Pharmasset Reports Revenue Of $10.5m For Q3

Pharmasset has reported a net loss of $6.9m, or $0.25 per share, for the third quarter ended June 30, 2009, as compared to a net loss of $15.0m, or $0.69 per share, for the quarter ended June 30, 2008.

The company has reported a revenue $10.5m for the third quarter ended June 30, 2009, compared to $0.5m for the quarter ended June 30, 2008 .

The company has reported a total operating expenses of $16.7m for the third quarter ended June 30, 2009, as compared to $15.0m for the same period in 2008.

Schaefer Price, president and CEO of Pharmasset, said: Pharmasset had another productive quarter, as we continued to make progress on all three of the nucleoside/tide analogs comprising our current portfolio of HCV product candidates. We believe HCV therapy is evolving toward combinations of oral antiviral drugs. While we believe combinations of a nucleoside/tide with a drug having a different mechanism of action are very promising, we also believe combinations of two complementary nucleoside/tides have the potential for both a superior resistance profile and activity across all genotypes based on the in vitro evidence to date.