As of December 31, 2007, InterMune had cash, cash equivalents and available-for-sale securities of approximately $235.3 million, compared with $214.5 million at December 31, 2006.
In October 2007, Targanta Therapeutics completed an initial public offering of its common stock, which resulted in the conversion of InterMune's interest in Targanta into approximately 3.0 million shares of Targanta common stock. As of December 31, 2007, InterMune recorded an unrealized gain of $5.7 million on 630,000 of those shares. The 630,000 shares met the criteria to be classified, as available-for-sale, marketable equity securities as they are estimated to qualify for sale within one year.
Dan Welch, President and Chief Executive Officer of InterMune, said, "The fourth quarter was a period of significant progress for InterMune. During the quarter, we significantly improved the potential economics of pirfenidone by eliminating all future royalties and milestones associated with a previous license and we acquired additional pirfenidone intellectual property that we believe will extend the exclusivity period for pirfenidone.
Mr. Welch continued, "We also recently completed the first two dose cohorts in the important Phase 1b study of ITMN-191, our first experience with the compound in patients chronically infected with the hepatitis C virus, and recently announced that we are planning to advance ITMN-191 to a 14-day triple combination study with Pegasus(R) and ribavirin. We look forward to the next 12 months as a pivotal period for InterMune, during which we expect to report the Phase 1b data on ITMN-191, execute a 14-day triple combination study of ITMN-191 and report the results from the Phase 3 CAPACITY program for pirfenidone."'/>"/>
|SOURCE InterMune, Inc.|
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