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Pharmasset Reports Fiscal Second Quarter 2009 Financial Results
Date:5/11/2009

PRINCETON, N.J., May 11 /PRNewswire-FirstCall/ -- Pharmasset, Inc. (Nasdaq: VRUS), a clinical stage pharmaceutical company committed to discovering, developing, and commercializing novel drugs to treat viral infections, reported financial results and operational highlights for the fiscal quarter ended March 31, 2009.

Financial Results

Revenues were $1.9 million during the quarter ended March 31, 2009 compared to $0.5 million for the quarter ended March 31, 2008 and reflect the receipt of $1.4 million of research and development payments and the amortization of up-front and subsequent collaborative and license payments received from Roche.

Net cash used in operating activities was $15.5 million for the quarter ended March 31, 2009 as compared to $9.4 million for the quarter ended March 31, 2008. Pharmasset held $79.3 million in cash and cash equivalents at the end of the fiscal second quarter.

Total operating expenses for the quarter ended March 31, 2009 were $16.6 million as compared to $12.8 million for the same period in 2008. The increase in operating expenses for the quarter ended March 31, 2009 was primarily the result of an increase in phase 3 registration study expenses for clevudine for the treatment of chronic hepatitis B infection, as well as increased preclinical development expenses for our second generation hepatitis C virus (HCV) product candidate, PSI-7851, and the purine series of compounds.

Pharmasset reported a net loss of $15.5 million, or $0.59 per share for the quarter ended March 31, 2009, as compared to a net loss of $12.1 million, or $0.57 per share for the quarter ended March 31, 2008.

Recent Highlights:

  • On April 25, 2009, Pharmasset, Roche, and InterMune reported results from the INFO
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