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news.Inhibitex, a Georgia-based biopharmaceutical company focused on developing products to treat and prevent serious infectious diseases, has reported revenues of $1m for the first quarter ended Mar 31, 2010, compared to $0.29 m for the comparable period in 2009.
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Inhibitex has posted a net loss of $4.8m for the first quarter 2010, or $ 0.08 per diluted share, compared to $4.20m, or $ 0.10 per diluted share, for the comparable period in 2009.
The increase in net loss in the first quarter of 2010 was the result of higher research and development expense and lower net interest income, offset in part by higher revenues from a collaborative license and development agreement and a slight reduction in general and administrative expense.
Russell Plumb, president and CEO of Inhibitex, said: “We are pleased with the progress made with both of our internally-driven antiviral development programs over the past quarter. Our IND for INX-189 is now in effect and we have initiated a first-in-man study to evaluate its safety and pharmacokinetics.
“We have also completed two-thirds of the planned enrollment in our ongoing Phase II trial of FV-100, and continue to anticipate that top-line data from the completed trial will be available in the fourth quarter of 2010.”