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Pharmasset Reports First Fiscal Quarter 2008 Financial Results
Date:2/14/2008

. Interest expense was $0.4 million during the first fiscal quarter of 2008 compared to $1,800 during the same period in fiscal 2007. The increase was primarily due to interest paid on the $10.0 million of long-term debt we incurred during October 2007.

At December 31, 2007, Pharmasset held $61.5 million in cash and cash equivalents and approximately $1.3 million of short-term investments.

"We collected preliminary results of the R7128 combination study for the treatment of HCV in the first fiscal quarter of 2008, and we look forward to orally presenting the final results of these two cohorts at the 43rd Annual Meeting of the European Association for the Study of the Liver (EASL) in April 2008," stated Schaefer Price, Pharmasset's Chief Executive Officer. "The rapid advancement of the R7128 program is a tribute to the productivity of our HCV collaboration with Roche and our communications with the FDA. We are currently focused on planning a 12-week Phase 2b combination study of R7128 with Pegasys plus Copegus, continuing clevudine HBV patient enrollment and nominating a lead preclinical candidate from our proprietary HCV discovery efforts."

First Fiscal Quarter 2008 Highlights

-- Commenced and subsequently completed dosing two cohorts in 4-week

combination study of R7128 with Pegasys(R) plus Copegus(R) for the

treatment of HCV.

-- Received fast track designation from the FDA for R7128 for the

treatment of HCV.

-- Entered antiviral research collaboration with the University of

Cincinnati's Genome Research Institute.

-- Appointed Michael Rogers as Chief Development Officer and Patrick T.

Higgins as Executive Vice President, Marketing & Sales.

-- Presented R7128 Phase 1 single ascending dose and 14-day monotherapy

study results for the treatment of HCV.

-- Discovered a new series of proprietary nucleoside analogs that have

demonstr
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SOURCE Pharmasset, Inc.
Copyright©2008 PR Newswire.
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