Message #1 From:
Jason Date: June 3, 2007 09:12:37 PM
ANDS, Anadys Pharmaceuticals Reports First Quarter 2007 Financial Results
Anadys Pharmaceuticals, Inc. (Nasdaq: ANDS Stock Forums), a biopharmaceutical company committed to the discovery, development and commercialization of novel medicines for the treatment of hepatitis and cancer, today reported its financial results for the first quarter ended March 31, 2007.
'During the quarter we and our collaborator Novartis continued our second 13-week animal toxicology study of ANA975, an oral Toll-Like Receptor 7 agonist prodrug,' said Lawrence C. Fritz, Ph.D., president and chief executive officer of Anadys. 'Following conclusion of the study and completion of the data analysis, we plan to determine with Novartis whether we believe the data support resuming clinical testing of ANA975. If so, we plan to meet with the U.S. Food and Drug Administration to discuss the results and request a lifting of the clinical hold. We also made excellent progress this quarter in our efforts to create powerful HCV polymerase inhibitors and are poised to nominate a clinical candidate by mid-year.'
Financial Results
Anadys reported revenues of $1.1 million for the first quarter of 2007, compared to $1.5 million for the first quarter of 2006. Revenues for the quarter were primarily derived from the Company's collaboration with Novartis. Operating expenses were $8.8 million for the quarter, compared to $8.4 million for the first quarter of 2006. This increase was primarily attributable to an increase in development costs associated with our ANA59X sub-series of compounds. Included as a component of our operating expenses was non-cash share-based expense of $1.1 million and $1.4 million for the three months ended March 31, 2007 and 2006, respectively.
Net loss was $6.7 million for the first quarter of 2007, compared to $5.8 million for the first quarter of 2006. Basic and diluted net loss per common share was $0.23 in the first quarter of 2007, compared to $0.20 for the same period in 2006. Non-cash share-based expense resulted in a $0.04 and $0.05 increase in basic and diluted net loss per share for the three months ended March 31, 2007 and 2006, respectively.
As of March 31, 2007, the Company's cash, cash equivalents and securities available-for-sale totaled $75.8 million.
Recent Highlights
* We and our collaborator Novartis continued to conduct an animal
toxicology study of ANA975 designed to address questions raised by the
initial 13 week toxicology study. Following conclusion of the study
and completion of the data analysis, we plan to determine with
Novartis whether we believe the data support resuming clinical testing
of ANA975. If so, we plan to meet with the U.S. Food and Drug
Administration to discuss the results and request a lifting of the
clinical hold.
* We identified specific compounds within the ANA59X sub-series of HCV
polymerase inhibitors that combined good potency with excellent
pharmaceutical properties.
* We continued work in support of our plan to file an Investigational
New Drug (IND) application for ANA773 in oncology in the second half
of 2007.
* We continued discussions with LG Life Sciences around a global
development plan for ANA380, a nucleotide inhibitor of HBV polymerase;
however, to date, the parties have not been able to come to agreement
on a global development plan that would support the interests of both
parties' respective geographic territories. Accordingly, we are
currently re-evaluating the role of ANA380 in our product portfolio
and are evaluating our options with respect to this program.
* We hired John Z. Sullivan-Bolyai, M.D., MPH, as Vice President,
Clinical Affairs, who brings more than 17 years of clinical research
and development experience to this position. Previously, Dr.
Sullivan-Bolyai was Assistant Vice President, Research and Development
for Valeant Pharmaceuticals International.
Webcast of Conference Call
Anadys will host a conference call today at 5:00 p.m. Eastern Time to discuss its first quarter financial results and operational highlights and to give an update on its programs and product candidate portfolio. A live webcast of the call is available online at www.anadyspharma.com. A telephone replay will also be available approximately one hour after completion of the call. To access the telephone replay, dial 888-286-8010 (domestic) or 617- 801-6888 (international), passcode 62736801. The webcast and telephone replay will be available through May 17, 2007.
About ANDS Anadys Pharmaceuticals
Anadys Pharmaceuticals, Inc., www.anadyspharma.com, is a biopharmaceutical company committed to advancing patient care by discovering, developing and commercializing novel small molecule medicines for the treatment of viral diseases and cancer. The Company's programs focus on Toll-Like Receptor-based small molecule product candidates and direct antiviral compounds that inhibit key steps in viral proliferation. The Company has core expertise in medicinal chemistry coupled with structure-based drug design, and is developing compounds for the treatment of hepatitis C infection, hepatitis B infection and cancer.
