Idenix Pharmaceuticals Reports Third Quarter and Nine Month 2009 Financial Results
CAMBRIDGE, Mass., Oct. 29 /PRNewswire-FirstCall/ -- Idenix Pharmaceuticals, Inc. (Nasdaq: IDIX - News), a biopharmaceutical company engaged in the discovery and development of drugs for the treatment of human viral diseases, today reported unaudited financial results for the third quarter and nine months ended September 30, 2009. At September 30, 2009, Idenix's cash, cash equivalents and marketable securities totaled $61.1 million.
Business Highlights
* Idenix successfully completed a proof-of-concept study of its lead HCV antiviral drug candidate, IDX184, a novel once-daily liver-targeted nucleotide prodrug. A 14-day dose-ranging study evaluating IDX184 in combination with pegylated interferon and ribavirin in treatment-naive HCV genotype 1-infected patients is being planned.
* Additionally, the company submitted a Clinical Trial Application (CTA) for IDX375, a non-nucleoside polymerase inhibitor, and subsequently advanced this candidate into the clinic through initiation of a single ascending dose phase I study in healthy volunteers.
* Also during the quarter, Idenix issued 7.3 million shares of common stock with net proceeds to the company of approximately $21.2 million in an underwritten offering.
"We are pleased to have drug candidates from two of our HCV programs in clinical development," said Jean-Pierre Sommadossi, Ph.D., chairman and chief executive officer of Idenix. "With our protease inhibitor on track for an initial regulatory filing by year end, we are close to achieving our goal of having several drug candidates from multiple HCV drug classes in the clinic."
For the third quarter ended September 30, 2009, Idenix reported total revenues of $3.1 million, compared to total revenues of $2.1 million in the third quarter of 2008. Idenix reported a net loss of $11.7 million, or a loss of $0.18 per basic and diluted share, for the third quarter ended September 30, 2009, compared to a net loss of $16.9 million, or a loss of $0.30 per basic and diluted share for the third quarter ended September 30, 2008.
For the nine months ended September 30, 2009, Idenix reported total revenues of $9.6 million, compared to total revenues of $5.8 million for the nine months ended September 30, 2008. The company reported a net loss of $40.9 million, or a loss of $0.68 per basic and diluted share, for the nine months ended September 30, 2009, compared to a net loss of $56.3 million, or a loss of $1.00 per basic and diluted share, for the nine months ended September 30, 2008.
2009 Financial Guidance
The company expects that its current cash, cash equivalents and marketable securities can fund operations through at least the next twelve months. This guidance assumes no milestone payments, license fees, reimbursement for development programs and no financing activities.
Conference Call Information
Idenix will hold a conference call and webcast today at 4:30 p.m. ET. To access the call please dial 800-471-3635 U.S./Canada or 706-758-9475 International and enter passcode 37050246 or to listen to a live webcast, go to "Calendar of Events" in the Idenix Investor Center at www.idenix.com. A replay of the call will also be available from 6:30 p.m. ET on October 29, 2009 until November 12, 2009 12:00 a.m. ET. To access the replay, please dial 800-642-1687 U.S./Canada or 706-645-9291 International and enter passcode 37050246. An archived webcast will also be available for two weeks after the call on the Idenix website. |
