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InterMune Reports First Quarter 2009 Financial Results and Business Highlights

terferon gamma-1b) revenue of $6.0 million, compared with $8.5 million in the same quarter of 2008, a decrease of approximately 29%, reflecting lower off-label physician prescriptions of Actimmune for the treatment of IPF, which InterMune does not promote.

Research and development (R&D) expenses in the first quarter of 2009 were $24.4 million compared with $27.2 million in the first quarter of 2008, a decrease of approximately 10%, reflecting completion of the CAPACITY clinical trials in late 2008. General and administrative (G&A) expenses were $8.5 million in the first quarter of 2009, compared with $7.5 million in the same period a year earlier, an increase of approximately 13%, attributed to legal fees associated with a Department of Justice (DOJ) action against a former InterMune executive covered by an indemnification agreement, and costs related to preparation for the anticipated commercialization of pirfenidone.

InterMune additionally reported that first quarter 2009 expenses included a milestone payment of $13.5 million for pirfenidone that was expensed as Acquired Research and Development Milestone. The milestone payment was made in accordance with the pirfenidone purchase agreement and InterMune's decision to submit NDA and MAA filings for pirfenidone.

InterMune also reported expenses of $0.6 million recorded as Restructuring Charges related to a reduction in force in February 2009.

As of March 31, 2009, InterMune had cash, cash equivalents and available-for-sale securities of approximately $175.2 million, compared with $154.7 million at December 31, 2008. The March 31, 2009 balance includes net proceeds of approximately $63.4 million from a follow-on public offering of 4,025,000 shares of common stock completed on February 19, 2009. InterMune made an accelerated payment in the quarter to the DOJ of $4.4 million related to the company's recent financing event. The Ma

SOURCE InterMune, Inc.
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