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Achillion Reports 2012 Fourth Quarter And Year-End Financial Results

Stocks in this article: ACHN

- Conference call and webcast to be held today, February 20 th, at 5:00 pm EST -

NEW HAVEN, Conn., Feb. 20, 2013 (GLOBE NEWSWIRE) -- Achillion Pharmaceuticals, Inc. (Nasdaq:ACHN) today reported financial results for the three and twelve months ended December 31, 2012.

For the three months ended December 31, 2012, the Company reported a net loss of $11.2 million, compared to a net loss of $12.4 million in the three months ended December 31, 2011. For the full year ended December 31, 2012, the Company's net loss was $47.1 million, compared to a net loss of $44.2 million for the year ended December 31, 2011. Cash and cash equivalents and marketable securities at December 31, 2012 were $77.4 million.

Recent HCV Pipeline Accomplishments

  • Announced plans to initiate in the second quarter of 2013 a Phase 2 clinical trial evaluating 12 weeks of therapy consisting of sovaprevir and ACH-3102, with ribavirin, for the treatment of genotype 1 treatment-naive HCV;  
  • Reported interim Phase 2 results indicating that six out of eight patients receiving 12 weeks of therapy consisting of ACH-3102 and ribavirin for the treatment of genotype 1b, IL28B CC genotype, HCV achieved rapid virologic response (RVR) and three out of three patients who completed treatment also remained HCV RNA undetectable four weeks after completion of therapy (SVR4); and  
  • Achieved Phase 1 proof-of-concept with once daily ACH-2684, a second generation protease inhibitor, in genotype 1 HCV patients, with and without cirrhosis.

Anticipated Clinical Milestones for 2013

ACH-3102: Phase 2 second-generation NS5A inhibitor

  • Expand the Phase 2 clinical trial evaluating 12 weeks of therapy consisting of ACH-3102 and ribavirin, for the treatment of genotype 1b treatment-naive HCV during the second quarter of 2013;  
  • Report SVR4 results following 12 weeks of therapy consisting of ACH-3102 and ribavirin for the treatment of genotype 1b, IL28B CC genotype, HCV in the second quarter of 2013; and  
  • Provide RVR results from the Phase 2 trial of ACH-3102 and ribavirin for genotype 1b treatment-naive HCV during the third quarter of 2013.

Combination of sovaprevir and ACH-3102 for the treatment of genotype 1 HCV

  • Initiate dosing patients in a Phase 2 trial evaluating 12 weeks of sovaprevir and ACH-3102, with ribavirin, for the treatment of genotype 1 HCV during the second quarter of 2013; and  
  • Report interim Phase 2 results from this first sovaprevir and ACH-3102 combination, including RVR, during the third quarter of 2013.

Fourth Quarter 2012 Financial Results

The Company reported a net loss of $11.2 million for the three months ended December 31, 2012, compared to a net loss of $12.4 million for the three months ended December 31, 2011. Research and development expenses were $8.4 million in the fourth quarter of 2012, compared to $9.9 million for the same period of 2011, the decrease primarily resulting from the timing of clinical trial activities, offset by an increase in development group personnel. Revenue for the three months ended December 31, 2012 totaled $118,000 compared to $62,000 in the three months ended December 31, 2011.

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