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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 o
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SOURCE Idenix Pharmaceuticals, Inc.
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