Biotech Values

[DewDiligence]

IDIX Reports 2Q09 Results

[No major news here. The 6/30/09 cash balance was $51.7M, a reduction of $12.8M relative to the cash balance on 3/31/09. Please see actual PR for financial tables and see #msg-39716147 for today’s PR on the IDX184 monotherapy data.]

http://finance.yahoo.com/news/Idenix-Pharmaceuticals-prnews-4069020706.html?x=0&.v=1

›Monday July 20, 2009, 4:05 pm EDT

CAMBRIDGE, Mass., July 20 /PRNewswire-FirstCall/ -- Idenix Pharmaceuticals, Inc. (Nasdaq: IDIX ), 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 second quarter and six months ended June 30, 2009. At June 30, 2009, Idenix's cash, cash equivalents and marketable securities totaled $51.7 million.

Business Highlights

* Idenix announced today that it had successfully completed a proof-of-concept study of its lead HCV antiviral development program, IDX184, a novel once-daily liver-targeted nucleotide prodrug. This double-blind, placebo-controlled, monotherapy, dose-escalation study in HCV genotype-1-infected patients evaluated the safety and antiviral activity of IDX184. For more information on the results of this study, please see the related press release issued today by Idenix.

* The company continued to advance its two preclinical HCV antiviral programs. Idenix is finalizing IND- or CTA-enabling preclinical studies for IDX375, a non-nucleoside polymerase inhibitor, and is preparing documentation to support initial regulatory filings. The company has synthesized the first kilogram of its lead protease inhibitor drug candidate and has initiated 28-day chronic toxicology studies in two species to support regulatory applications.

* Finally, during the quarter, Idenix streamlined operations with the closure of its screening facility in Cagliari, Italy. This activity is now being performed at the company's laboratory in Cambridge, Massachusetts. As a result, Idenix reduced its workforce by 18 employees and incurred a restructuring charge in the quarter of $1.5 million.

"Our focus this year has been on the advancement of our HCV discovery and development programs, and I am pleased with the progress we have made to date," said Jean-Pierre Sommadossi, Ph.D., chairman and chief executive officer of Idenix. "As we work through the second half of the year, we plan to evaluate IDX184 in combination with pegylated interferon and ribavirin in a 14-day dose-ranging study. Additionally, we plan to file investigational new drug applications from our non-nucleoside polymerase inhibitor and protease inhibitor programs. These efforts will take us closer to our ultimate goal of developing novel combinations of direct-acting HCV antivirals."

For the second quarter ended June 30, 2009, Idenix reported total revenues of $2.4 million, compared to total revenues of $1.6 million in the second quarter of 2008. Idenix reported a net loss of $16.3 million, or a loss of $0.28 per basic and diluted share, for the second quarter ended June 30, 2009, compared to a net loss of $18.9 million, or a loss of $0.34 per basic and diluted share for the second quarter ended June 30, 2008.

For the six months ended June 30, 2009, Idenix reported total revenues of $6.5 million, compared to total revenues of $3.6 million for the six months ended June 30, 2008. The company reported a net loss of $29.2 million, or a loss of $0.50 per basic and diluted share, for the six months ended June 30, 2009, compared to a net loss of $39.4 million, or a loss of $0.70 per basic and diluted share, for the six months ended June 30, 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.

Conference Call Information

Idenix will hold a conference call and webcast today at 4:30 p.m. ET. To access the call please dial 800-774-5358 U.S./Canada or 706-758-9475 International and enter passcode 20088902 or to listen to a live webcast and view accompanying slides, 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 July 20, 2009 until August 3, 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 20088902. An archived webcast will also be available for two weeks after the call on the Idenix website.

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 diseases. Idenix's current focus is on the treatment of hepatitis C virus. For further information about Idenix, please refer to www.idenix.com.‹