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Achillion Reports First Quarter 2013 Financial Results

Stocks in this article: ACHN

NEW HAVEN, Conn., May 7, 2013 (GLOBE NEWSWIRE) -- Achillion Pharmaceuticals, Inc. (Nasdaq:ACHN) today reported financial results for the three months ended March 31, 2013. For the first quarter of 2013, the Company reported a net loss of $11.7 million or $0.14 per share, compared with a net loss of $9.1 million or $0.13 per share for the first quarter of 2012. Cash, cash equivalents, marketable securities and interest receivable as of March 31, 2013 were $200.9 million.

"Our goal to advance our potentially best-in-class HCV compounds continued to pick up significant momentum during 2013. We believe that the 12-week safety and efficacy results recently announced on ACH-3102, our second-generation pan-genotypic NS5A inhibitor, continue to support its differentiated profile with a high barrier to resistance and no viral breakthrough," commented Michael D. Kishbauch, President and Chief Executive Officer of Achillion. "We recently initiated an all-oral Phase 2 program evaluating sovaprevir and ACH-3102 for the treatment of genotype 1 HCV, and we expect to achieve a number of significant catalysts over the next few months including interim RVR results from the -007 trial in the third quarter, followed by SVR results during the fourth quarter. Furthermore, we remain focused on evaluating additional assets with complementary mechanisms of action that could potentially expand our treatment regimens to treat subsets of patient populations not adequately addressed by current regimens."

First Quarter 2013 Results

For the first quarter of 2013, the Company reported a net loss of $11.7 million, or $0.14 per share, compared with a net loss of $9.1 million, or $0.13 per share for the first quarter of 2012. Cash, cash equivalents, marketable securities, and interest receivable as of March 31, 2013 were $200.9 million.

Research and development expenses were $8.7 million in the first quarter of 2013, compared with $8.9 million for the same period of 2012. For the three months ended March 31, 2013, general and administrative expenses totaled $3.1 million, an increase from $2.7 million for the same period in 2012.

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