Navigation Links
Idenix Pharmaceuticals Reports Third Quarter and Nine Month 2010 Financial Results

CAMBRIDGE, Mass., Oct. 29 /PRNewswire-FirstCall/ -- 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 third quarter and nine months ended September 30, 2010. At September 30, 2010, Idenix's cash and cash equivalents totaled $37.0 million.

Third Quarter 2010 Financial ResultsFor the third quarter ended September 30, 2010, Idenix reported total revenues of $3.8 million, compared to total revenues of $3.1 million in the third quarter of 2009. The company reported a net loss of $12.9 million, or a loss of $0.18 per basic and diluted share, for the third quarter ended September 30, 2010, compared to a net loss of $ $11.7 million, or a loss of $0.18 per basic and diluted share for the third quarter ended September 30, 2009.

For the nine months ended September 30, 2010, Idenix reported total revenues of $7.8 million, compared to total revenues of $9.6 million for the nine months ended September 30, 2009. The company reported a net loss of $45.4 million, or a loss of $0.65 per basic and diluted share, for the nine months ended September 30, 2010, compared to a net loss of $40.9 million, or a loss of $0.68 per basic and diluted share, for the nine months ended September 30, 2009.

2010 Financial Guidance The company expects that its current cash and cash equivalents, the anticipated royalty payments associated with product sales of Tyzeka®/Sebivo® (telbivudine) and its ability and intent to manage expenditures will be sufficient to satisfy our cash needs for at least the next 12 months. This guidance assumes no additional milestone payments, license fees, reimbursement for development programs and no financing activities.  

Regulatory UpdateIn September 2010, the U.S. Food and Drug Administration (FDA) placed two of our HCV drug candidates, IDX184 and IDX320, on clinical hold following a 14-day drug-drug interaction study of a combination of IDX184 and IDX320 in healthy volunteers. Idenix is working with the FDA to determine the next steps in the development of these drug candidates.

About IdenixIdenix Pharmaceuticals, Inc., headquartered in Cambridge, Massachusetts, is a biopharmaceutical company engaged in the discovery and development of drugs for the treatment of human viral diseases. Idenix's current focus is on the treatment of patients with chronic hepatitis C infection. For further information about Idenix, please refer to

Forward-Looking StatementsThis press release contains "forward-looking statements" for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995, including but not limited to the statements regarding the company's future business and financial performance. For this purpose, any statements contained herein that are not statements of historical fact may be deemed forward-looking statements. Without limiting the foregoing, the words "expect," "plans," "anticipates," "will," "expects," "goal," "estimates," "projects," "would," "could," "targets," and similar expressions are also intended to identify forward-looking statements, as are expressed or implied statements with respect to the company's clinical development programs or commercialization activities in hepatitis C, or any potential pipeline candidates, including any expressed or implied statements regarding the efficacy and safety of our drug candidates, the likelihood and success of any future clinical trials involving our drug candidates or successful development of novel combinations of direct-acting antivirals for the treatment of hepatitis C. Actual results may differ materially from those indicated by such forward-looking statements as a result of risks and uncertainties, including but not limited to the following: there can be no guarantees that the company will advance any clinical product candidate or other component of its potential pipeline to the clinic, to the regulatory process or to commercialization; management's expectations could be affected by unexpected regulatory actions or delays, including the current clinical hold on IDX184 and IDX320; uncertainties relating to, or unsuccessful results of, clinical trials, including additional data relating to the ongoing clinical trials evaluating its product candidates; the company's ability to obtain additional funding required to conduct its research, development and commercialization activities; the company's dependence on its collaborations with Novartis Pharma AG and GlaxoSmithKline; changes in the company's business plan or objectives; the ability of the company to attract and retain qualified personnel; competition in general; and the company's ability to obtain, maintain and enforce patent and other intellectual property protection for its product candidates and its discoveries. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. These and other risks which may impact management's expectations are described in greater detail under the heading "Risk Factors" in each of the company's annual report on Form 10-K for the year ended December 31, 2009 and quarterly report on form 10-Q for the quarter ended June 30, 2010, as filed with the Securities and Exchange Commission (SEC) and in any subsequent periodic or current report that the company files with the SEC.

All forward-looking statements reflect the company's estimates only as of the date of this release  (unless another date is indicated) and should not be relied upon as reflecting the company's views, expectations or beliefs at any date subsequent to the date of this release. While Idenix may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so, even if the company's estimates change.IDENIX PHARMACEUTICALS, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(IN THOUSANDS, EXCEPT PER SHARE DATA)(UNAUDITED)Three Months Ended September 30,

Nine Months Ended September 30,2010200920102009Revenues:Collaboration revenue – related party

$   3,424$   2,840$   6,366$   8,937Other revenue3642671,421631Total revenues  

3,7883,1077,7879,568Operating expenses (1):Cost of revenues

5665461,8001,500Research and development

11,6379,34935,54831,599General and administrative

4,4405,20714,30816,579Restructuring charges

--2,2381,506Total operating expenses

16,64315,10253,89451,184Loss from operations

(12,855)(11,995)(46,107)(41,616)Other income (expense), net(76)323712791Loss before income taxes(12,931)(11,672)(45,395)(40,825)Income tax benefit (expense)15(3)(82)Net loss$(12,930)$(11,667)$(45,398)$(40,907)Basic and diluted net loss per share:

($0.18)($0.18)($0.65)($0.68)Shares used in calculation of basic and diluted net loss per share:  

72,93463,49369,94159,861(1) Share-based compensation expenses included in operating expenses amounted to approximately:Research and development

942$   1,210General and administrative


December 31,2010

2009ASSETSCash and cash equivalents

$   37,020

$   46,519Receivables from related party


1,049Other current assets


4,012Total current assets


51,580Intangible asset, net


11,069Property and equipment, net


10,091Marketable securities


1,584Other assets


2,326Total assets

$   63,089

$   76,650LIABILITIES AND STOCKHOLDERS' DEFICITAccounts payable and accrued expenses

$   12,603

$   10,720Deferred revenue, related party


6,155Other current liabilities


1,469Total current liabilities


18,344Long-term obligations


32,983Deferred revenue, related party, net of current portion


30,776Total liabilities


82,103Stockholders' deficit


(5,453)Total liabilities and stockholders' deficit

$   63,089

$   76,650Idenix Pharmaceuticals Contacts:Jonae Barnes (617) 224-4485 (investors)Kelly Barry (617) 995-9033 (media)

SOURCE Idenix Pharmaceuticals, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Idenix Announces Data Presentations at the 61st Annual Meeting of the American Association for the Study of Liver Diseases (AASLD)
2. Idenix Pharmaceuticals to Present at Two Upcoming Investor Conferences
3. Idenix Pharmaceuticals Reports Fourth Quarter and Year End 2009 Financial Results
4. Idenix Pharmaceuticals Successfully Completes Proof-of-Concept Study of IDX184 for the Treatment of Hepatitis C Virus (HCV)
5. Idenix Pharmaceuticals and GlaxoSmithKline Sign Worldwide License Agreement for IDX899, a Novel NNRTI for the Treatment of HIV
6. Idenix Pharmaceuticals Initiates Proof-of-Concept Study of IDX184 for the Treatment of Hepatitis C Virus (HCV)
7. Idenix Pharmaceuticals Announces Completion of Proof-of-Concept Study for IDX899 in Treatment-Naive HIV-Infected Patients
8. Idenix Pharmaceuticals Advances HCV Discovery Program to Clinic
9. Idenix Pharmaceuticals Reports First Quarter 2008 Financial Results
10. Idenix Pharmaceuticals Presents Positive Preclinical Data on HCV Programs at The Annual Meeting of The European Association for the Study of the Liver (EASL)
11. Idenix Pharmaceuticals Provides Update on Hepatitis C Pipeline at JP Morgan Healthcare Conference
Post Your Comments:
(Date:10/8/2015)... 8, 2015  Ardelyx, Inc. (NASDAQ: ARDX ... and cardio-renal diseases, today announced that clinical data ... be presented at the 2015 American College of ... measures of sustained response in IBS-C patients enrolled ... Phase 2 trial. The meeting will be held ...
(Date:10/8/2015)... 2015  Allergan plc (NYSE: AGN ), a ... hold its R&D Day on November 4, from 11:00 ... 1:00 p.m. PT). The company will also host its ... a.m. ET (6:00 a.m. PT). ... --> Logo - ...
(Date:10/8/2015)... , Oct. 8, 2015  The National ... approximately $40 million to the Broad Institute of ... sequencing of 20,000 individuals, as well as data ... metabolite profiling. Trans-Omics for Precision Medicine ... step toward a larger initiative, which will use ...
Breaking Medicine Technology:
... MELVILLE, N.Y., April 23, 2012  Henry Schein, ... provider of health care products and services to dental, ... with the launch of its 2012 Global Reflections program ... "Henry Schein firmly believes that protecting ...
... Systems, Inc. (NASDAQ: DCTH ) today announced it ... revolver with Silicon Valley Bank ("SVB"), a leading provider of ... available for general corporate purposes supporting the overall growth and ... transaction, Eamonn P. Hobbs, President & CEO of Delcath Systems, ...
Cached Medicine Technology:
(Date:10/9/2015)... ... ... A new health tool that helps identify if a sore throat is serious, ... just in time for the cold and flu season, which the Center for Disease ... U.S., the real start of cold/flu season is the start of the school year, ...
(Date:10/9/2015)... ... October 09, 2015 , ... Smoke alarms can save lives. In fact, ... risk of dying in reported home fires in half. As part of Fire Prevention ... are property installed and maintained. , Half of home fire deaths result from fires ...
(Date:10/9/2015)... Huntington Beach, CA (PRWEB) , ... October 09, ... ... Rassouli, is now offering a special promotion on Invisalign, the orthodontic system that ... many reasons. The aligners are almost invisible against the teeth, which allow patients ...
(Date:10/9/2015)... ... October 09, 2015 , ... Matrix IT ... product specifications for TRACTUS, the world’s first sterile field scanner. , ... response to the FDA’s recent Unique Device Identifier (UDI) Final Rule, which will ...
(Date:10/9/2015)... Washington, DC (PRWEB) , ... October 09, 2015 , ... ... agreement from the US Centers for Disease Control and Prevention (CDC) to improve the ... 14 years that AAFA has been awarded a project by the CDC and allows ...
Breaking Medicine News(10 mins):
... Network of America, LLC (DNoA) announced today the completion ... Blue Cross Blue Shield of Michigan (BCBSM), a nonprofit ... in Michigan, in addition to members of Michigan-headquartered groups ... , The acquisition brings two strategically focused companies -- ...
... BCBSM Customers Expanded National Dental Network; Solidify BCBSM Position as ... July 1 Blue Cross Blue Shield of Michigan announced ... acquired by Dental Network of America, LLC (DNoA), a strategic ... and DNoA -- will provide BCBSM with a more competitive ...
... , WASHINGTON, July 1 Today,s 65 year old Medicare ... or ,donut hole, is eliminated, says a new analysis of ... Avalere Health. The firm also concludes that although fewer ... by 2020 some of the sickest Medicare beneficiaries will spend ...
... 1 At a bargaining session yesterday with SEIU ... at Kaiser Permanente facilities in California and the rest ... ended when the contractor refused to restore the affordable ... the year. Bargaining broke down Tuesday evening as ...
... the 2009 pistachio harvest little more than two months away, ... with production expected to exceed 2008 levels. Growing conditions have ... of nutrient-rich pistachios to meet increasing demand. , ... September and is estimated at more than 425 million pounds ...
... , WESTCHESTER, Ill., July 1 The Pediatric Brain Tumor ... Fund) and BrainLAB teamed up again this year for the ... in New York City. The June 6 event raised funds ... childhood brain tumors. , , (Photo: ...
Cached Medicine News:
... Tri-Flo® suction catheter design was created ... patients while still providing high suctioning ... (5/6, 8 or 10 Fr) feature ... catheter placement. Our complete catheter line ...
Tracheal Suction Latex Rubber Catheters - Funnel End...
Rubber bronchial coude catheter, X-ray opaque, one eye, whistle tip....
KCIs KinAir IV combines Advanced Pressure Relief Therapy with a manual wound care turn to provide optimum skin care and patient,positioning....
Medicine Products: