Biotech Values

[DewDiligence]

IDIX Reports 3Q08 Results

[Cash on hand at 9/30/08 was $60M, down from $80M at 6/30/08. Guidance for cash at year-end is now $45-50M, down from the prior guidance of $50M; the slightly increased burn relative to prior guidance is due to higher than expected R&D expenses for the HCV non-nucleoside polymerase inhibitor IDX375.

IDIX booked Tyzeka/Sebivo royalties of $2.1M during 3Q08, suggesting that NVS’ in-market sales (based on an assumed 20% royalty rate) were running at an annualized rate of about $42M during 2Q08 (royalties are based on NVS’ in-market sales in the prior quarter). Please see actual PR for financial tables.]

http://biz.yahoo.com/prnews/081030/neth104.html

›Thursday October 30, 4:05 pm ET

CAMBRIDGE, Mass., Oct. 30 /PRNewswire-FirstCall/ -- Idenix Pharmaceuticals, Inc. (Nasdaq: IDIX ), a biopharmaceutical company engaged in the discovery and development of drugs for the treatment of human viral and other infectious diseases, today reported unaudited financial results for the third quarter and nine months ended September 30, 2008. At September 30, 2008, Idenix's cash, cash equivalents and marketable securities totaled approximately $60.1 million.

2008 Year-to-Date Business Highlights

-- Idenix completed its phase I/II study of IDX899, a non-nucleoside reverse transcriptase inhibitor (NNRTI) being developed for the treatment of HIV-1, which demonstrated potent antiviral activity at all doses tested. Patients receiving once-daily IDX899 achieved a mean plasma viral load reduction of approximately 1.8 log10 after seven days of treatment in each of the 800 mg, 400 mg, 200 mg and 100 mg dosing cohorts (n=8 per treatment group). Patients receiving placebo (n=8) had a mean viral load increase of 0.10 log10 over the same treatment period. The safety profile of IDX899 observed during this study was comparable to placebo, with no serious adverse events reported and no pattern of adverse events or laboratory abnormalities observed on treatment. Additionally, no patients who received treatment discontinued the study.

-- Idenix also continued to advance its HCV discovery and development programs, successfully completing a first-in-man phase I study of IDX184, a nucleotide prodrug candidate, and initiating the IND-enabling preclinical studies for IDX375, a non-nucleoside polymerase inhibitor, and IDX136 and IDX316, macrocyclic protease inhibitor drug candidates.

"As we advance our HCV and HIV discovery and development programs, we remain excited about the opportunities ahead for Idenix," said Jean-Pierre Sommadossi, Ph.D., chairman and chief executive officer of Idenix.

For the third quarter ended September 30, 2008, Idenix reported total revenues of $2.1 million, compared with total revenues of $10.9 million in the third quarter of 2007. The decrease was primarily due to a decline of $7.4 million in reimbursements of research and development costs from Novartis Pharma AG, Idenix's collaboration partner. Idenix reported 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, compared to a net loss of $30.5 million, or a loss of $0.54 per basic and diluted share for the third quarter ended September 30, 2007.

For the nine months ended September 30, 2008, Idenix reported total revenues of $5.8 million, compared with total revenues of $55.4 million for the nine months ended September 30, 2007. The majority of the decrease was due to $30.4 million in lower reimbursements of research and development costs from Novartis, a decrease of $10.0 million due to lower milestone revenue in 2008 as compared to 2007 and $9.3 million due to lower license fee revenue. The company reported 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, compared with $65.0 million, or a loss of $1.16 per basic and diluted share for the nine months ended September 30, 2007.

2008 Financial Guidance

Idenix currently expects to end 2008 with approximately $45 to $50 million of cash, cash equivalents and marketable securities, assuming no milestone payments, license fees, reimbursement for development programs, and assuming no financing activities during the remainder of 2008.

Conference Call and Webcast Information

Idenix will hold a conference call today at 4:30 p.m. ET. To access the call please dial [phone] U.S./Canada or [phone] International and enter passcode 69258196. To listen to a live webcast of the call, go to "Calendar of Events" in the Idenix Investor Center at www.idenix.com. Please log in approximately 10 minutes before the call to ensure a timely connection. A replay of the conference call and webcast will be available until November 13, 2008. To access the replay, please dial [phone] U.S./Canada or [phone] International and enter the passcode 69258196.

About Idenix

Idenix Pharmaceuticals, Inc., headquartered in Cambridge, Massachusetts, is a biopharmaceutical company engaged in the discovery and development of drugs for the treatment of human viral and other infectious diseases. Idenix's current focus is on the treatment of infections caused by hepatitis C virus and HIV. For further information about Idenix, please refer to www.idenix.com.‹