PRINCETON, N.J., Nov. 9 /PRNewswire/ -- Pharmasset announced today the receipt of a $7.5 million milestone payment from Roche. The milestone payment was triggered by Pharmasset’s successful completion of certain manufacturing- related activities defined in their hepatitis C virus (HCV) collaboration agreement with Roche for the development of nucleoside polymerase inhibitors, including R7128. “We are pleased to have completed several key chemistry process development and CMC activities for our HCV program,” stated Dr. Darryl Cleary, Pharmasset’s Vice President, Manufacturing. “Our HCV collaboration with Roche has effectively overcome one of the rate-limiting steps in clinical development programs.”
About R7128
R7128 is a polymerase inhibitor being developed by Pharmasset and Roche for the treatment of chronic hepatitis C. R7128, an investigational agent, is currently being studied in a Phase I single ascending and multiple ascending dose study designed to assess the safety and pharmacokinetics of R7128 in healthy volunteers, as well as provide antiviral potency data over 14-days in HCV-infected individuals.
About Pharmasset
Pharmasset is a clinical-stage pharmaceutical company committed to discovering, developing and commercializing novel drugs to treat viral infections. Pharmasset’s primary focus is on the development of oral therapeutics for the treatment of hepatitis B virus (HBV), hepatitis C virus (HCV) and human immunodeficiency virus (HIV).
Contact: Alan Roemer Vice President, Finance & Investor Relations alan.roemer@pharmasset.com Office: (609)613-4125
STATEMENTS IN THIS COMPANY PRESS RELEASE MAY CONSTITUTE FORWARD-LOOKING STATEMENTS AND ARE SUBJECT TO NUMEROUS RISKS AND UNCERTAINTIES, INCLUDING THE FAILURE OF R7128 TO PERFORM AS EXPECTED, THE COMPANY’S ABILITY TO ATTRACT AND RETAIN QUALIFIED PERSONNEL TO CONDUCT THE REQUIRED CLINICAL TRIALS OF R7128 , THE STATUS OF THE COMPANY’S HCV COLLABORATION WITH ROCHE, THE COMPANY’S FUTURE CAPITAL NEEDS TO FUND THE R7128 DEVELOPMENT PROGRAMS, THE COMPANY’S ABILITY TO OBTAIN ADDITIONAL FINANCING, THE COMPANY’S ABILITY TO OBTAIN REQUIRED REGULATORY APPROVALS FOR R7128, THE DEVELOPMENT OF COMPETITIVE HCV PRODUCTS BY OTHERS, THE EXISTENCE OF THIRD-PARTY PATENT RIGHTS, AND OTHER RISKS INHERENT IN DISCOVERY AND DEVELOPMENT STAGE PROGRAMS AT A BIOTECHNOLOGY COMPANY. THE ACTUAL RESULTS FOR R7128 MAY DIFFER MATERIALLY FROM THOSE ANTICIPATED IN THIS COMPANY PRESS RELEASE. THE COMPANY DISCLAIMS ANY OBLIGATION TO UPDATE THE STATEMENTS CONTAINED IN THIS COMPANY PRESS RELEASE.
Source: Pharmasset
