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

rom the PROPEL study at AASLD 2010

-- Initiated the exploratory interferon sparing ELECTRON trial with PSI-7977 in genotype 2 or 3 HCV infected patients

-- Reported positive 12 week safety and efficacy results from the PROTON trial in genotype 2 or 3 patients

-- Reported 7 and 14 day monotherapy results with PSI-938

-- Announced a clinical collaboration with Bristol-Myers Squibb to investigate the combination of PSI-7977 and BMY-790052 in genotype 1, 2 or 3 treatment naïve HCV patients.

-- Completed a common stock offering raising $123.4 million in net proceeds.

"We continue to make good progress with all of our nucleotide analog programs for HCV," stated Schaefer Price, President and Chief Executive Officer. "We have maintained the momentum of 2010 into 2011 by initiating the interferon sparing ELECTRON trial, as well as a 7977 and 938 combination trial. As we look to better define the role of nucleotide analogs in the future treatment of HCV, we and our partners are planning three interferon-free studies in the first half of 2011, including our own proprietary nucleotide analog combination trial with 7977 and 938. While other DAA combination trials have been impacted by the development of resistance, our nucleotide analog trials continue to demonstrate good antiviral activity, safety and a high barrier to resistance."

Calendar Year 2011 Anticipated Milestones:-- Pharmasset expects to report SVR12 data from its ongoing Phase 2b PROTON trial with PSI-7977 in HCV genotype 2/3 patients in the second quarter of 2011

-- Pharmasset expects to report the 12 week interim analysis from its PROTON trial genotype 1 arms in the second quarter of 2011

-- Pharmasset expects to initiate a Phase 2b trial exploring up to 24 week durations of PSI-7977 and pegylated interferon and ribavirin in the second quarter of 2011

-- Pharmasset expects to initiate a Phase 2 combination study with PSI-7977 and PSI-93
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SOURCE Pharmasset, Inc.
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