Achillion Pharma Q4 Net Loss Shrinks

The company has posted a revenue of $61,000, compared to negative revenue of $1.28m for the prior year period. The company adjusted its revenue to reflect revised estimate of its proportionate performance through December 31, 2008, resulting in negative revenue in the fourth quarter of 2008 and reflecting a non-cash reduction in amounts previously recognized as revenue under the collaboration.

For the full year ended December 31, 2009, the company has posted a net loss of $25.93m, or $0.98 per diluted share, compared to $28.15m, or $1.42 per diluted share, for the year ago period. Revenue was negative $294,000 for the 12 months, compared to $234,000 for the year ago period, due to a change in estimate of the company’s remaining performance obligations under its collaboration agreement with Gilead Sciences.

Achillion Pharma expects that net cash used in operating activities in 2010 will be between $23 and $25m based on current operating plans, anticipated timelines and the estimated cost of clinical trials and product development programs. The net loss per share is anticipated to range from $0.65 to $0.70 per share.

Michael Kishbauch, president and CEO of Achillion, said: “Achillion made considerable progress this past year in advancing our pipeline of HCV assets, improving our strategic position in the HCV market. We achieved clinical proof-of-concept with ACH-1625, demonstrating the compound’s short-term safety, tolerability and an impressive viral load reduction which was sustained seven days after completion of dosing.

“We believe Achillion is well positioned to participate in the large and important HCV market. We believe multiple compounds with distinct profiles provide Achillion with a significant advantage, as HCV is a disease in which combination therapies are anticipated to become the standard of care.”