News Release
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| Idenix Pharmaceuticals Reports Fourth Quarter and Year End Financial Results |
Business Highlights "Idenix began 2008 with a renewed focus on our discovery and development programs and ended the year with a successfully completed proof-of-concept study for IDX899 for the treatment of HIV and a robust pipeline of HCV programs spanning the three classes of direct-acting antivirals," said Jean-Pierre Sommadossi, Ph.D., chairman and chief executive officer of Idenix. "As we begin 2009, the recent execution of the license agreement for IDX899 enables us to focus all of our resources on the advancement of our HCV programs, with the goal of having a drug candidate from each of the three major classes of direct-acting antivirals in the clinic." For the fourth quarter ended For the twelve months ended 2009 Financial Guidance Including the Conference Call and Webcast Information Idenix will hold a conference call today at About Idenix Forward-looking Statements This press release contains "forward-looking statements" within the
meaning of The Private Securities Litigation Reform Act of 1995. Such
forward-looking statements can be identified by the use of forward-looking
terminology such as "expect," "plans," "anticipates," "will," "expects,"
"goal" or similar expressions, or by express or implied statements with
respect to the company's clinical development programs or commercialization
activities in HIV or hepatitis C, or any potential pipeline candidates,
including any expressed or implied statements regarding the efficacy and
safety of IDX184 and any future clinical trials involving IDX184 and
expectations with respect to additional milestone payments, future royalty
payments, funding of operations and future cash balances. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors
that may cause actual results to be materially different from any future
results, performance or achievements expressed or implied by such statements.
There can be no guarantees that historical sales of Tyzeka(R)/Sebivo(R)
(telbivudine) will in any way suggest future royalty payments or royalty rates
owed to the company, or that the company will advance any clinical product
candidate or other component of its potential pipeline to the clinic, to the
regulatory process or to commercialization. In particular, management's
expectations could be affected by unexpected regulatory actions or delays;
uncertainties relating to, or unsuccessful results of, clinical trials,
including additional data relating to the ongoing clinical trials evaluating
its product candidates; the company's ability to obtain additional funding
required to conduct its research, development and commercialization
activities; the company's dependence on its collaboration with All forward-looking statements reflect the company's expectations only as of the date of this release and should not be relied upon as reflecting the company's views, expectations or beliefs at any date subsequent to the date of this release. Idenix anticipates that subsequent events and developments may cause these views, expectations and beliefs to change. However, while Idenix may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so.
IDENIX PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
Three Months Ended Years Ended
December 31, December 31,
2008 2007 2008 2007
Revenues:
Collaboration revenue -
related party $4,247 $12,573 $9,815 $64,751
Other revenue 21 29 234 3,277
Total revenues 4,268 12,602 10,049 68,028
Operating expenses (1):
Cost of sales 479 1,487 1,745 2,001
Research and development 11,949 20,294 53,887 85,839
Selling, general and
administrative 5,702 9,278 27,130 63,348
Restructuring and
impairment charges -- 2,305 297 8,744
Total operating expenses 18,130 33,364 83,059 159,932
Loss from operations (13,862) (20,762) (73,010) (91,904)
Investment and other
income (expense), net (780) 4,389 781 9,887
Loss before income taxes (14,642) (16,373) (72,229) (82,017)
Income tax benefit (expense) 693 (1,122) 2,023 (498)
Net loss $(13,949) $(17,495) $(70,206) $(82,515)
Basic and diluted net
loss per share: ($0.25) ($0.31) ($1.24) ($1.47)
Shares used in calculation
of basic and diluted net
loss per share: 56,524 56,189 56,403 56,169
(1) Stock-based compensation expenses included in operating expenses
amounted to approximately:
Research and development $440 $560 $2,005 $3,005
Selling, general and
administrative 790 899 3,397 4,758
Restructuring and
impairment charges -- -- -- 968
IDENIX PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
(UNAUDITED)
December 31, December 31,
2008 2007
ASSETS
Cash and cash equivalents $41,509 $48,260
Marketable securities 1,424 39,862
Receivables from related party 894 11,196
Other current assets 6,214 4,401
Total current assets 50,041 103,719
Intangible asset, net 12,387 13,548
Property and equipment, net 13,238 15,460
Marketable securities, non-current 3,145 23,882
Other assets 969 3,931
Total assets $79,780 $160,540
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses $13,136 $21,809
Deferred revenue, related party 5,965 8,372
Other current liabilities 475 553
Total current liabilities 19,576 30,734
Long-term obligations 17,061 19,107
Deferred revenue, related party,
net of current portion 35,790 41,861
Total liabilities 72,427 91,702
Stockholders' equity 7,353 68,838
Total liabilities and stockholders'
equity $79,780 $160,540
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