Idenix Pharmaceuticals Reports Fourth Quarter and Year Ended 2012 Financial Results

Idenix Pharmaceuticals Reports Fourth Quarter and Year Ended 2012 Financial
Results

CAMBRIDGE, Mass., Feb. 25, 2013 (GLOBE NEWSWIRE) -- Idenix Pharmaceuticals,
Inc. (Nasdaq:IDIX), a biopharmaceutical company engaged in the discovery and
development of drugs for the treatment of human viral diseases, today reported
unaudited financial results for the fourth quarter and year ended December 31,
2012.

HCV Pipeline and Business Review

IDX719, NS5A Inhibitor Program

  *In January 2013, Idenix entered into a non-exclusive collaboration with
    Janssen Pharmaceuticals, Inc. for the clinical development of all-oral
    direct-acting antiviral (DAA) HCV combination therapies. The collaboration
    will evaluate combinations including IDX719, Idenix's once-daily
    pan-genotypic NS5A inhibitor, simeprevir (TMC435), a once-daily protease
    inhibitor jointly developed by Janssen and Medivir AB, and TMC647055, a
    once-daily non-nucleoside polymerase inhibitor, boosted with low dose
    ritonavir, being developed by Janssen. Clinical development plans include
    an initial drug-drug interaction study to begin in the first quarter of
    2013, followed by phase II studies as agreed between the companies and
    pending approval from regulatory authorities.

Nucleotide Inhibitor Program

  *The Company expects to file an investigational new drug application (IND)
    for a lead uridine-based nucleotide analog candidate from its
    next-generation nucleotide prodrug discovery program in the first half of
    2013. The Company also expects to conduct IND-enabling studies for
    additional nucleotide prodrugs in 2013.
    
  *In February 2013, Idenix elected to discontinue the development of IDX184
    and IDX19368, the Company's guanosine-based nucleotide prodrug programs,
    after the U.S. Food and Drug Administration (FDA) communicated that the
    programs would remain on a clinical hold that began in August 2012 due to
    cardiac adverse events seen in a competitor's phase II clinical trial of
    BMS-986094.

"In 2013, one of our primary goals is to generate IDX719 data in all-oral
combination therapies, initially through collaborations beginning in the first
half of the year, and subsequently with our own nucleotide prodrug by year
end. Also, we have an intensive, rapidly accelerating nucleotide discovery
effort and are on track to file one IND from this program in the first half of
2013 and at least one additional IND by the end of the year," said Ron Renaud,
Idenix's President and Chief Executive Officer. "With promising candidates
from two HCV classes advancing in the clinic by the end of the year, we
believe we will be in a good position to evaluate multiple all-oral
combination therapies for HCV."

Fourth Quarter and Year Ended 2012 Financial Results

For the fourth quarter ended December 31, 2012, Idenix reported total revenues
of $0.3 million, compared to total revenues of ($0.7) million in the fourth
quarter of 2011. The Company reported a net loss of $22.7 million, or $0.17
per basic and diluted share, for the fourth quarter ended December 31, 2012,
compared to a net loss of $18.1 million, or $0.18 per basic and diluted share
for the fourth quarter ended December 31, 2011.

For the year ended December 31, 2012, Idenix reported total revenues of $69.7
million, compared to total revenues of $7.0 million for the year ended
December 31, 2011. The Company reported a net loss of $32.4 million, or $0.27
per basic and diluted share, for the year ended December 31, 2012, compared to
a net loss of $52.0 million, or $0.57 per basic and diluted share for the year
ended December 31, 2011. The change in net loss is mainly due to additional
revenue as a result of the recognition of $36.1 million of deferred revenue in
the first quarter of 2012 related to the termination of the license agreement
with ViiV Healthcare Company and $27.1 million of additional revenue
recognized in the third quarter of 2012 as a result of the restructuring of
our collaboration with Novartis Pharma AG in July 2012. These amounts were
offset by increases in research and development expenses of $28.8 million
related primarily to IDX184 and IDX719, professional and legal costs of $7.1
million and an $8.0 million intangible asset impairment charge in the third
quarter of 2012 related to the termination agreement with Novartis.

2013 Financial Guidance

At December 31, 2012, Idenix's cash and cash equivalents totaled $230.8
million. The Company expects that its current cash and cash equivalents will
be sufficient to sustain its operations into at least the second half of 2014.
This guidance assumes no milestone payments, license fees, reimbursement for
development programs and no financing activities.

ABOUT IDENIX

Idenix Pharmaceuticals, Inc., headquartered in Cambridge, Massachusetts, is a
biopharmaceutical Company engaged in the discovery and development of drugs
for the treatment of human viral diseases. Idenix's current focus is on the
treatment of patients with hepatitis C infection. For further information
about Idenix, please refer to www.idenix.com.

FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements" for purposes of the
safe harbor provisions of The Private Securities Litigation Reform Act of
1995, including but not limited to the statements regarding the Company's
future business and financial performance. For this purpose, any statements
contained herein that are not statements of historical fact may be deemed
forward-looking statements. Without limiting the foregoing, the words
"expect," "plans," "anticipates," "intends," "will," and similar expressions
are also intended to identify forward-looking statements, as are expressed or
implied statements with respect to the Company's potential pipeline
candidates, including any expressed or implied statements regarding the
efficacy and safety of IDX719 or any other drug candidate; the successful
development of novel combinations of direct-acting antivirals for the
treatment of HCV; the likelihood and success of any future clinical trials
involving IDX719 or our other drug candidates; and expectations with respect
to funding of operations and future cash balances. Actual results may differ
materially from those indicated by such forward-looking statements as a result
of risks and uncertainties, including but not limited to the following: there
can be no guarantees that the Company will advance any clinical product
candidate or other component of its potential pipeline to the clinic, to the
regulatory process or to commercialization; management's expectations could be
affected by unexpected regulatory actions or delays; uncertainties relating
to, or unsuccessful results of, clinical trials, including additional data
relating to the ongoing clinical trials evaluating its product candidates; the
Company's ability to obtain additional funding required to conduct its
research, development and commercialization activities; the Company's
expectations regarding the benefits of the restructuring of its collaboration
with Novartis; changes in the Company's business plan or objectives; the
ability of the Company to attract and retain qualified personnel; competition
in general; and the Company's ability to obtain, maintain and enforce patent
and other intellectual property protection for its product candidates and its
discoveries. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual results to be materially
different from any future results, performance or achievements expressed or
implied by such statements. These and other risks which may impact
management's expectations are described in greater detail under the heading
"Risk Factors" in the Company's annual report on Form 10-K for the year ended
December 31, 2011, and the quarterly report on Form 10-Q for the quarter ended
September 30, 2012, each as filed with the Securities and Exchange Commission
(SEC) and in any subsequent periodic or current report that the Company files
with the SEC.

All forward-looking statements reflect the Company's estimates only as of the
date of this release (unless another date is indicated) and should not be
relied upon as reflecting the Company's views, expectations or beliefs at any
date subsequent to the date of this release. While Idenix may elect to update
these forward-looking statements at some point in the future, it specifically
disclaims any obligation to do so, even if the Company's estimates change.


IDENIX PHARMACEUTICALS, INC.
                                                                
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
                                                                
(IN THOUSANDS, EXCEPT PER SHARE DATA)
                                                                
(UNAUDITED)
                                                                
                                 Three Months Ended     Years Ended
                                  December 31,           December 31,
                                 2012        2011       2012       2011
Revenues:                                                        
Collaboration revenue – related   $327      $(1,387)  $ 33,595   $4,328
party
Other revenue                    -----       655    36,068    2,623
Total revenues                   327         (732)      69,663     6,951
Operating expenses (1):                                          
Cost of revenues                  352         593        2,654      2,324
Research and development          17,578      12,811     70,182     41,341
General and administrative        7,364      4,399     24,163    16,694
Intangible asset impairment      -----       -----      8,045    -----
Total operating expenses         25,294     17,803   105,044   60,359
Loss from operations              (24,967)    (18,535)   (35,381)   (53,408)
Other income, net                2,152      348   2,892     1,368
Loss before income taxes         (22,815)    (18,187)   (32,489)   (52,040)
Income tax benefit                90         62        89        61
Net loss                          $ (22,725) $ (18,125) $ (32,400) $ (51,979)
                                                                
Basic and diluted net loss per    ($ 0.17)  ($ 0.18) ($ 0.27) ($ 0.57)
share
                                                                
Shares used in calculation of
basic and diluted net loss per    133,897   100,973  118,755  90,831
share
                                                                
Comprehensive loss:                                              
Net loss                          $ (22,725) $ (18,125) $ (32,400) $ (51,979)
Changes in other comprehensive                                   
income:
Foreign currency translation      194        (325)     105     (318)
adjustment
Comprehensive loss                $ (22,531)  $ (18,450) $ (32,295) $ (52,297)
(1)Share-based compensation
expenses included in operating                                   
expenses amounted to
approximately:
Research and development          $533       $246      $1,810    $1,066
General and administrative        1,150       335        3,026      1,357




IDENIX PHARMACEUTICALS, INC.
                                                           
CONDENSED CONSOLIDATED BALANCE SHEETS
                                                           
(IN THOUSANDS)
                                                           
(UNAUDITED)
                                                           
                                          December 31, 2012 December 31, 2011
ASSETS                                                      
Cash and cash equivalents                  $ 230,826         $ 118,271
Receivables from related party             1,195             1,157
Other current assets                       5,771             4,410
Total current assets                       237,792           123,838
Intangible asset, net                      -----             8,708
Property and equipment, net                3,274             4,696
Receivables from related party, net of     6,210             -----
current portion
Other assets                               3,589             3,802
Total assets                               $ 250,865         $ 141,044
                                                           
LIABILITIES AND STOCKHOLDERS' EQUITY                        
Accounts payable and accrued expenses      $ 15,064          $ 11,299
Deferred revenue, related party            714               2,897
Other current liabilities                  154               36,329
Total current liabilities                  15,932            50,525
Other long-term obligations                11,785            14,912
Deferred revenue, related party, net of    3,988             24,382
current portion
Total liabilities                          31,705            89,819
Stockholders' equity                       219,160           51,225
Total liabilities and stockholders' equity $ 250,865         $ 141,044

CONTACT: Idenix Pharmaceuticals Contacts:
         Kelly Barry (617) 995-9033 (media)
         Teri Dahlman (617) 995-9807 (investors)
 
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