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Idenix Pharmaceuticals Reports Fourth Quarter and Year End 2011 Financial Results and Provides Pipeline Update
Date:2/23/2012

l, as well as initiating a phase I study for our next-generation nucleotide inhibitor, IDX19368. We believe that the potent and pan-genotypic profiles of our drug candidates support their potential role in future HCV combination regimens."

Fourth Quarter and Year End 2011 Financial ResultsFor the fourth quarter ended December 31, 2011, Idenix reported total revenues of ($0.7) million, compared to total revenues of $2.4 million in the fourth quarter of 2010. In the fourth quarter of 2011, the Company recorded a charge against revenue related to the impact of the stock subscription rights of Novartis Pharma AG (Novartis), which is described in more detail below. The Company reported a net loss of $18.1 million, or a loss of $0.18 per basic and diluted share, for the fourth quarter ended December 31, 2011, compared to a net loss of $16.2 million, or a loss of $0.22 per basic and diluted share for the fourth quarter ended December 31, 2010.

Under the stock purchase agreement that Idenix entered into with Novartis in 2003, Novartis has the right to maintain its percentage ownership in Idenix by purchasing shares of Idenix's common stock when stock options are exercised under certain stock plans. As of December 31, 2011, the fair market value of Idenix's common stock that would be issuable to Novartis under this stock subscription right, less the exercise price that would be paid by Novartis impacted the consolidated statements of operations as a reduction of the revenue associated with the Novartis collaboration. For the fourth quarter ended December 31, 2011, the Company recorded $2.0 million of revenue related to the Novartis collaboration and a charge against revenue of $3.4 million due to this stock subscription right resulting in net contra-revenue related to Novartis of $1.4 million as shown in the consolidated statements of operations.

For the year ended December 31, 2011, Idenix reported total revenues of $7.0 million, compared to total r
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SOURCE Idenix Pharmaceuticals, Inc.
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