Idenix Pharmaceuticals Reports First Quarter 2013 Financial Results

Idenix Pharmaceuticals Reports First Quarter 2013 Financial Results

CAMBRIDGE, Mass., April 30, 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 first quarter ended March 31, 2013.

First Quarter 2013 Financial Results

For the first quarter ended March 31, 2013, Idenix reported total revenues of
$0.9 million, compared to total revenues of $35.6 million in the first quarter
of 2012. The Company reported a net loss of $30.8 million, or $0.23 per basic
and diluted share, for the first quarter ended March 31, 2013, compared to a
net income of $11.4 million, or $0.11 per basic share and $0.10 per diluted
share for the first quarter ended March 31, 2012. The change in net income
(loss) was 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.
Additionally, there were increases in research and development expenses of
$5.4 million and additional legal costs of $1.8 million.

2013 Financial Guidance

At March 31, 2013, Idenix's cash and cash equivalents totaled $205.3 million.
The Company continues to expect 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 or license fees, no
reimbursement for development programs and no financing activities.

"During the first quarter, we continued to advance our HCV development
programs and remain on track to initiate a phase II all-oral combination study
of IDX719 and Janssen's simeprevir in the first half of the year," said Ron
Renaud, Idenix's President and Chief Executive Officer. "We continue to be
pleased with the profile of our lead uridine nucleotide prodrug candidate and
are conducting studies to support an investigational new drug application
submission in the first half of the year. Based on these timelines, we
anticipate data readouts from these programs later this year and the
initiation of a phase II all-oral combination study of IDX719 and our lead
uridine nucleotide by year-end 2013."


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


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, 2012 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.

                                                     Three Months Ended
                                                     March 31,
                                                     2013        2012
Collaboration revenue – related party                $852        $(423)
Other revenue                                       ---        36,068
Total revenues                                      852         35,645
Operating expenses (1):                                          
Cost of revenues                                     332         1,170
Research and development                             24,008      18,593
General and administrative                          7,535       4,774
Total operating expenses                            31,875      24,537
Income (loss) from operations                         (31,023)   11,108
Other income, net                                    271         342
Income (loss) before income taxes                    (30,752)   11,450
Income tax expense                                    (1)        (1)
Net income (loss)                                    $(30,753) $11,449
Earnings (loss) per common share:                                
Basic                                                $(0.23)   $0.11
Diluted                                              $(0.23)   $0.10
Weighted average number of common shares outstanding:            
Basic                                                133,958     107,751
Diluted                                              133,958     112,330
Comprehensive income (loss):                                     
Net income (loss)                                    $(30,753) $11,449
Changes in other comprehensive income:                          
Foreign currency translation adjustment              (349)      208
Comprehensive income (loss)                           $(31,102) $11,657
(1) Share-based compensation expenses included in                
operating expenses amounted to approximately:
Research and development                             $469        $298
General and administrative                           779         432
                                                     March 31,   December 31,
                                                     2013        2012
Cash and cash equivalents                             $205,297    $230,826
Receivables from related party                        1,350       1,195
Other current assets                                  6,976       5,771
Total current assets                                 213,623     237,792
Property and equipment, net                           3,114       3,274
Receivables from related party, net of current        5,918       6,210
Other assets                                          3,838       3,589
Total assets                                         $226,493    $250,865
LIABILITIES AND STOCKHOLDERS' EQUITY                             
Accounts payable and accrued expenses                 $21,212     $15,064
Deferred revenue, related party                       714         714
Other current liabilities                             142         154
Total current liabilities                            22,068      15,932
Other long-term obligations                           11,978      11,785
Deferred revenue, related party, net of current       3,810       3,988
Total liabilities                                    37,856      31,705
Stockholders' equity                                  188,637     219,160
Total liabilities and stockholders' equity           $226,493    $250,865

CONTACT: Idenix Pharmaceuticals Contact:
         Teri Dahlman (617) 995-9807

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