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Pharmasset Reports Fiscal Second Quarter 2011 Financial Results
Date:4/25/2011

PRINCETON, N.J., April 25, 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 March 31, 2011.

Financial ResultsRevenues were $0.2 million during the quarter ended March 31, 2011 compared to $0.3 million for the quarter ended March 31, 2010 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 March 31, 2011 was $16.8 million. Pharmasset held $208.3 million in cash and cash equivalents as of March 31, 2011.

Total operating expenses for the quarter ended March 31, 2011 were $20.8 million as compared to $15.7 million for the same period in 2010.

Pharmasset reported a net loss of $19.9 million, or $0.55 per share, for the quarter ended March 31, 2011, as compared to a net loss of $16.1 million, or $0.54 per share, for the quarter ended March 31, 2010.

Recent Operational Highlights:-- Presented SVR12 data from its ongoing Phase 2b PROTON trial with PSI-7977 in HCV genotype 2/3 patients at the European Association for the Study of the Liver (EASL) conference in April 2011

-- Presented 12 week interim analysis of the genotype 1 arms of its PROTON trial genotype 1 arms at EASL

-- Presented 14 day data from PSI-7977/PSI-938 NUCLEAR study at the EASL conference in April 2011

-- Initiated the duration finding ATOMIC trial with PSI-7977

-- Roche initiated INFORM-SVR with mericitabine (RG7128) and ritonavir boosted danoprevir (RG7227) in the first quarter of 2011

-- Decided not to file an IND for PSI-661 in order to focus resources on PSI-7977 and PSI-938.

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SOURCE Pharmasset, Inc.
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