Inhibitex shares falling pre-market Print E-mail
By Staff and Wire Reports   
Thursday, 07 April 2011 08:07
Shares of Inhibitex Inc. slid Thursday in pre-market trading, a day after the biotechnology company announced a stock offering to raise money for working capital and clinical research.

Inhibitex shares slid 40 cents, or more than 8 percent, to $4.24 in pre-market trading.

The Alpharetta, Ga., company said Wednesday after markets closed it would start a public offering with Deutsche Bank Securities Inc. as its sole book-running manager. Proceeds will be used for a mid-stage clinical trial for a potential chronic hepatitis C infection and research and development expenses tied to other development programs.

Inhibitex also is conducting clinical testing of a potential shingles treatment. It does not have any products on the market, and most of its revenue comes from collaborations.

Last month, it reported a net loss of $7 million, or 11 cents per share, in the three months that ended Dec. 31. That compared with a loss of $4.7 million, or 8 cents per share, during the same period a year prior. Revenue remained flat at $287,500. For the full year, the company lost $22.7 million, or 37 cents per share, on $1.9 million in revenue.

Inhibitex, Inc., a biopharmaceutical company, focuses on the development of differentiated anti-infective products to prevent or treat serious infections, primarily shingles and chronic infections caused by hepatitis C virus (HCV). Its antiviral product candidates include FV-100, an orally available nucleoside analogue prodrug, which is in Phase II trials for the treatment of herpes zoster or shingles; and INX-189, a HCV nucleoside polymerase inhibitor that has completed preclinical studies for the treatment of chronic hepatitis C infection.

The company is also developing anti-bacterials, including Staphylococcal Vaccine, which is in Phase I trial to prevent S. aureus infections; and Aurexis, a humanized monoclonal antibody that has completed Phase II trials for the treatment of S. aureus bloodstream infections in hospitalized patients. It has a license and collaboration agreement with Wyeth Pharmaceuticals for the development of active vaccines against staphylococcus from MSCRAMM protein platform. Inhibitex, Inc. was founded in 1994 and is based in Alpharetta, Georgia.

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