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Idenix Pharmaceuticals Reports Third Quarter and Nine Month Financial Results

CAMBRIDGE, Mass., Nov. 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 third quarter and nine months ended September 30, 2007. At September 30, 2007, Idenix's cash, cash equivalents and marketable securities totaled approximately $136.5 million.

For the third quarter ended September 30, 2007, Idenix reported total revenues of $10.9 million, compared with total revenues of $19.6 million in the third quarter of 2006. Total revenues for the third quarter of 2007 consist of reimbursement by Novartis Pharma AG of expenses incurred by Idenix in connection with the development of Tyzeka(R)/Sebivo(R) (telbivudine), valtorcitabine and valopicitabine, Idenix's product and product candidates for the treatment of hepatitis B virus (HBV) and hepatitis C virus (HCV), respectively, and the amortization of the up-front fees received by Idenix in connection with Novartis' license of telbivudine, valtorcitabine and valopicitabine and product sales of Tyzeka/Sebivo. Idenix reported a net loss of $30.5 million, or a loss of $0.54 per basic and diluted share for the third quarter ended September 30, 2007, compared to a net loss of $19.7 million, or a loss of $0.35 per basic and diluted share for the third quarter ended September 30, 2006. Included in the net loss for the third quarter ended September 30, 2007 was a $6.4 million restructuring charge primarily related to severance costs and impairment of certain fixed assets related to the transition of commercialization, development and manufacturing activities for telbivudine to Novartis. Idenix currently expects to incur approximately $3 million to $5 million in additional charges relating to this restructuring over the next two quarters. Also in connection with the restructuring, the company accelerated the depreciation of certain assets equal to approximately $1.9 million in the quarter ended September 30, 2007 and expects to record approximately an additional $1 million of accelerated depreciation charges in the fourth quarter of 2007.

For the nine months ended September 30, 2007, Idenix reported total revenues of $55.4 million, compared with total revenues of $52.1 million for the nine months ended September 30, 2006. The company reported a net loss of $65.0 million, or a loss of $1.16 per basic and diluted share for the nine months ended September 30, 2007, compared with $51.5 million, or a loss of $0.92 per basic and diluted share for the nine months ended September 30, 2006.

Significant Events

Significant events in the last quarter include:

-- Announced a strategic restructuring whereby Novartis, Idenix's

collaboration partner, effective October 1, 2007, assumed full

responsibility for the development, manufacturing and commercialization

activities relating to Tyzeka/Sebivo, including ongoing and future

clinical trials and regulatory filings. In place of the previous

revenue sharing arrangement, Idenix will receive a royalty on worldwide

product sales. As a result of these changes, Idenix is reducing its

workforce by approximately 100 positions, the majority of which

supported the development and commercialization of Tyzeka/Sebivo in the

United States and Europe. Idenix estimates that this restructuring will

result in savings of $40 million to $45 million, including associated

third party and marketing costs, on an annualized basis.

-- Completed a single-dose pharmacokinetic (PK) study and a 7-day multi-

dose study in healthy volunteers for the company's non-nucleoside

reverse transcriptase inhibitor (NNRTI) candidate IDX899 for the

treatment of HIV. The full preclinical data and these first human data

were submitted for presentation at the Conference on Retroviruses and

Opportunistic Infections (CROI), which will be held in February 2008.

"While this has been a challenging time in the evolution of Idenix, we continue to be optimistic about the company's future," said Jean-Pierre Sommadossi, Ph.D., chairman and chief executive officer of Idenix. "The restructuring will allow us to devote our resources to the discovery and development of antiviral drugs for the treatment of HCV and HIV. We have had active HCV and HIV discovery programs underway for the past 18 months and are very excited about the candidates in our pipeline."

2007 Financial Guidance

Idenix continues to expect to end 2007 with between $100 million and $110 million of cash, cash equivalents and marketable securities.

Conference Call and Webcast Information

Idenix will hold a conference call today at 4:30 p.m. ET. To access the call please dial 800-471-3635 U.S./Canada or 706-758-9475 International and enter passcode 21545602. To listen to a live webcast of the call, go to "Calendar of Events" in the Idenix Investor Center at Please log in approximately 10 minutes before the call to ensure a timely connection. A replay of the conference call and webcast will be available until November 20, 2007. To access the replay, please dial 800-642-1687 U.S./Canada or 706-645-9291 International and enter the passcode 21545602.

About Idenix

Idenix Pharmaceuticals, Inc., headquartered in Cambridge, Massachusetts, is a biopharmaceutical company engaged in the discovery and development of drugs for the treatment of human viral and other infectious diseases. Idenix's current focus is on the treatment of infections caused by hepatitis C virus and HIV. For further information about Idenix, please refer to

Forward-looking Statements

This press release contains "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward- looking statements can be identified by the use of forward-looking terminology such as "expect," "may," "plans," "will," or similar expressions, or by express or implied statements with respect to the company's clinical development programs or commercialization activities in HIV or hepatitis C, or any potential pipeline candidates and expectations with respect to additional milestone payments and cash balances at the end of 2007. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. There can be no guarantees that historical sales of Tyzeka/Sebivo will in any way suggest future royalty payments or royalty rates owed to the company, or that the company will advance any clinical product candidate or other component of its potential pipeline to the clinic, to the regulatory process or to commercialization. In particular, management's expectations could be affected by unexpected regulatory actions or delays; uncertainties relating to, or unsuccessful results of, clinical trials, including additional data relating to the ongoing clinical trials evaluating its product candidates; the company's ability to obtain additional funding required to conduct its research, development and commercialization activities; the company's dependence on its collaboration with Novartis Pharma AG; changes in the company's business plan or objectives; the ability of the company to attract and retain qualified personnel; competition in general; and the company's ability to obtain, maintain and enforce patent and other intellectual property protection for its product candidates and its discoveries. These and other risks which may impact management's expectations are described in greater detail under the caption "Risk Factors" in the company's annual report on Form 10-K for the year ended December 31, 2006 and the Quarterly Report on Form 10- Q for the quarter ended June 30, 2007, each as filed with the Securities and Exchange Commission (SEC) and other filings that the company makes with the SEC.

All forward-looking statements reflect the company's expectations only as of the date of this release and should not be relied upon as reflecting the company's views, expectations or beliefs at any date subsequent to the date of this release. Idenix anticipates that subsequent events and developments may cause these views, expectations and beliefs to change. However, while Idenix may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so.

Idenix Pharmaceuticals' Contacts:

Media: Teri Dahlman (617) 995-9905

Investors: Amy Sullivan (617) 995-9838





Three Months Ended Nine Months Ended

September 30, September 30,

2007 2006 2007 2006


Collaboration revenue

- related party $9,153 $19,590 $52,178 $51,898

Product sales 1,725 ----- 3,188 -----

Government research grants 10 55 60 171

Total revenues 10,888 19,645 55,426 52,069

Operating expenses (1):

Cost of sales 277 ----- 514 -----

Research and development 18,421 26,083 65,545 73,013

Selling, general and

administrative 18,393 15,924 54,070 38,727

Restructuring and impairment

charges 6,439 ------- 6,439 -------

Total operating expenses 43,530 42,007 126,568 111,740

Loss from operations (32,642) (22,362) (71,142) (59,671)

Investment income, net 1,718 2,563 5,498 7,217

Loss before income taxes (30,924) (19,799) (65,644) (52,454)

Income tax benefit 375 84 624 948

Net loss $(30,549) $(19,715) $(65,020) $(51,506)

Basic and diluted net loss

per share: ($0.54) ($0.35) ($1.16) ($0.92)

Shares used in calculation

of basic and diluted net

loss per share: 56,189 56,058 56,162 55,981

(1) Stock-based compensation

expenses included in operating

expenses amounted to


Research and development $553 $713 $2,444 $2,246

Selling, general and

administrative 1,326 1,830 3,859 4,527

Restructuring and impairment

charges 968 ----- 968 -----





September 30, December 31,

2007 2006


Cash and cash equivalents $51,285 $55,892

Marketable securities 52,519 71,251

Receivables from related party 7,758 12,035

Other current assets 7,527 8,427

Total current assets 119,089 147,605

Property and equipment, net 17,261 17,448

Marketable securities, non-current 32,678 59,208

Other assets 8,772 4,204

Total assets $177,800 $228,465


Accounts payable and accrued expenses $29,276 $23,429

Deferred revenue, related party 9,123 13,490

Other current liabilities 500 527

Total current liabilities 38,899 37,446

Long-term obligations 7,422 8,523

Deferred revenue, related party, net of

current position 43,335 40,471

Total liabilities 89,656 86,440

Stockholders' equity 88,144 142,025

Total liabilities and stockholders' equity $177,800 $228,465

SOURCE Idenix Pharmaceuticals, Inc.
Copyright©2007 PR Newswire.
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