NEW HAVEN, Conn., May 9 /PRNewswire-FirstCall/ -- Achillion
Pharmaceuticals, Inc., (Nasdaq: ACHN) a leader in the discovery and
development of small molecule drugs to combat the most challenging
infectious diseases, today reported financial results for the quarter ended
March 31, 2007.
For the first quarter of 2007, the Company reported a net loss of $7.7
million, compared to a net loss of $5.3 million in the first quarter of
2006. Cash and cash equivalents and marketable securities at March 31, 2007
were $54.9 million.
"This quarter, we presented key data at the European Association for
the Study of the Liver meeting validating the antiviral activity of the
NS4A antagonism mechanism in HCV-infected patients," said Michael
Kishbauch, President and Chief Executive Officer of Achillion. "Although we
and Gilead elected to discontinue development of our first NS4A antagonist
due to an undesirable impact on kidney function, its impressive antiviral
activity validates NS4A as a new way of targeting HCV. Achillion is
continuing its efforts with Gilead to assess the properties of additional
compounds with this same promising mechanism of action, and plans to
nominate one of a narrow set of potential candidates in the near term."
Kishbauch continued, "Achillion also marked this quarter with the
continued clinical progress of elvucitabine, by completing enrollment of a
Phase 2 combination trial with the drug candidate in treatment-naive HIV
patients. We expect to announce top-line results from this trial on
elvucitabine's safety, antiviral efficacy and pharmacokinetics in the next
few months. We also continue to enroll patients in another Phase 2 trial in
treatment-experienced patients, and hope to report data from that trial
later this year. We plan on presenting the full results from both of these
Phase 2 trials at a future medical meeting."
First Quarter 2007 Results
The Company reported a net loss attributable to common stockholders of
$7.7 million for the three months ended March 31, 2007, compared to a net
loss attributable to common stockholders of $6.4 million for the three
months ended March 31, 2006. Total revenues were $1.6 million for the first
quarter of 2007, compared to $2.2 million in revenue for the first quarter
of 2006.
Research and development expenses were $8.4 million in the first
quarter of 2007, compared to $6.2 million for the same period of 2006.
Research and development expenses were primarily related to our Phase 2
clinical trials of elvucitabine, a Phase 1b/2 clinical trial of our first
NS4A antagonist for HCV, late-stage discovery efforts in collaboration with
Gilead to pursue next- generation candidates for potential development in
HCV, and continued preclinical advancement of ACH-702, our antibacterial
candidate.
For the three months ended March 31, 2007, general and administrative
expenses totaled $1.5 million, compared to $1.2 million for the same period
in 2006.
About Achillion
Achillion is an innovative pharmaceutical company dedicated to bringing
important new treatments to patients with infectious disease. The company's
proven discovery and development teams have advanced multiple product
candidates with novel mechanisms of action. Achillion is focused on
solutions for the most challenging problems in infectious disease - HIV,
hepatitis and resistant bacterial infections. For more information on
Achillion Pharmaceuticals, please visit the company's web site at
http://www.achillion.com or call Achillion at 1-203-624-7000. ACHN-G
This press release includes forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 that are
subject to risks, uncertainties and other factors, including statements
with respect to Achillion's ability to discover and develop drug candidates
and the nomination of a new NS4A antagonist candidate. Among the factors
that could cause actual results to differ materially from those indicated
by such forward-looking statements are: unexpected regulatory actions or
delays; uncertainties relating to results of clinical trials, including
additional data relating to ongoing clinical trials; Achillion's ability to
obtain additional funding required to conduct its research, development and
commercialization activities and Achillion's dependence on its
collaboration with Gilead Sciences. These and other risks are described in
the reports filed by Achillion with the U.S. Securities and Exchange
Commission, including its Annual Report on Form 10-K for the year ended
December 31, 2006.
All forward-looking statements reflect Achillion's expectations only as
of the date of this release and should not be relied upon as reflecting
Achillion's views, expectations or beliefs at any date subsequent to the
date of this release. Achillion anticipates that subsequent events and
developments may cause these views, expectations and beliefs to change.
However, while Achillion may elect to update these forward-looking
statements at some point in the future, it specifically disclaims any
obligation to do so.
Contact:
Mary Kay Fenton
Achillion Pharmaceuticals, Inc.
Tel. (203) 624-7000
mfenton@achillion.com
Media:
Kari Watson
MacDougall Biomedical Communications, Inc.
Tel. (508) 647-0209
kwatson@macbiocom.com
ACHILLION PHARMACEUTICALS INC. (ACHN)
Statements of Operations
(Unaudited, in thousands, except per share amounts)
Three Months Ended
March 31,
2007 2006
Revenue $1,550 $2,151
Operating expenses:
Research and development 8,367 6,187
General and administrative 1,548 1,219
Total operating expenses 9,915 7,406
Loss from operations (8,365) (5,255)
Other income (expense):
Interest income 759 72
Interest expense (265) (189)
Tax benefit 201 25
Total other income (expense) -net 695 (92)
Net loss (7,670) (5,347)
Preferred stock dividends and
accretion - (1,028)
Net loss attributable to common
stockholders $(7,670) $(6,375)
Net loss attributable to common
stockholders per share
- basic and diluted $(0.49) $(12.52)
Weighted average shares outstanding
- basic and diluted 15,540 509
Balance Sheets
(Unaudited, in thousands)
March 31, March 31,
2007 2006
Cash and cash equivalents and
marketable securities $54,942 $62,566
Working capital 44,324 53,190
Total assets 59,447 67,146
Long-term liabilities 6,200 8,102
Total liabilities 19,139 19,776
Total stockholders' (deficit) equity 40,308 47,370
SOURCE Achillion Pharmaceuticals, Inc.
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Related links:
http://www.achillion.com/
CONTACT:
Mary Kay Fenton of Achillion Pharmaceuticals,
Inc., +1-203-624-7000, mfenton@achillion.com; or Media, Kari
Watson of MacDougall Biomedical Communications, Inc.,
+1-508-647-0209, kwatson@macbiocom.com, for Achillion
Pharmaceuticals, Inc.
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