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Pharmasset Reports Fiscal Year End 2007 Financial Results
Date:12/31/2007

mutation.

-- Continued building our antiviral clinical development team by adding

experienced senior leadership, including Dr. Michelle Berrey, Chief

Medical Officer and Dr. Michael Rogers, Chief Development Officer.

-- Completed an initial public offering (IPO) of 5,050,000 shares of

common stock at a price of $9.00 per share and began trading on the

NASDAQ Global Market under the symbol "VRUS." Net cash proceeds from

the IPO were $40.7 million.

-- Earned $20.0 million in milestone payments from Roche as part of a

collaboration for the development of R7128 for the treatment of chronic

HCV infection.

-- Closed a $30 million working capital loan agreement.

Calendar Year 2008 Anticipated Milestones

-- Release preliminary safety and efficacy data from a Phase 1, Part 3

multiple ascending dose study of R7128 following 4 weeks of combination

therapy with Pegasys plus Copegus in the first calendar quarter of

2008.

-- Report final safety and efficacy data from a Phase 1, Part 3 multiple

ascending dose study of R7128 following 4 weeks of combination therapy

with Pegasys plus Copegus in the second calendar quarter of 2008.

-- Complete patient enrollment for clevudine Phase 3 registration clinical

trials in the second calendar half of 2008.

-- Initiate a Phase 2b combination study of R7128 with Pegasys plus

Copegus in the second calendar half of 2008, assuming the successful

completion of the on-going R7128 Phase 1 study and the timely

completion of all required Phase 2b study preparation activities.

About Pharmasset

Pharmasset is a clinical stage pharmaceutical company committed to discovering, developing and commercializing novel drugs to treat viral infections. Pharmasset's primary focus is on the development of oral therapeutics for the treatment of hepatitis B
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SOURCE Pharmasset, Inc.
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