Achillion Reports Third Quarter 2016 Financial Results And Provides Update On Clinical Programs

  • Janssen HCV triple combination candidate JNJ-4178 reported 100% SVR12 after 6 weeks of therapy; global phase IIB study to begin 4Q 2016
  • Achillion's phase I MAD study with oral factor D inhibitor ACH-4471 ongoing; strong complement inhibition observed in in vivo and ex vivo assays
  • Company advancing small molecule candidates for the treatment of dry AMD

NEW HAVEN, Conn., Nov. 03, 2016 (GLOBE NEWSWIRE) -- Achillion Pharmaceuticals, Inc. (Nasdaq:ACHN) today reported financial results for the three months ended September 30, 2016. For the third quarter of 2016, Achillion reported a net loss of $20.7 million or $0.15 per share, compared with net income of $26.3 million or $0.19 per share for the third quarter of 2015. Cash, cash equivalents, marketable securities, and interest receivable as of September 30, 2016 were $409.5 million.

"We continue to advance ACH-4471 and our platform of small molecule factor D inhibitors," commented Milind Deshpande, Ph.D., President and Chief Executive Officer of Achillion. "Our strong balance sheet, together with our collaboration with Janssen who is developing JNJ-4178, a next-generation short-duration treatment regimen for HCV, enables us to focus on the discovery and development of what could be a game-changing approach to modulating diseases of the complement alternative pathway."

Third Quarter Results

For the three months ended September 30, 2016, Achillion reported a net loss of $20.7 million compared with net income of $26.3 million during the same period of 2015.

During the third quarter of 2015, Achillion and Janssen Pharmaceuticals, Inc. (Janssen), one of the Janssen Pharmaceutical Companies of Johnson & Johnson, completed the closing of the collaboration providing Janssen with an exclusive, worldwide license to develop and, upon regulatory approval, commercialize HCV products and regimens containing one or more of Achillion's HCV assets. Upon closing in 2015, Achillion received $225 million from Johnson & Johnson Innovation — JJDC, Inc. following the issuance of 18,367,346 shares of Achillion at a price of $12.25 per share.

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