Idenix Pharmaceuticals Reports Second Quarter and Six Month 2014 Financial Results
31 Juillet 2014 - 10:30PM
Idenix Pharmaceuticals, Inc. (Nasdaq:IDIX), a biopharmaceutical
company engaged in the discovery and development of drugs for the
treatment of human viral diseases, today reported unaudited
financial results for the second quarter ended June 30, 2014.
Second Quarter and Six Months 2014 Financial
Results
For the second quarter ended June 30, 2014, Idenix reported
total revenues of $(26.1) million, compared to total revenues of
$0.1 million in the second quarter of 2013. The Company reported a
net loss of $64.5 million, or $0.43 per basic and diluted share,
for the second quarter ended June 30, 2014, compared to a net loss
of $28.9 million, or $0.22 per basic and diluted share, for the
second quarter ended June 30, 2013.
For the six months ended June 30, 2014, Idenix reported total
revenues of $(29.1) million, compared to total revenues of $1.0
million for the six months ended June 30, 2013. The Company
reported a net loss of $98.6 million, or $0.67 per basic and
diluted share, for the six months ended June 30, 2014, compared to
a net loss of $59.7 million, or $0.45 per basic and diluted share,
for the six months ended June 30, 2013. In the six months ended
June 30, 2014, the Company recorded a charge against revenue
related to the impact of the stock subscription rights of Novartis
Pharma AG, which is described in more detail in the Company's
quarterly report on Form 10-Q for the quarter ended June 30,
2014.
Merger with Merck
On June 9, 2014, Idenix announced that it had entered into an
agreement and plan of merger, referred to as the merger agreement,
with Merck & Co. Inc. and its wholly-owned subsidiary, Imperial
Blue Corporation, together referred to as Merck. On June 20, 2014
and pursuant to the merger agreement, Merck commenced a tender
offer, referred to as the offer, to purchase all of Idenix's issued
and outstanding shares of common stock for $24.50 per share in
cash. Consummation of the offer is subject to the expiration of the
waiting period under the Hart-Scott-Rodino Antitrust Improvements
Act of 1976, which occurred on July 18, 2014, and other customary
closing conditions. The tender offer will expire on August 4, 2014.
It is expected that the transaction will be completed in August
2014, but there can be no assurance that the offer will close in
this time frame or at all. Upon closing of the offer and subject to
the terms of the merger agreement, Idenix will become a
wholly-owned subsidiary of Merck, and the Company's common stock
will cease to trade on the NASDAQ Global Market. The foregoing
description of the transaction with Merck does not purport to be
complete and is qualified in its entirety by reference to the
merger agreement, a copy of which was filed as Exhibit 2.1 on Form
8-K filed with the Securities and Exchange Commission, or SEC, on
June 9, 2014.
2014 Financial Guidance
At June 30, 2014, Idenix's cash and cash equivalents totaled
$177.6 million. The Company continues to expect that its current
cash and cash equivalents will be sufficient to sustain its
operations into at least the second half of 2015. This guidance
assumes no milestone payments or license fees, no reimbursement for
development programs and no financing or merger activities.
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 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," "intends," "will," and similar expressions
are also intended to identify forward-looking statements, as are
expressed or implied statements with respect to the transactions
contemplated by the merger agreement between the Company by Merck,
including the merger and the offer; the Company's potential
pipeline candidates, including any expressed or implied statements
regarding the efficacy and safety of samatasvir, IDX21437 or
IDX21459 or any other drug candidate; the successful development of
novel combinations of direct-acting antivirals for the treatment of
HCV; the likelihood and success of any future clinical trials
involving samatasvir, IDX21437 or IDX21459 or any other drug
candidates; and expectations with respect to funding of operations
and future cash balances. 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 transactions
contemplated by the merger agreement between the Company by Merck,
including the merger and the offer; 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; 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 the
Company's annual report on Form 10-K for the year ended December
31, 2013 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,
INC. |
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS |
|
|
|
|
|
(IN THOUSANDS, EXCEPT
PER SHARE DATA) |
|
|
|
|
|
(UNAUDITED) |
|
|
|
|
|
|
Three Months Ended June
30, |
Six Months Ended |
|
June 30, |
June 30, |
|
2014 |
2013 |
2014 |
2013 |
Revenues: |
|
|
|
|
Collaboration revenue – related
party |
$ (26,071) |
$ 112 |
$ (29,078) |
$ 964 |
Total revenues |
(26,071) |
112 |
(29,078) |
964 |
Operating expenses (1): |
|
|
|
|
Cost of revenues |
-- |
368 |
-- |
700 |
Research and development |
24,185 |
19,779 |
45,262 |
43,787 |
General and administrative |
14,492 |
9,141 |
24,795 |
16,676 |
Total operating expenses |
38,677 |
29,288 |
70,057 |
61,163 |
Loss from operations |
(64,748) |
(29,176) |
(99,135) |
(60,199) |
Other income, net |
286 |
257 |
560 |
528 |
Loss before income taxes |
(64,462) |
(28,919) |
(98,575) |
(59,671) |
Income tax expense |
-- |
-- |
(1) |
(1) |
Net loss |
$ (64,462) |
$ (28,919) |
$ (98,576) |
$ (59,672) |
|
|
|
|
|
Basic and diluted net loss per
share: |
$ (0.43) |
$ (0.22) |
$ (0.67) |
$ (0.45) |
|
|
|
|
|
Shares used in calculation of basic and
diluted net loss per share: |
150,968 |
133,960 |
148,059 |
133,959 |
|
|
|
|
|
Comprehensive loss: |
|
|
|
|
Net loss |
$ (64,462) |
$ (28,919) |
$ (98,576) |
$ (59,672) |
Changes in other comprehensive
income: |
|
|
|
|
Foreign currency translation
adjustment |
(125) |
151 |
(76) |
(198) |
Comprehensive loss |
$ (64,587) |
$ (28,768) |
$ (98,652) |
$ (59,870) |
(1) Share-based compensation expenses
included in operating expenses amounted to approximately: |
|
|
|
|
Research and development |
$569 |
$525 |
$1,052 |
$995 |
General and administrative |
1,083 |
861 |
2,030 |
1,640 |
|
|
|
|
|
IDENIX PHARMACEUTICALS,
INC. |
|
CONDENSED CONSOLIDATED
BALANCE SHEETS |
|
(IN
THOUSANDS) |
|
(UNAUDITED) |
|
|
|
|
June 30, |
December 31, |
|
2014 |
2013 |
|
|
|
ASSETS |
|
|
Cash and cash equivalents |
$ 177,613 |
$ 122,006 |
Receivables from related party |
1,050 |
1,409 |
Other current assets |
7,624 |
6,337 |
Total current assets |
186,287 |
129,752 |
Property and equipment, net |
2,599 |
2,782 |
Receivables from related party, net of
current portion |
4,555 |
5,082 |
Other assets |
4,185 |
3,395 |
Total assets |
$ 197,626 |
$ 141,011 |
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
Accounts payable and accrued expenses |
$ 27,094 |
$ 17,084 |
Deferred revenue, related party |
714 |
714 |
Other current liabilities |
449 |
392 |
Total current liabilities |
28,257 |
18,190 |
Other long-term obligations |
13,512 |
13,550 |
Deferred revenue, related party, net of
current portion |
2,917 |
3,274 |
Total liabilities |
44,686 |
35,014 |
Stockholders' equity |
152,940 |
105,997 |
Total liabilities and stockholders'
equity |
$ 197,626 |
$ 141,011 |
|
|
|
CONTACT: Teri Dahlman (617) 995-9807
(MM) (NASDAQ:IDIX)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
(MM) (NASDAQ:IDIX)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024