Idenix Pharma Posts Wider Loss

Restructuring costs hit third-quarter results.
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Idenix Pharmaceuticals

(IDIX)

reported $6.4 million in restructuring costs and a widened third-quarter loss after Tuesday's market close.

The Cambridge, Mass.-based biopharmaceutical company reported a loss of $30.5 million, or 54 cents a share, compared with a loss of $19.7 million, or 35 cents a share, in the year-ago quarter. The recent quarter included a $6.4 million restructuring charge related to the

transition of Heptatitis B drug Tyzeka to

Novartis

(NVS) - Get Report

.

Idenix reported total revenue of $10.9 million, vs. $19.6 million in the third quarter of 2006. Analysts surveyed by Thomson Financial had expected a loss of 43 cents a share, on revenue of $16.3 million.

The Food and Drug Administration

halted development of the company's hepatitis C drug candidate valopicitabine in July due to the observed risk/benefit profile in clinical testing. Then in the recent quarter, the company announced that it would cut 100 jobs and hand Tyzeka completely over to Novartis, focusing on its hepatitis C virus (HCV) and HIV programs, for an annual costs savings of $40 million to $45 million.

Idenix said it predicts another $3 million to $5 million in charges related to the aforementioned restructuring over the next two quarters, and it continues to expect to end 2007 with between $100 million and $110 million of cash, cash equivalents and marketable securities.

Shares fell 6 cents, or 2.6%, to $2.39 in recent after-hours trading.