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Pharmasset Reports Fiscal Third Quarter 2009 Financial Results
Date:8/10/2009

PRINCETON, N.J., Aug. 10 /PRNewswire-FirstCall/ -- Pharmasset, Inc. (Nasdaq: VRUS), a clinical stage pharmaceutical company committed to discovering, developing, and commercializing novel drugs to treat viral infections, today reported financial results and operational highlights for the fiscal quarter ended June 30, 2009.

Financial Results

Revenues were $10.5 million during the quarter ended June 30, 2009 compared to $0.5 million for the quarter ended June 30, 2008 and reflect the receipt of a $10.0 million milestone payment from Roche, following the initiation of the phase 2b study with RG7128, and the amortization of up-front and subsequent collaborative and license payments received from Roche.

Net cash used in operating activities was $5.8 million for the quarter ended June 30, 2009 as compared to $12.7 million for the quarter ended June 30, 2008. Pharmasset held $72.7 million in cash and cash equivalents at the end of the fiscal third quarter.

Total operating expenses for the quarter ended June 30, 2009 were $16.7 million as compared to $15.0 million for the same period in 2008. The increase in operating expenses for the quarter ended June 30, 2009 was primarily the result of an increase in clinical development expenses for PSI-7851, our second generation hepatitis C virus (HCV) product candidate, and preclinical development expenses for our purine series of compounds. Partially offsetting these increases were reduced expenses for our clevudine Phase 3 registration studies that were terminated during the quarter.

Pharmasset reported a net loss of $6.9 million, or $0.25 per share, for the quarter ended June 30, 2009, as compared to a net loss of $15.0 million, or $0.69 per share, for the quarter ended June 30, 2008.


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