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Idenix Pharmaceuticals Reports Fourth Quarter and Year-End 2007 Financial Results
Date:3/6/2008

CAMBRIDGE, Mass., March 6 /PRNewswire-FirstCall/ -- Idenix Pharmaceuticals, Inc. (Nasdaq: IDIX), a biopharmaceutical company engaged in the discovery and development of drugs for the treatment of human viral and other infectious diseases, today reported unaudited financial results for the fourth quarter and year ended December 31, 2007. At December 31, 2007, Idenix's cash, cash equivalents and marketable securities totaled $112.0 million.
Significant company events for 2007 included:

-- The approval and launch of Sebivo(R) in major markets on a worldwide

basis, including China and the European Union. By year-end 2007,

Tyzeka(R)/Sebivo(R) (telbivudine) was approved in more than 50

countries.

-- The discontinuation of development of valopicitabine, or NM283, which

had been Idenix's lead drug candidate for the treatment of hepatitis C.

-- A strategic restructuring whereby Novartis Pharma AG assumed full

responsibility for the development, manufacturing and commercialization

activities relating to Tyzeka/Sebivo effective October 1, 2007 in

exchange for a royalty on worldwide product sales. As a result of these

changes, Idenix reduced its workforce by approximately 100 positions,

the majority of which supported the development and commercialization

of Tyzeka/Sebivo in the United States and Europe.

-- The expansion of Idenix's pipeline to include a novel non-nucleoside

reverse transcriptase inhibitor for the treatment of HIV-1 that is

currently in clinical development, and several novel direct-acting HCV

product candidates, including next-generation nucleoside/nucleotide

polymerase inh
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SOURCE Idenix Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
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