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Idenix Pharmaceuticals Reports Third Quarter and Nine Month 2011 Financial Results and Provides Pipeline Update
Date:11/2/2011

CAMBRIDGE, Mass., Nov. 2, 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 third quarter and nine months ended September 30, 2011. At September 30, 2011, Idenix's cash and cash equivalents totaled $64.7 million.

Third Quarter and Nine Month 2011 Financial Results
For the third quarter ended September 30, 2011, Idenix reported total revenues of $2.6 million, compared to total revenues of $3.8 million in the third quarter of 2010. The Company reported a net loss of $11.7 million, or a loss of $0.12 per basic and diluted share, for the third quarter ended September 30, 2011, compared to 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.

For the nine months ended September 30, 2011, Idenix reported total revenues of $7.7 million, compared to total revenues of $7.8 million in the nine months ended September 30, 2010. The Company reported a net loss of $33.9 million, or a loss of $0.39 per basic and diluted share, for the nine months ended September 30, 2011, compared to 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. The $11.5 million reduction in net loss in 2011 was due primarily to $5.5 million of lower expenses related to devoting fewer resources to our protease inhibitor and non-nucleoside polymerase inhibitor programs during 2011, $3.1 million lower salaries and personnel related costs, $2.6 million of lower costs related to the timing of clinical trials of IDX184 and $2.2 million of non-recurring restructuring expenses in 2010. Offsetting these amounts was an increase of $3.7 million in expenses related to the preclinical devel
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SOURCE Idenix Pharmaceuticals, Inc.
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