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Pharmasset Reports Financial Results for Quarter Ended March 31, 2008

.0 million of debt incurred during October 2007.

As of March 31, 2008, Pharmasset had approximately $63.0 million of cash and cash equivalents and approximately $1.2 million of short-term investments.

"R7128 for the treatment of hepatitis C virus (HCV) continues to demonstrate best-in-class potential based on its safety, efficacy and high barrier to resistance as demonstrated in 4-week Phase 1 clinical trials," stated Schaefer Price, Pharmasset's Chief Executive Officer. "We look forward to continuing the advancement and broadening the scope of this program by exploring additional Phase 1 cohorts, including an R7128 1000mg dose in patients with HCV genotype 1 and an R7128 1500mg dose in patients with HCV genotypes 2 and 3 who have not responded to prior therapy. We and Roche are currently focused on planning a global 12-week Phase 2b combination study of R7128 with Pegasys plus Copegus."

Highlights of the Quarter Ended March 31, 2008

-- Announced preliminary safety and efficacy results of two cohorts (500mg

and 1500mg) in a 4-week combination study of R7128 with Pegasys plus

Copegus for the treatment of HCV.

-- Appointed Herbert J. Conrad as a member of our Board of Directors and

the Nominating and Corporate Governance Committee.

-- Advanced a new series of proprietary nucleoside analogs that have

demonstrated potent anti-HCV activity.

Anticipated Highlights

-- Initiating dosing and announcing preliminary results of Cohorts 3 and 4

in a 4-week combination study of R7128 with Pegasys plus Copegus for

the treatment of HCV in the third calendar quarter of 2008.

-- Completing HBV patient enrollment for clevudine Phase 3 registration

studies in the second calendar half of 2008.

-- Initiating trial activities for a global 12-week Phase 2b combination

study of R7128 with Pegasys plus Copegus in the fourth calendar quarter


SOURCE Pharmasset, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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