Idenix Pharmaceuticals (NASDAQ: IDIX), a biopharmaceutical company that is engaged in the discovery and development of drugs to treat viral conditions, has announced the presentation of results for the antiviral activities and safety of two clinical stage HCV (hepatitis C virus) candidate drugs – IDX719 and IDX184. Idenix presented a proof-of-concept study that showed that IDX719 was well tolerated at 100 mg daily doses and had strong activity against HCV genotypes 1-4. Idenix also presented updated antiviral activity and cardiovascular safety data for IDX184.
The results of the studies were reported at the 63rd Annual Meeting for the American Association for the Study of Liver Diseases (AASLD) in Boston.
The study results presented by Idenix demonstrate that IDX179 was well tolerated and patients showed no adverse reactions. Moreover, IDX179 was able to reduce the viral load significantly. Idenix intends to start phase II clinical trials in combination within the next year. The study of the effects of IDX184 revealed no cardiac or renal symptoms caused by the administration of this drug. The results will be submitted to the FDA as part of Idenix’s response package. Idenix has announced that it has conducted a careful study of both the drug candidates to ensure that all the safety concerns raised by the FDA have been addressed. This will enable Idenix to move forward with further studies on the drug candidates to move them closer to complete FDA clearance and production.
Idenix had also recently posted third-quarter results. Idenix reported revenues of $32.3 million in the third quarter against $2.6 million in the same period the previous year. Idenix also posted a net income of $4.3 million in the quarter compared to a net loss of $11.7 million in the corresponding quarter the previous year.
Idenix Pharmaceuticals, based in Cambridge, Massachusetts, works to discover and develop drugs against human viral diseases. At present, Idenix is focused on drugs to treat hepatitis C.
About Hepatitis C
Hepatitis C is a viral disease that infects between three and four million people globally. It is transmitted through infected blood. It is estimated that there are over 170 million people all over the world with chronic infection of hepatitis C. This makes the number of people infected with hepatitis C five times more than those infected with HIV.
Idenix shares increased in value by 11.5% on Monday to close at $4.65 on a volume of 4.5 million shares. The increase in share price has followed Idenix’s success with the two development stage drugs against hepatitis C and the ability to ascertain the safety levels of those drugs.
Apart from Idenix, other stocks that saw a price increase on Monday include Mannatech (NASDAQ: MTEX), which saw a 14.6% increase to $6.21. In all, 15,620 Mannatech shares were traded.
Shares of Horizon Pharma (NASDAQ: HZNP) saw a 13.5% increase to $2.60 with 2.8 million shares changing hands. Vocus (NASDAQ: VOCS) shares reached $16.64 with a 13% increase and 241,756 shares traded.
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