Idenix Retains Worldwide Rights to Develop and Commercialize IDX184 for the Treatment of HCV
October 29 2009 - 3:05PM
PR Newswire (US)
CAMBRIDGE, Mass., Oct. 29 /PRNewswire-FirstCall/ -- Idenix
Pharmaceuticals, Inc. (NASDAQ:IDIX), a biopharmaceutical company
engaged in the discovery and development of drugs for the treatment
of human viral diseases, today 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. "As we continue to develop IDX184, we look
forward to seeking a partner that will assist us in maximizing the
value of this asset," said Jean-Pierre Sommadossi, Ph.D., chairman
and chief executive officer of Idenix. About IDX184 IDX184 is a
novel, liver-targeted 2'-methyl guanosine nucleotide prodrug, which
includes Idenix's proprietary liver-targeting technology. This
technology enables the delivery of nucleoside monophosphate to the
liver, leading to the formation of high levels of nucleoside
triphosphate, potentially maximizing drug efficacy and limiting
systemic side effects with low, once-daily dosing. 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 infections
caused by hepatitis C virus. For further information about Idenix,
please refer to http://www.idenix.com/. Forward-looking Statements
This press release contains "forward-looking statements" within the
meaning of The Private Securities Litigation Reform Act of 1995.
Such forward-looking statements can be identified by the use of
forward-looking terminology such as "expect," "plans,"
"anticipates," "will," "expects," "goal" or similar expressions, or
by express or implied statements with respect to the company's
clinical development programs or commercialization activities in
hepatitis C, or any potential pipeline candidates, including any
expressed or implied statements regarding the efficacy and safety
of IDX184, or any other product candidate and any future clinical
trials involving our product candidates and expectations with
respect to additional milestone payments, future royalty payments,
funding of operations and future cash balances. 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. 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. In
particular, 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; 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. These
and other risks which may impact management's expectations are
described in greater detail under the caption "Risk Factors" in the
company's annual report on Form 10-K for the year ended December
31, 2008 and the Quarterly Report on Form 10-Q for the quarter
ended June 30, 2009, as filed with the Securities and Exchange
Commission (SEC) and other filings that the company makes with the
SEC. All forward-looking statements reflect the company's
expectations only as of the date of this release 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. Idenix
anticipates that subsequent events and developments may cause these
views, expectations and beliefs to change. However, while Idenix
may elect to update these forward-looking statements at some point
in the future, it specifically disclaims any obligation to do so.
Idenix Pharmaceuticals Contact: Teri Dahlman (617) 995-9905
DATASOURCE: Idenix Pharmaceuticals, Inc. CONTACT: Teri Dahlman of
Idenix Pharmaceuticals, Inc., +1-617-995-9905 Web Site:
http://www.idenix.com/
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