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Idenix Pharmaceuticals Reports First Quarter Financial Results

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.

Business Highlights

  • In the first quarter of 2009, the company announced that it had licensed its NNRTI program for the treatment of HIV/AIDS, including IDX899, to GlaxoSmithKline (GSK) and received a $34 million payment, $17 million of which was a cash payment and the other $17 million representing the purchase of shares of Idenix common stock by GSK. Idenix may also be eligible to receive up to $416 million in development, regulatory and sales milestones, as well as double-digit tiered royalties based on worldwide product sales.
  • In April 2009, data were presented from each of Idenix's hepatitis C programs at the annual meeting of the European Association for the Study of the Liver in Copenhagen, Denmark (see press release dated April 23, 2009 for further details). The company continues to advance its three HCV discovery and development programs, with a nucleoside/tide polymerase inhibitor being evaluated in a proof-of-concept clinical study and non-nucleoside polymerase and protease inhibitors undergoing late-stage preclinical testing.

"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.

About Idenix

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

Forward-looking Statements

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.




                                                         Three Months Ended
                                                              March 31,
                                                           2009       2008
                                                           ----       ----
        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.


                          (IN THOUSANDS)


                                                      March 31, December 31,
                                                          2009       2008

    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
                                                        =======    =======

    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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