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Idenix Pharmaceuticals Reports Second Quarter and Six Month 2009 Financial Results
Date:7/20/2009

CAMBRIDGE, Mass., July 20 /PRNewswire-FirstCall/ -- Idenix Pharmaceuticals, Inc. (Nasdaq: IDIX), a biopharmaceutical company engaged in the discovery and development of drugs for the treatment of human viral diseases, today reported unaudited financial results for the second quarter and six months ended June 30, 2009. At June 30, 2009, Idenix's cash, cash equivalents and marketable securities totaled $51.7 million.

Business Highlights

  • Idenix announced today that it had successfully completed a proof-of-concept study of its lead HCV antiviral development program, IDX184, a novel once-daily liver-targeted nucleotide prodrug. This double-blind, placebo-controlled, monotherapy, dose-escalation study in HCV genotype-1-infected patients evaluated the safety and antiviral activity of IDX184. For more information on the results of this study, please see the related press release issued today by Idenix.
  • The company continued to advance its two preclinical HCV antiviral programs. Idenix is finalizing IND- or CTA-enabling preclinical studies for IDX375, a non-nucleoside polymerase inhibitor, and is preparing documentation to support initial regulatory filings. The company has synthesized the first kilogram of its lead protease inhibitor drug candidate and has initiated 28-day chronic toxicology studies in two species to support regulatory applications.
  • Finally, during the quarter, Idenix streamlined operations with the closure of its screening facility in Cagliari, Italy. This activity is now being performed at the company's laboratory in Cambridge, Massachusetts. As a result, Idenix reduced its workforce by 18 employees and incurred a restructuring charge in the quarter of $1.5 million.

"Our focus this year has been on the advancement of our HCV discov
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SOURCE Idenix Pharmaceuticals, Inc.
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