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Idenix Pharmaceuticals Reports First Quarter 2013 Financial Results

Stocks in this article: IDIX

CAMBRIDGE, Mass., April 30, 2013 (GLOBE NEWSWIRE) -- 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 first quarter ended March 31, 2013.

First Quarter 2013 Financial Results

For the first quarter ended March 31, 2013, Idenix reported total revenues of $0.9 million, compared to total revenues of $35.6 million in the first quarter of 2012. The Company reported a net loss of $30.8 million, or $0.23 per basic and diluted share, for the first quarter ended March 31, 2013, compared to a net income of $11.4 million, or $0.11 per basic share and $0.10 per diluted share for the first quarter ended March 31, 2012. The change in net income (loss) was mainly due to additional revenue as a result of the recognition of $36.1 million of deferred revenue in the first quarter of 2012 related to the termination of the license agreement with ViiV Healthcare Company. Additionally, there were increases in research and development expenses of $5.4 million and additional legal costs of $1.8 million.

2013 Financial Guidance

At March 31, 2013, Idenix's cash and cash equivalents totaled $205.3 million. The Company continues to expect that its current cash and cash equivalents will be sufficient to sustain its operations into at least the second half of 2014. This guidance assumes no milestone payments or license fees, no reimbursement for development programs and no financing activities.

"During the first quarter, we continued to advance our HCV development programs and remain on track to initiate a phase II all-oral combination study of IDX719 and Janssen's simeprevir in the first half of the year," said Ron Renaud, Idenix's President and Chief Executive Officer. "We continue to be pleased with the profile of our lead uridine nucleotide prodrug candidate and are conducting studies to support an investigational new drug application submission in the first half of the year. Based on these timelines, we anticipate data readouts from these programs later this year and the initiation of a phase II all-oral combination study of IDX719 and our lead uridine nucleotide by year-end 2013."

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