Dallas, Texas 03/10/2014 (FINANCIALSTRENDS) – Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) reported its fourth quarter and full year 2013 operations results on 7th March. The diagnostic firm disclosed that its drug development pipeline is progressing as per plan and highlighted that its target drugs ACH-3102 and ACH-3422 will be further studies in phase 2 tests in this fiscal year.
The 4Q Financial Highlights
For the fourth quarter, the development stage drug firm reported net loss of $13.4 million as against its 4Q12 loss of $11.2 million. For FY13, the drug maker posted loss of $59 million which translated into a loss per share of 63 cents, as against a net loss of $47 million and loss per share of 64 cents it had accumulated in FY12. From its continued operations, it had managed to retain cash to the tune of $159.1 million for the full year.
Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) President and Chief Executive Officer Dr. Milind Deshpande, Ph.D., explaining the developments in the past year has been quoted to have said that, “With the multiple programs we are advancing, we are more excited than ever about the near- and long-term prospects for our HCV portfolio. With the completion of non-clinical studies with our nucleotide uridine-analog prodrug, ACH-3422, the robust HCV genotype 1b results we have reported on ACH-3102, our second-generation, pan-genotypic NS5A inhibitor, and the advancement of our second-generation protease inhibitor, ACH-2684.”
CEO Deshpande also disclosed that he was hopeful of achieving their goal of becoming a commercially viable drug firm with marketable drugs on the shop shelves. During the earnings call, the drug maker also provided updates on its “Sovaprevir: N3/4A Protease Inhibitor” drug. The drug firm is extensively testing the drug further to collate data which it hopes to convince U.S. Food and Drug Administration to release its clinical hold on the further development of the drug.