Idenix Pharmaceuticals Reports Third Quarter and Nine Month Financi...( CAMBRIDGE Mass. Nov. 6 /- IdenixP...),Health

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 telb
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