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.
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.
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.
Idenix Pharmaceuticals Contacts:
Jonae Barnes (617) 224-4485 (investors)
Kelly Barry (617) 995-9033 (media)
SOURCE Idenix Pharmaceuticals, Inc.