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Anadys Pharmaceuticals Reports Third Quarter 2008 Financial Results and Highlights
Date:10/23/2008

SAN DIEGO, Oct. 23 /PRNewswire-FirstCall/ -- Anadys Pharmaceuticals, Inc. (Nasdaq: ANDS), a clinical-stage biopharmaceutical company dedicated to improving patient care by developing novel medicines in the areas of hepatitis C and oncology, today reported its financial results and highlights for the third quarter ended September 30, 2008.

"We continue to make rapid progress in both of our hepatitis C development programs," said Steve Worland Ph.D., President and CEO of Anadys. "We completed our first clinical study of ANA598 in healthy volunteers and have now completed the healthy volunteer portion of our ongoing ANA773 study. For both programs, we are very encouraged by the data and look forward to initiating patient dosing this quarter."

Financial Results

As of September 30, 2008, the Company's cash, cash equivalents and securities available-for-sale totaled $34.4 million.

During the third quarter of 2008 the Company had no revenue, compared to $21.5 million for the same quarter of 2007. The revenue in the third quarter of 2007 was primarily derived from the recognition of previously deferred revenue associated with an upfront payment and a milestone payment under a prior collaboration.

Research and development expenses were $7.6 million for the third quarter of 2008 and 2007. During the third quarter of 2008, cost savings derived from Anadys' completed strategic restructuring and associated termination of prior development programs were offset by a significant increase in ANA598 development costs.

General and administrative expenses were $2.1 million for the third quarter of 2008, compared to $2.4 million for the third quarter of 2007. The $0.3 million decrease primarily resulted from cost savi
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SOURCE Anadys Pharmaceuticals, Inc.
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