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Idenix Pharmaceuticals Reports First Quarter 2011 Financial Results
Date:4/27/2011

CAMBRIDGE, Mass., April 27, 2011 /PRNewswire/ -- Idenix Pharmaceuticals, Inc. (NASDAQ: IDIX), a biopharmaceutical company engaged in the discovery and development of drugs for the treatment of human viral diseases, today reported unaudited financial results for the first quarter of 2011. At March 31, 2011, Idenix's cash and cash equivalents totaled $31.4 million.

First Quarter 2011 Financial ResultsFor the first quarter ended March 31, 2011, Idenix reported total revenues of $4.0 million, compared to total revenues of $2.7 million in the first quarter of 2010. The company reported a net loss of $8.2 million, or a loss of $0.11 per basic and diluted share, for the first quarter ended March 31, 2011, compared to a net loss of $16.2 million, or a loss of $0.24 per basic and diluted share for the first quarter ended March 31, 2010. The $8.0 million reduction in net loss in 2011 was due primarily to fewer expenses associated with the company's HCV drug candidates, IDX184 and IDX320, and a lack of restructuring expenses in 2011. During the first quarter of 2010, the company was conducting a phase IIa clinical trial of IDX184 and a phase I clinical study of IDX320, whereas there were no ongoing studies with either drug candidate in the first quarter of 2011. The company expects that expenses will increase during 2011 as a result of its plans to initiate a phase IIb clinical trial of IDX184 in the second half of 2011.

Underwritten Offering and Private PlacementOn April 13, 2011, Idenix priced an underwritten offering of 21,056,500 shares of its common stock at a public offering price of $2.80 per share. JP Morgan acted as the sole book-running manager and underwriter for the offering. Concurrent with the underwritten offering, Idenix also issued 1,785,714 shares of its common stock to Novartis Pharma AG through a private placement at $2.80 per share. After the underwrit
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SOURCE Idenix Pharmaceuticals, Inc.
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