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Pharmasset Reports Fiscal Third Quarter 2011 Financial Results
Date:7/25/2011

PRINCETON, N.J. , July 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 June 30, 2011.

Financial ResultsRevenues were $0.2 million during the quarter ended June 30, 2011 compared to $0.2 million for the quarter ended June 30, 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 June 30, 2011 was $22.3 million. Pharmasset held $188.2 million in cash and cash equivalents as of June 30, 2011.

Total operating expenses for the quarter ended June 30, 2011 were $22.6 million as compared to $15.7 million for the same period in 2010.

Pharmasset reported a net loss of $22.6 million, or $0.60 per share, for the quarter ended June 30, 2011, as compared to a net loss of $16.0 million, or $0.50 per share, for the quarter ended June 30, 2010.

Recent Operational Highlights:-- Bristol-Myers Squibb initiated a combination trial with BMS-790052 and PSI-7977

-- Completed enrollment of ELECTRON's original four arms with PSI-7977

-- Expanded the ELECTRON trial with the addition of three new treatment arms

-- We were granted a US patent (US patent 7,964,580) titled 'Nucleoside Phosphoramidate Prodrugs' covering PSI-7977

-- Pharmasset and Tibotec announced a clinical collaboration to combine PSI-7977 and Tibotec's TMC435, a protease inhibitor

-- Reported SVR24 data from PROTON trial with PSI-7977 in genotype 2 or 3 patients

-- Roche disclosed that it expects to file, in 2014, an application for marketing approval of mericitabine

"Pharmasset had a very successful f
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SOURCE Pharmasset, Inc.
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