Pharmasset's Underwriters Release Shares fr...( PRINCETON N.J. Oct. 16 /- Pharmas...),Health

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.

About Pharmasset

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) throu
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