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Pharmasset Reports Fiscal First Quarter 2011 Financial Results
Date:2/7/2011

PRINCETON, N.J., Feb. 7, 2011 /PRNewswire/ -- Pharmasset, Inc. (Nasdaq: VRUS), a clinical stage pharmaceutical company committed to discovering, developing, and commercializing novel drugs to treat viral infections, today reported financial results and operational highlights for the quarter ended December 31, 2010.

Financial ResultsRevenues were $0.2 million during the quarter ended December 31, 2010 compared to $0.3 million for the quarter ended December 31, 2009 and include amortization of up-front and subsequent collaborative and license payments received from Roche.

Net cash used in operating activities during the three months ended December 31, 2010 was $24.0 million. Pharmasset held $102.7 million in cash and cash equivalents as of December 31, 2010. On January 26, 2011, we completed a common stock offering raising an additional $123.4 million.

Total operating expenses for the quarter ended December 31, 2010 were $23.8 million as compared to $13.4 million for the same period in 2009. The increase in operating expenses for the quarter ended December 31, 2010 was primarily the result of preclinical and clinical trial costs for PSI-7977 and PSI-938 of which $5.9 million was related to API manufacturing (and related drug supply) costs and pegylated interferon and ribavirin costs for the studies of PSI-7977 and PSI-938.

Pharmasset reported a net loss of $23.5 million, or $0.69 per share, for the quarter ended December 31, 2010, as compared to a net loss of $13.9 million, or $0.49 per share, for the quarter ended December 31, 2009.

Recent Operational Highlights:-- Presented final Phase 2a results with PSI-7977 at the American Association for the Study of Liver Diseases (AASLD) in October 2010

-- Initiated Part 2 of a Phase 1 study that includes combinations of PSI-7977 and PSI-938

-- Roche reported 12 week interim results f
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SOURCE Pharmasset, Inc.
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