Biotech Values

[DewDiligence]

IDIX Reports 1Q09 Results

[No new news here other than the 3/31/09 cash balance of $64.5M, which includes the up-front money received from GSK in the IDX899 collaboration. There is evidently no CC. Please see actual PR for financial tables.]

http://finance.yahoo.com/news/Idenix-Pharmaceuticals-prnews-15091158.html

›Thursday April 30, 2009, 4:05 pm EDT

CAMBRIDGE, Mass., April 30 /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 first quarter ended March 31, 2009. At March 31, 2009, Idenix's cash, cash equivalents and marketable securities totaled $64.5 million.

Business Highlights

* In the first quarter of 2009, the company announced that it had licensed its NNRTI program for the treatment of HIV/AIDS, including IDX899, to GlaxoSmithKline (GSK) and received a $34 million payment, $17 million of which was a cash payment and the other $17 million representing the purchase of shares of Idenix common stock by GSK. Idenix may also be eligible to receive up to $416 million in development, regulatory and sales milestones, as well as double-digit tiered royalties based on worldwide product sales.

* In April 2009, data were presented from each of Idenix's hepatitis C programs at the annual meeting of the European Association for the Study of the Liver in Copenhagen, Denmark (see press release dated April 23, 2009 for further details). The company continues to advance its three HCV discovery and development programs, with a nucleoside/tide polymerase inhibitor being evaluated in a proof-of-concept clinical study and non-nucleoside polymerase and protease inhibitors undergoing late-stage preclinical testing.

"Our primary objective at Idenix is to discover and develop the leading HCV antiviral platform," said Jean-Pierre Sommadossi, Ph.D., chairman and chief executive officer of Idenix. "With the licensing of IDX899 to GSK in February of this year and the continued advancement of drug candidates from three major classes of direct-acting HCV antivirals, we have made substantial progress toward achieving this goal."

For the first quarter ended March 31, 2009, Idenix reported total revenues of $4.0 million, compared with total revenues of $2.0 million in the first quarter of 2008. Idenix reported a net loss of $12.9 million, or a loss of $0.23 per basic and diluted share, for the first quarter ended March 31, 2009, compared to a net loss of $20.5 million, or a loss of $0.36 per basic and diluted share for the first quarter ended March 31, 2008.

2009 Financial Guidance

The company continues to expect that its current cash, cash equivalents and marketable securities can fund operations through at least the first quarter of 2010. This guidance assumes no milestone payments, additional license fees, reimbursement for development programs and no financing activities during 2009.‹