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Idenix Pharmaceuticals Reports Fourth Quarter and Year End Financial Results
Date:2/17/2009

CAMBRIDGE, Mass., Feb. 17 /PRNewswire-FirstCall/ -- Idenix Pharmaceuticals, Inc. (Nasdaq: IDIX), a biopharmaceutical company engaged in the discovery and development of drugs for the treatment of human viral and other infectious diseases, today reported unaudited financial results for the fourth quarter and year ended December 31, 2008. At December 31, 2008, Idenix's cash, cash equivalents and marketable securities totaled $46.1 million.

Business Highlights

  • Idenix successfully completed a phase I/II proof-of-concept study of IDX899, a non-nucleoside reverse transcriptase inhibitor (NNRTI) for the treatment of human immunodeficiency virus (HIV) in September 2008. In February 2009, the company announced that it had licensed its NNRTI program, including IDX899, to GlaxoSmithKline (GSK) and, subject to closing conditions, will receive a $34 million payment, $17 million of which will be a cash payment and the other $17 million representing the purchase of shares of Idenix common stock by GSK. Idenix will also be eligible to receive up to $416 million in development, regulatory and sales milestones.
  • During 2008, Idenix completed a phase I, healthy volunteer study of IDX184, its lead nucleotide polymerase inhibitor for the treatment of hepatitis C, and advanced the drug candidate into proof-of-concept testing in treatment-naive HCV-infected patients.
  • Additionally, during 2008, the company selected clinical candidates and continued IND-enabling preclinical studies for its lead HCV non-nucleoside polymerase inhibitor and HCV protease inhibitor programs.

"Idenix began 2008 with a renewed focus on our discovery and development programs and ended the year with a successfully completed proof-of-concept study for IDX899 for the treatment of HIV and a robust pipeline of HCV programs spanning the three classes of direct-acting antivirals," said Jean-Pierre Sommadossi, Ph.D., chairman and chief executive officer of Idenix. "As we begin 2009, the recent execution of the license agreement for IDX899 enables us to focus all of our resources on the advancement of our HCV programs, with the goal of having a drug candidate from each of the three major classes of direct-acting antivirals in the clinic."

For the fourth quarter ended December 31, 2008, Idenix reported total revenues of $4.3 million, compared with total revenues of $12.6 million in the fourth quarter of 2007. The decrease was mainly due to $10.1 million in lower reimbursements of research and development costs from Novartis. Idenix reported a net loss of $13.9 million, or a loss of $0.25 per basic and diluted share, for the fourth quarter ended December 31, 2008, compared to a net loss of $17.5 million, or a loss of $0.31 per basic and diluted share for the fourth quarter ended December 31, 2007.

For the twelve months ended December 31, 2008, Idenix reported total revenues of $10.0 million, compared with total revenues of $68.0 million for the twelve months ended December 31, 2007. The majority of the decrease was due to $40.6 million in lower reimbursements of research and development costs from Novartis, a decrease of $10.0 million due to the lack of milestone payments in 2008 as compared to 2007 and $8.0 million due to lower license fee revenue. The company reported a net loss of $70.2 million, or a loss of $1.24 per basic and diluted share for the twelve months ended December 31, 2008, compared with $82.5 million, or a loss of $1.47 per basic and diluted share for the twelve months ended December 31, 2007. The net loss reported for the twelve months ended December 31, 2007 included $8.7 million in restructuring charges, which included the impairment of certain assets equal to approximately $2.1 million.

2009 Financial Guidance

Including the $34 million Idenix expects to receive from the licensing of IDX899, the company anticipates that its current cash, cash equivalents and marketable securities can fund operations through at least the next twelve months. This guidance assumes no milestone payments, additional license fees, reimbursement for development programs, and no financing activities during 2009.

Conference Call and Webcast Information

Idenix will hold a conference call today at 4:30 p.m. ET. To access the call please dial (800) 471-3635 U.S./Canada or (706) 758-9475 International and enter passcode 84153140. To listen to a live webcast of the call, go to "Calendar of Events" in the Idenix Investor Center at www.idenix.com. Please log in approximately 10 minutes before the call to ensure a timely connection. A replay of the conference call and webcast will be available until March 4, 2009. To access the replay, please dial (800) 642-1687 U.S./Canada or (706) 645-9291 International and enter the passcode 84153140.

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 and other infectious diseases. Idenix's current focus is on the treatment of hepatitis C virus. For further information about Idenix, please refer to www.idenix.com.

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-Q for the quarter ended September 30, 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, INC.

                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

                     (IN THOUSANDS, EXCEPT PER SHARE DATA)

                                   (UNAUDITED)

                                     Three Months Ended      Years Ended
                                         December 31,        December 31,
                                       2008      2007      2008       2007
    Revenues:
      Collaboration revenue -
       related party                 $4,247   $12,573    $9,815    $64,751
      Other revenue                      21        29       234      3,277
        Total revenues                4,268    12,602    10,049     68,028

    Operating expenses (1):
      Cost of sales                     479     1,487     1,745      2,001
      Research and development       11,949    20,294    53,887     85,839
      Selling, general and
       administrative                 5,702     9,278    27,130     63,348
      Restructuring and
       impairment charges                --     2,305       297      8,744
        Total operating expenses     18,130    33,364    83,059    159,932
    Loss from operations            (13,862)  (20,762)  (73,010)   (91,904)
    Investment and other
     income (expense), net             (780)    4,389       781      9,887
    Loss before income taxes        (14,642)  (16,373)  (72,229)   (82,017)
    Income tax benefit (expense)        693    (1,122)    2,023       (498)
    Net loss                       $(13,949) $(17,495) $(70,206)  $(82,515)

    Basic and diluted net
     loss per share:                 ($0.25)   ($0.31)   ($1.24)    ($1.47)
    Shares used in calculation
     of basic and diluted net
     loss per share:                 56,524    56,189    56,403     56,169

    (1) Stock-based compensation expenses included in operating expenses
    amounted to approximately:

      Research and development         $440      $560    $2,005     $3,005
      Selling, general and
       administrative                   790       899     3,397      4,758
      Restructuring and
       impairment charges                --        --        --        968




                          IDENIX PHARMACEUTICALS, INC.

                     CONDENSED CONSOLIDATED BALANCE SHEETS

                                 (IN THOUSANDS)

                                   (UNAUDITED)

                                               December 31,     December 31,
                                                   2008             2007

    ASSETS
    Cash and cash equivalents                     $41,509          $48,260
    Marketable securities                           1,424           39,862
    Receivables from related party                    894           11,196
    Other current assets                            6,214            4,401
      Total current assets                         50,041          103,719
    Intangible asset, net                          12,387           13,548
    Property and equipment, net                    13,238           15,460
    Marketable securities, non-current              3,145           23,882
    Other assets                                      969            3,931
      Total assets                                $79,780         $160,540

    LIABILITIES AND STOCKHOLDERS' EQUITY
    Accounts payable and accrued expenses         $13,136          $21,809
    Deferred revenue, related party                 5,965            8,372
    Other current liabilities                         475              553
      Total current liabilities                    19,576           30,734
    Long-term obligations                          17,061           19,107
    Deferred revenue, related party,
     net of current portion                        35,790           41,861
      Total liabilities                            72,427           91,702
    Stockholders' equity                            7,353           68,838
      Total liabilities and stockholders'
       equity                                     $79,780         $160,540

    Idenix Pharmaceuticals' Contacts:
    Media: Teri Dahlman (617) 995-9905
    Investors: Amy Sullivan (617) 995-9838


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SOURCE Idenix Pharmaceuticals, Inc.
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