Biotech Values

[DewDiligence]

VRUS Reports FY1Q10 Results

[As far as I can tell, the bulleted items on 2010 news flow are identical to what VRUS has previously stated; hence, the only new info here is the cash balance at the end of the quarter, which was $42.3M. VRUS does not hold quarterly CC’s.]

http://finance.yahoo.com/news/Pharmasset-Reports-Fiscal-prnews-576833498.html/print?x=0

›Tuesday February 9, 2010, 4:00 pm EST

PRINCETON, N.J., Feb. 9 /PRNewswire-FirstCall/ -- Pharmasset, Inc. (Nasdaq: VRUS), a clinical stage pharmaceutical company committed to discovering, developing, and commercializing novel drugs to treat viral infections, today reported financial results and operational highlights for the fiscal quarter ended December 31, 2009.

Financial Results

Revenues were $0.3 million during the quarter ended December 31, 2009 compared to $0.5 million for the quarter ended December 31, 2008 and reflect the amortization of up-front and subsequent collaborative and license payments received from Roche.

Net cash used in operating activities was $14.5 million for the quarter ended December 31, 2009 as compared to $15.3 million for the quarter ended December 31, 2008. Pharmasset held $42.3 million in cash and cash equivalents at the end of the fiscal first quarter.

Total operating expenses for the quarter ended December 31, 2009 were $13.4 million as compared to $18.1 million for the same period in 2008. The decrease in operating expenses for the quarter ended December 31, 2009 was primarily the result of a decrease in clinical development expenses for clevudine, our discontinued hepatitis B virus (HBV) product candidate.

Pharmasset reported a net loss of $13.9 million, or $0.49 per share, for the quarter ended December 31, 2009, as compared to a net loss of $18.3 million, or $0.78 per share, for the quarter ended December 31, 2008.

Recent Highlights:

-- On November 23, 2009, Pharmasset announced the continued enrollment of the RG7128 Phase 2b trial in treatment-naive HCV genotype 1 and 4 patients following a scheduled safety and efficacy review by an independent data monitoring committee

-- On January 21, 2010, Pharmasset announced the initiation of a phase 2a trial with PSI-7977, an isomer of PSI-7851

-- On February 2, 2010, Pharmasset completed a public offering that raised net proceeds of approximately $32.7 million.

"Pharmasset continues to make solid progress across all of its clinical programs." stated Schaefer Price, President and Chief Executive Officer. "2010 is shaping up to be an important year for the company with phase 2a data from our proprietary PSI-7977 program and phase 1 data with our first purine analog, PSI-938, coming in the third quarter. We believe nucleoside/tide analogs have the potential to become the backbone of treatment regimens, not only for genotype 1, but also across a broad range of HCV genotypes. We look forward to reporting data from all our programs throughout 2010."

Calendar Year 2010 Anticipated Milestones:

• Roche has initiated a 24 week Phase 2b study with RG7128 in combination with pegylated interferon and ribavirin

• Roche anticipates completion of enrollment of the RG7128 Phase 2b trial by the end of the first quarter of 2010

• Roche expects to initiate INFORM-2 in the first quarter of 2010

• Roche expects to initiate longer duration INFORM studies to investigate SVR in the first half of 2010

• Roche expects to initiate an RG7128 Phase 2 study in HCV GT2 and GT3 patients in the second half of 2010

• Pharmasset anticipates reporting topline data from its 28-day Phase 2a study with PSI-7977 in the third quarter of 2010

• Pharmasset expects to initiate a PSI-7977 Phase 2b program in the second half of 2010

• Pharmasset expects to submit an IND or foreign regulatory equivalent for PSI-938 in the first quarter of 2010 with topline phase 1 data available in the third quarter of 2010

• Pharmasset expect to submit an IND or foreign regulatory equivalent for its next purine nucleotide, PSI-879 in the fourth quarter of 2010‹