More Trouble at Idenix Pharmaceuticals (IDIX)

October 30, 2009 · Filed Under Financial 

Idenix Pharmaceuticals (NASDAQ:IDIX) turned in poor earnings and released more bad news at the same time.

For the third quarter ended September 30, 2009, Idenix reported total revenues of $3.1 million, compared to total revenues of $2.1 million in the third quarter of 2008. Idenix reported a net loss of $11.7 million, or a loss of $0.18 per basic and diluted share, for the third quarter ended September 30, 2009, compared to a net loss of $16.9 million, or a loss of $0.30 per basic and diluted share for the third quarter ended September 30, 2008.

The company said it had cash to carry though the next 12 months, not a comforting thought.

IDIX also announced that Novartis Pharma AG has decided not to exercise its option to license IDX184, a novel liver-targeted prodrug of 2′-methyl guanosine nucleotide, for the treatment of HCV. As a result, Idenix retains the worldwide rights to develop, commercialize and license IDX184 without any further obligation to Novartis.

Shares are off 15% to $2.13 down from a 52-week high of $6.82.

Douglas A. McIntyre

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