PRINCETON, N.J., Oct. 16 /PRNewswire-FirstCall/ -- Pharmasset, Inc. (Nasdaq: VRUS) announced today the early termination by its Underwriters of the lock-up letter agreements that were executed in conjunction with the initial public offering of Pharmasset's common stock. The termination of transfer and sale restrictions set forth in the agreements will be effective on October 19, 2007. The lock-up agreements cover an aggregate of approximately 16 million shares of Pharmasset common stock.
Upon the termination of the lock-up agreements, these shares will be available for sale subject to any resale restrictions of the federal securities laws, including, in some instances, the limitations of Rule 144 or 701 under the Securities Act of 1933, as amended. Pharmasset completed its initial public offering of 5,000,000 shares of common stock on May 2, 2007 at a public offering price of $9.00 per share.
Pharmasset is a clinical-stage pharmaceutical company committed to discovering, developing and commercializing novel drugs to treat viral infections. Pharmasset's primary focus is on the development of oral therapeutics for the treatment of hepatitis B virus (HBV), hepatitis C virus (HCV) and human immunodeficiency virus (HIV).
Pharmasset is currently developing three product candidates. Clevudine, for the treatment of chronic HBV infection, is in Phase 3 clinical trials for registration in the Americas and Europe. Clevudine is already approved for HBV in South Korea and marketed by Bukwang Pharmaceuticals in South Korea under the brand name Levovir. R7128, an oral treatment for chronic HCV infection, is in a 28-day Phase 1 clinical trial in combination with Pegasys(R) and Copegus(R) through a strategic collaboration with Roche. Racivir, which is being developed for the treatment of HIV in combination with other approved HIV drugs, has completed a Phase 2 clinical trial.
Pegasys(R) and Copegus(R) are registered trademarks of Roche.
Alan Roemer, Vice President
Investor Relations & Corporate Communications
Office: (609) 613-4125
Pharmasset "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding our business that are not historical facts are "forward-looking statements" that involve risks and uncertainties, including without limitation the risk that the early termination of transfer and sale restrictions set forth in the lock-up letter agreements will be not become effective on October 19, 2007, the risk that the on-going or anticipated clinical trials for any one or more of our product candidates will not be successful or that any one or more of our product candidates will not be successfully developed and commercialized. For a discussion of these risks and uncertainties, any of which could cause our actual results to differ from those contained in the forward-looking statements, see the section of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 filed with the Securities and Exchange Commission entitled "Risk Factors" and discussions of potential risks and uncertainties in our subsequent filings with the Securities and Exchange Commission.
|SOURCE Pharmasset, Inc.|
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