SAN DIEGO, Nov. 7, 2011 /PRNewswire/ -- Anadys Pharmaceuticals, Inc. (Nasdaq: ANDS), a biopharmaceutical company dedicated to improving patient care by developing novel medicines for the treatment of hepatitis C, today reported its program highlights and financial results for the third quarter ended September 30, 2011.
Acquisition by Roche in Progress
- On October 17, 2011, Anadys announced that it had entered into a definitive merger agreement to be acquired by Roche (SIX: RO, ROG; OTCQX: RHHBY). Under the terms of the merger agreement, Roche has commenced an all cash tender offer for all outstanding shares of common stock of Anadys at USD 3.70 per share. The tender offer is expected to close within the fourth quarter of 2011.
"With Roche's considerable capabilities and experience in HCV, we believe the acquisition of Anadys by Roche provides the best chance for our development-stage agents to reach patients," said Steve Worland, Ph.D, President and CEO of Anadys. "We look forward to an expeditious close and the continuing advancement of our agents within the Roche portfolio."
Recent Setrobuvir Program Highlights
- On October 13, 2011, Anadys released positive interim antiviral response and safety data from an ongoing Phase IIb study of setrobuvir in combination with pegylated interferon and ribavirin (P/R) in genotype 1 hepatitis C patients. Through 12 weeks in the treatment-naïve and prior partial responders/ relapsers groups, setrobuvir plus P/R demonstrated strong antiviral response and the incidence of viral breakthrough rate was low. Response in the partial responders/ relapsers group was comparable to response in the treatment-naïve group. Through a median dosing duration of 19 weeks, setrobuvir was generally well tolerated and demonstrated a favorable safety profile with adverse events comparable to the control group.
- Setrobuvir was selected by independent experts at Windhover Information and Herndon Company as one of Windhover's Top 10 Most Interesting Infectious Disease Projects to Watch. As a selected company, Anadys will present at Windhover's 6th Annual Therapeutic Area Partnerships conference November 30-December 2, 2011 in Boston, MA.
Financial Results and Highlights
As of September 30, 2011, Anadys' cash, cash equivalents and securities available-for-sale totaled $19.2 million compared to $38.0 million as of December 31, 2010. The decrease in cash, cash equivalents and securities available-for-sale is the result of cash utilization to fund operations during the first nine months of 2011. Cash utilization during the third quarter totaled $6.6 million.
Total operating expenses were $9.7 million for the third quarter of 2011, compared to $4.0 million for the third quarter of 2010. Included as a component of Anadys' operating expenses were non-cash, share-based expense of $0.4 million and $0.5 million for the third quarter of 2011 and 2010, respectively.
Research and development expenses were $8.0 million for the third quarter of 2011, compared to $2.5 million for the third quarter of 2010. The $5.5 million increase was primarily attributable to a $5.0 million increase in setrobuvir development costs and, to a lesser extent, $0.6 million increase in ANA773 development costs.
