Idenix Pharmaceuticals Reports Second Quarter and Six Month Financial Results
CAMBRIDGE, Mass., Aug. 2 /PRNewswire-FirstCall/ -- Idenix Pharmaceuticals, Inc. (Nasdaq: IDIX), a biopharmaceutical company engaged in the discovery, development and commercialization of drugs for the treatment of human viral and other infectious diseases, today reported unaudited financial results for the second quarter ended June 30, 2007. At June 30, 2007, Idenix's cash, cash equivalents and marketable securities totaled approximately $160 million with no debt.
For the second quarter ended June 30, 2007, Idenix reported total revenues of $19.7 million, compared with total revenues of $19.3 million in the second quarter of 2006. Total revenues for the second quarter of 2007 consist of reimbursement by Novartis Pharma AG of expenses incurred by Idenix in connection with the development of Idenix's product and product candidates, TYZEKA(R)/SEBIVO(R) (telbivudine) and valtorcitabine for the treatment of hepatitis B (HBV) and valopicitabine (NM283) for the treatment of hepatitis C (HCV); and the amortization of the up-front fees and milestone payments received by Idenix in connection with Novartis' license of its product and product candidates. Idenix reported a net loss of $22.9 million, or a loss of $0.41 per basic and diluted share, for the second quarter ended June 30, 2007, compared to a net loss of $14.6 million, or a loss of $0.26 per basic and diluted share, for the second quarter ended June 30, 2006.
For the six months ended June 30, 2007, Idenix reported total revenues of $44.5 million, compared with total revenues of $32.4 million for the six months ended June 30, 2006. The company reported a net loss of $34.5 million, or a loss of $0.61 per basic and diluted share, for the six months ended June 30, 2007, compared with a net loss of $31.8 million, or a loss of $0.57 per basic and diluted share, for the six months ended June 30, 2006.
Business Highlights
"Despite the FDA's decision to put valopicitabine on clinical hold and our subsequent decision to halt the program's development, we remain excited about our pipeline and about the future of Idenix," said Jean-Pierre Sommadossi, Ph.D., chairman and chief executive officer of Idenix. "Over the past two years, we have devoted significant resources toward building a robust antiviral pipeline. In addition to our HIV non-nucleoside reverse transcriptase inhibitor, which entered the clinic this year, we have a comprehensive HCV discovery engine that includes a focused effort in every major class of anti-HCV drugs: nucleoside polymerase inhibitors, non-nucleoside polymerase inhibitors and protease inhibitors."
Significant events realized to date in 2007 include the following:
-- TYZEKA/SEBIVO continued to receive worldwide regulatory approvals this
quarter, including the European Union, which triggered a $10 million
milestone payment from Novartis. Launches occurred in Germany and the
United Kingdom shortly thereafter. Other major approvals received in
the quarter include Hong Kong, Malaysia and Russia.
-- Initiated a phase I dose-escalation study for the non-nucleoside
reverse transcriptase inhibitor (NNRTI) candidate IDX899 for the
treatment of HIV. This first-in-man study is designed to assess the
safety and pharmacokinetics of IDX899 in healthy volunteers.
-- Advanced the company's lead HCV discovery program, a second-generation
HCV nucleoside polymerase inhibitor, into IND-enabling toxicology. This
program remains on track for an IND submission by year-end 2007.
Dr. Sommadossi continued, "We are committed to establishing Idenix as a leading antiviral franchise with a critical mass of programs in each therapeutic area. Therefore, we will only continue to invest in programs that we believe will fulfill unmet medical needs and create long-term shareholder value."
2007 Financial Guidance
The company continues to expect to end 2007 with between $100 million and $110 million of cash, cash equivalents and marketable securities.
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