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news.Inhibitex, a developer of differentiated anti-infective products, has reported a net loss of $3.55 million, or $0.08 per share, for the fourth quarter of 2008, compared to a net loss of $3.52 million, or $0.08 per share, for the same period of 2007.
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For the 12 months ended December 31, 2008, the company reported a net loss of $13.16 million, or $0.31 per share, compared to a net loss of $41.46 million, or $1.22 per share, for the same period of 2007.
Revenue for the fourth quarter of both 2008 and 2007 was $787,500. For the 12 months ended December 31, 2008, the company reported total revenues of $3.15 million, compared to $2.80 million for the 12 months ended December 31, 2007.
Russell Plumb, president and CEO of Inhibitex, said: “We are pleased with the progress we have made over the last year, resulting in the achievement of three primary goals. These goals were to successfully complete our Phase I program for FV-100, identify a lead candidate from our series of HCV nucleoside polymerase inhibitors for further preclinical development, and reduce our overhead costs to extend our cash runway in this challenging business environment. Accordingly, we believe we are well positioned to move our development programs to the next level in 2009.”