or that the company will advance any clinical product candidate or other component of its potential pipeline to the clinic, to the regulatory process or to commercialization. In particular, management's expectations could be affected by unexpected regulatory actions or delays; uncertainties relating to, or unsuccessful results of, clinical trials, including additional data relating to the ongoing clinical trials evaluating its product candidates; the company's ability to obtain additional funding required to conduct its research, development and commercialization activities; the company's dependence on its collaboration with Novartis Pharma AG and GlaxoSmithKline, respectively; changes in the company's business plan or objectives; the ability of the company to attract and retain qualified personnel; competition in general; and the company's ability to obtain, maintain and enforce patent and other intellectual property protection for its product candidates and its discoveries. These and other risks which may impact management's expectations are described in greater detail under the caption "Risk Factors" in the company's quarterly report on Form 10-K for the year ended December 31, 2008 as filed with the Securities and Exchange Commission (SEC) and other filings that the company makes with the SEC.
All forward-looking statements reflect the company's expectations only as of the date of this release and should not be relied upon as reflecting the company's views, expectations or beliefs at any date subsequent to the date of this release. Idenix anticipates that subsequent events and developments may cause these views, expectations and beliefs to change. However, while Idenix may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so.
Idenix Pharmaceuticals' Contacts: Media: Teri Dahlman (617) 995-9905 Investors: Amy Sullivan (617) 995-9838
IDENIX PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) Three Months Ended March 31, ----------------- 2009 2008 ---- ---- Revenues: Collaboration revenue - related party $3,916 $2,031 Other revenue 95 13 -- -- Total revenues 4,011 2,044 Operating expenses (1): Cost of revenues 461 395 Research and development 10,849 14,868 General and administrative 6,016 8,321 Restructuring charges - 260 --- --- Total operating expenses 17,326 23,844 ------ ------ Loss from operations (13,315) (21,800) Other income (expense), net (49) 939 ---- --- Loss before income taxes (13,364) (20,861) Income tax benefit 438 401 --- --- Net loss $(12,926) $(20,460) ========= ========= Basic and diluted net loss per share: ($0.23) ($0.36) ======= ======= Shares used in calculation of basic and diluted net loss per share: 56,940 56,274 ====== ====== (1) Stock-based compensation expenses included in operating expenses amounted to approximately: Research and development $439 $660 General and administrative 817 880
IDENIX PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS) (UNAUDITED) March 31, December 31, 2009 2008 ASSETS Cash and cash equivalents $62,567 $41,509 Marketable securities - 1,424 Receivables from related party 814 894 Other current assets 4,859 6,214 ----- ----- Total current assets 68,240 50,041 Intangible asset, net 12,097 12,387 Property and equipment, net 12,157 13,238 Marketable securities, non-current 1,900 3,145 Other assets 2,084 969 ----- --- Total assets $96,478 $79,780 ======= ======= LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable and accrued expenses $10,051 $13,136 Deferred revenue, related party 6,130 5,965 Other current liabilities 1,560 475 ----- --- Total current liabilities 17,741 19,576 Long-term obligations 33,845 17,061 Deferred revenue, related party, net of current portion 35,246 35,790 ------ ------ Total liabilities 86,832 72,427 Stockholders' equity 9,646 7,353 ----- ----- Total liabilities and stockholders' equity $96,478 $79,780 ======= =======
|SOURCE Idenix Pharmaceuticals, Inc.|
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