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Pharmasset Reports Fiscal Year End 2008 Financial Results

Investment income was $2.0 million during fiscal year 2008 compared to $2.5 million during fiscal year 2007. This $0.5 million decrease was due to lower rates of return on the average invested cash balances during 2008.

Pharmasset reported a net loss attributable to common stockholders of $54.7 million, or $2.51 per share, as compared to a net loss attributable to common stockholders of $6.8 million, or $0.46 per share for the same period in 2007.

    Calendar Year 2009 Anticipated Milestones

    -- Meet with FDA in January 2009 to discuss phase 2b and future trials of
    -- Roche initiates phase 2b study of R7128 in first quarter of 2009
    -- Complete enrollment of clevudine registration trials end of first
       quarter of 2009
    -- File IND for PSI-7851 in first quarter of 2009
    -- Report end of treatment data from 28 day add-on study with R7128 in
       non-responder, HCV genotype 2 and genotype 3 patients in first quarter
       of 2009
    -- Report interim results from INFORM-1 trial in first half of 2009
    -- Report end of treatment results from 28 day add-on study with R7128 in
       treatment naive, HCV genotype 1 patients around mid-year 2009
    -- Report phase 1 data with PSI-7851 in second half of 2009

About Pharmasset

Pharmasset is a clinical-stage pharmaceutical company committed to discovering, developing and commercializing novel drugs to treat viral infections. Pharmasset's primary focus is on the development of oral therapeutics for the treatment of hepatitis B virus (HBV), hepatitis C virus (HCV) and human immunodeficiency virus (HIV).

Pharmasset is currently developing three product candidates. Clevudine, for the treatment of chronic HBV infection, is enrolling Phase 3 clinical trials for registration in North, Central and South America and Europe. Clevudine is already approved for HBV in South Korea and marketed

SOURCE Pharmasset, Inc.
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