Idenix Pharmaceuticals (IDIX)

[DewDiligence]

Thank you for your thorough webcast notes. I agree with almost all of your musings, but this one is a notable exception:

“?minimal slight delay for phIII nm-283 (although this is arguable)”

The cumulative delay in starting phase-3 is neither slight nor arguable: it is large and real.

Last spring, the guidance was that phase-3 would start in the fall;

Last summer, the guidance was that phase-3 would start before year-end;

Last fall, the guidance was that phase-3 would start in early 2007;

Now, the guidance is that phase-3 will start in the second half of 2007.

Thus, during the past 9 months, the cumulative slippage in the start of this very important trial has been 12-15 months (and that’s assuming that there is not yet another delay). I’m concerned about this and I think other IDIX longs should be too. Regards, Dew