) loss of 22 cents per share in the second quarter of 2013 was
narrower than both the Zacks Consensus Estimate and the year-ago
loss of 23 cents.
Second-quarter revenues plunged 92.8% to $0.1 million, in line
with the Zacks Consensus Estimate.
Research and development expense during the quarter decreased
3.7% year over year to $19.8 million.
General and administrative expense surged 56.0% year over year
to $9.1 million.
Idenix expects its current cash balance of $177.6 million to
be sufficient to sustain its operations at least in the second
half of 2014.
We remind investors that Idenix suffered a setback in Jun 2013
when the U.S. Food and Drug Administration (FDA) asked the
company to provide additional preclinical safety information on
its lead uridine nucleotide prodrug candidate, IDX20963, which is
being developed for the treatment of hepatitis C virus (HCV). The
study has been put on hold.
Nevertheless, Idenix is working to resolve this issue with the
FDA and develop IDX20963 outside the U.S.
In May 2013, Idenix initiated a phase II study (HELIX-1),
evaluating the combination of HCV candidates, samatasvir (IDX719)
and simeprevir (TMC435). The study is being conducted in
collaboration with Janssen Pharmaceuticals, Inc.,
a Johnson & Johnson
) company. Initial data from the study is expected in the
fourth quarter of 2013.
Idenix plans to initiate a second phase II trial (HELIX-2) on
samatasvir, simeprevir and TMC647055 shortly.
The results were roughly in line with our expectations.
Notwithstanding the clinical hold on the company's lead uridine
nucleotide prodrug candidate, IDX20963, we expect progress with
other HCV candidates.
Investors reacted positively to the results and shares were up
Idenix currently carries a Zacks Rank #3 (Hold). Right now,
Array BioPharma Inc
) look better-positioned. Both carry a Zacks Rank #2 (Buy).
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