CAMBRIDGE, Mass., Nov. 23, 2010 /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 the Company will
receive a payment of $20 million from
the ViiV Healthcare Company for the achievement of a clinical
milestone relating to GSK2248761 (known as '761). ViiV
Healthcare is developing '761, a drug candidate for the treatment
of HIV/AIDS.
"We are pleased with the continued progress of '761 and the
initiation of a Phase IIb clinical trial in HIV-infected patients,"
said Ronald Renaud, president and
chief executive officer of Idenix. "We look forward to the
continued progress of this program."
Relationship with ViiV Healthcare
In February 2009, Idenix licensed
to GlaxoSmithKline (GSK) on a worldwide basis a non-nucleoside
reverse transcriptase inhibitor (NNRTI) drug candidate, '761, for
the treatment of HIV/AIDS. The Company has received approximately
$60 million in total
collaboration-related payments as of November 2010. Under this agreement, Idenix could
also potentially receive up to $390
million in additional milestone payments as well as
double-digit tiered royalties on worldwide product sales. In
November 2009, GSK and Pfizer created
ViiV Healthcare, an independent company focused solely on research,
development and commercialization of HIV medicines, and '761 became
part of the ViiV Healthcare pipeline.
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 chronic
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," "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 our drug candidates, the
likelihood and success of any future clinical trials involving our
drug candidates. 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 dependence on its collaborations with
Novartis Pharma AG and GlaxoSmithKline through its affiliate, ViiV
Healthcare Company; 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 each of the company's annual report on Form 10-K
for the year ended December 31, 2009
and quarterly report on form 10-Q for the quarter ended
September 30, 2010, 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.
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Idenix Pharmaceuticals
Contacts:
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Jonae Barnes (617) 224-4485
(investors)
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Kelly Barry (617) 995-9033
(media)
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SOURCE Idenix Pharmaceuticals, Inc.