Idenix Pharmaceuticals Inc. (IDIX) Monday reported fourth-quarter net loss of $22.7 million or $0.17 per share, compared with net loss of $18 million or $0.18 per share last
year.
Loss per share results for the quarter reflect a higher stock count.
Revenues for the quarter were $0.3 million, compared with negative revenues of $0.7
million a year ago.
Analysts polled by Thomson Reuters estimated a loss of $0.17 per share on revenues of
$0.74 million for the quarter. Analysts' estimates typically exclude special items.
Research and development expense for the quarter totaled $17.6 million, compared with
$12.8 million a year earlier.
At December 31, 2012, Idenix's cash and cash equivalents totaled $230.8 million. The
company expects that its current cash will be sufficient to sustain its operations into at least the second half of 2014. The guidance assumes no milestone payments, license fees, reimbursement for development programs and no financing activities.
Earlier this month, Idenix elected to discontinue the development of IDX184 and IDX19368,
the company's guanosine-based nucleotide prodrug programs, after the U.S. FDA said that that the programs would remain on a clinical hold due to cardiac adverse events seen in a rival's phase II clinical trial of BMS-986094.
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