Vertex says well positioned to pursue development with $752.3 million in cash

By Lisa Kerner

Charlotte, N.C., Oct. 26 - Vertex Pharmaceuticals Inc. ended the third-quarter 2006 with $752.3 million in cash, cash equivalents and other investments, including an up-front payment of $165.0 million received from Janssen Pharmaceutica and proceeds from the company's September $330.0 million equity financing.

The company reported a net loss of $51.8 million, or $0.46 per share, compared to $79.6 million, or $0.84 per share, for the prior-year period.

Total revenues for the quarter rose to $53.3 million from $36.2 million for the third-quarter 2005.

Research and development expenses for the quarter were up at $96.1 million, from $63.6 million for the same period in 2005.

"Vertex is well positioned to pursue late-stage development and commercialization of its product opportunities," president and chief executive officer Joshua Boger said in a news release.

"Our lead investigational drug, telaprevir (VX-950), has the potential to address significant unmet medical need in the treatment of hepatitis C virus.. Behind telaprevir (VX-950), we have a pipeline of first-in-class compounds with promising profiles, and we have the financial strength to help us capitalize on our clinical opportunities."

Management revised its 2006 guidance upward, anticipating year end cash, cash equivalents and other investments of more than $725 million, from previous guidance of $400 million. The increase is due primarily to proceeds from the $330 million equity financing the company completed in September.

Vertex is a biotechnology company located in Cambridge, Mass.

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