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TheStreet Open House

Achillion Reiterates HCV Pipeline Priorities And Reports Third Quarter And Nine Month 2013 Financial Results

NEW HAVEN, Conn., Nov. 12, 2013 (GLOBE NEWSWIRE) -- Achillion Pharmaceuticals, Inc. (Nasdaq:ACHN) today reported financial results for the three and nine months ended September 30, 2013 and provided an update on the Company's portfolio of direct-acting antiviral compounds being developed for the treatment of chronic hepatitis C virus (HCV).

For the third quarter of 2013, Achillion reported a net loss of $13.9 million or $0.14 per share, compared with a net loss of $15.3 million or $0.20 per share for the third quarter of 2012. Cash, cash equivalents, marketable securities, and interest receivable as of September 30, 2013 were $173.1 million.

"Over the next few months our priority is to advance our proprietary assets through critical milestones, including the completion of the preclinical work necessary to initiate first-in-human trials with ACH-3422, our uridine-analog nucleotide prodrug, for the potential treatment of chronic HCV," commented Milind S. Deshpande, Ph.D., President and Chief Executive Officer of Achillion. "Furthermore, we intend to engage in regulatory discussions regarding the path forward for sovaprevir, which remains on clinical hold, and in parallel, we plan to initiate early next year a drug-drug interaction study followed by a therapeutic trial to evaluate our differentiated NS5A inhibitor, ACH-3102, in combination with our macrocyclic protease inhibitor, ACH-2684."

Dr. Deshpande further commented, "We believe that our current cash balance of approximately $173 million will be more than sufficient to reach several value creating milestones and fund our operations for at least two years."

Third Quarter Results

For the three months ended September 30, 2013, Achillion reported a net loss of $13.9 million compared with a net loss of $15.3 million during the same period of 2012. The Company recognized no revenues for the three months ended September 30, 2013 nor any during the same period in 2012.

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