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Achillion Reports Second Quarter And Six Month 2013 Financial Results

NEW HAVEN, Conn., Aug. 7, 2013 (GLOBE NEWSWIRE) -- Achillion Pharmaceuticals, Inc. (Nasdaq:ACHN) today reported financial results for the three and six months ended June 30, 2013 and provided an update on the Company's portfolio of clinical stage compounds being developed for the treatment of the hepatitis C virus (HCV).

For the second quarter of 2013, Achillion reported a net loss of $19.9 million or $0.21 per share, compared with a net loss of $11.5 million or $0.16 per share for the second quarter of 2012. Cash, cash equivalents, marketable securities, and interest receivable as of June 30, 2013 were $187.4 million.

"As we continue to progress our portfolio of clinical candidates for the treatment of HCV, we anticipate successfully meeting our goal of delivering initial results for our proprietary, all-oral regimen containing sovaprevir and ACH-3102 with ribavirin for treatment-naive HCV patients as planned during the third quarter of 2013, as well as SVR results in the fourth quarter of 2013," commented Milind S. Deshpande, Ph.D., President and Chief Executive Officer of Achillion. "In addition, we are finalizing the data requested by the Food and Drug Administration in order to release the clinical hold placed on sovaprevir, and anticipate learning of their response to that data submission in September."

"Moving into the second half of 2013, we remain focused on advancing multiple combination regimens that can address the diversity of HCV patients and their need for targeted, safe, and effective therapies. With the addition of ACH-3422, our uridine analogue nucleotide prodrug for which we plan to submit an investigational new drug, or IND, application in the first quarter of 2014, to our doublet regimen of sovaprevir and ACH-3102, we anticipate being able to achieve these same goals in the broadest and hardest to treat HCV patient populations."

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