Idenix loss deepens as development continues

Associated Press / October 30, 2010

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CAMBRIDGE — Idenix Pharmaceuticals said yesterday its financial loss deepened slightly in the third quarter from a year earlier as it continued to invest in developing two hepatitis drugs.

For the period ended Sept. 30, the company reported a net loss of $12.9 million, or 18 cents per share, compared with a net loss of $11.7 million, or 18 cents per share, in the same quarter last year. On average, analysts polled by Thomson Reuters expected a net loss of 22 cents per share.

Revenue for the quarter increased to $3.8 million from $3.1 million.

Last month shares of Idenix plummeted after the Food and Drug Administration halted development of its two experimental hepatitis drugs. The FDA issued a hold after the company reported three potentially dangerous liver side effects in patients taking its drugs.

Idenix said it “is working with the FDA to determine the next steps in the development of these drug candidates.’’

Shares of Idenix Pharmaceuticals rose 6 cents to close at $4.33.