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Anadys Pharmaceuticals Reports Fourth Quarter and Year-End 2008 Financial Results and Highlights
Date:2/26/2009

al and administrative expenses were $2.0 million for the fourth quarter of 2008, compared to $1.8 million for the fourth quarter of 2007. The $0.2 million increase primarily resulted from an increase in facility related costs.

Operating expenses were $8.9 million for the fourth quarter of 2008, compared to $8.8 million for the fourth quarter of 2007. Included as a component of Anadys' operating expenses were non-cash, share-based expenses of $0.7 million and $0.6 million for the fourth quarter of 2008 and 2007, respectively.

The net loss was $8.5 million for the fourth quarter of 2008, compared to a net loss of $7.8 million for the fourth quarter of 2007. Basic and diluted net loss per common share was $0.30 in the fourth quarter of 2008, compared to $0.27 in the fourth quarter of 2007. Non-cash share-based expense resulted in a $0.02 increase in basic and diluted net loss per share for the fourth quarter of 2008 and 2007.

During the twelve months ended December 31, 2008 the Company had no revenue, compared to $24.1 million for the same period in 2007. The revenue recognized in 2007 was primarily derived from the amortization of upfront and milestone payments under a prior collaboration and additionally the recognition of previously deferred revenue upon termination of the collaboration. Operating expenses during the twelve months ended December 31, 2008 were $34.1 million compared to $36.9 million for the twelve months ended December 31, 2007. The decrease in operating expenses was a result of cost savings derived from Anadys' completed restructuring partially offset by increases in development costs for ANA598 and ANA773. For the twelve months ended December 31, 2008, Anadys reported a net loss of $32.4 million, compared to $9.2 million for the same period last year. Basic and diluted net loss per common share was $1.13 for the twelve months ended December 31, 2008, compared to $0.32 for the same period
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SOURCE Anadys Pharmaceuticals, Inc.
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