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Pharmasset Reports Fiscal Year End 2008 Financial Results
Date:12/11/2008

PRINCETON, N.J., Dec. 11 /PRNewswire-FirstCall/ -- Pharmasset, Inc. (Nasdaq: VRUS), a clinical stage pharmaceutical company committed to discovering, developing and commercializing novel drugs to treat viral infections, reported financial results for the fiscal year ended September 30, 2008. At September 30, 2008, Pharmasset held $63.6 million in cash and cash equivalents and short term investments.

Pipeline Update and 2008 Highlights

Clevudine

During 2008, new data from multiple investigator sponsored studies supported the potential of clevudine to treat hepatitis B (HBV), including its use in lamivudine resistant patients. Data from one study suggested that clevudine is as effective as entecavir (Baraclude(R)) and that it can be effectively used in combination with adefovir (Hepsera(R)). Management believes the unique attributes of clevudine will help to differentiate it in the marketplace, including its potential to achieve a sustained virological response (SVR) in patients after a defined treatment period.

In July of 2008, the French National Agency for Research on AIDS and Viral Hepatitis initiated a study to compare treatment with clevudine or tenofovir with a combination of the two. In this study patients will be treated for two years, followed by a determination of the SVR rates.

Pharmasset is currently enrolling two registration trials worldwide (studies 305 and 306) and as a result of unforeseen regulatory delays that impacted the start up in certain countries, the company expects to complete enrollment at the end of the first calendar quarter of 2009.

R7128

During 2008, Pharmasset made significant progress with our hepatitis C virus (HCV) programs. R7128, our lead HCV nucleoside inhibitor, completed 28 day clinical studies in both treatment n
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SOURCE Pharmasset, Inc.
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3. Pharmasset to Present at the UBS Global Life Sciences Conference on Wednesday, September 24th
4. Pharmasset Reports Financial Results for Quarter Ended June 30, 2008
5. Pharmasset Reports Preliminary Results of a 4-week Combination Study of R7128 for the Treatment of Chronic Hepatitis C
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