Idenix Pops 40% on Pipeline Development

Shares of Idenix

are seeing much strength during Monday's trading session after the company announced positive developments in its drug pipeline. Idenix announced today the initiation of a phase I clinical trial of the Company's NS5A inhibitor, IDX719. The first part of the study will evaluate safety, pharmacokinetics and food effect of IDX719 in 48 healthy volunteers. Further, the Company has selected two additional nucleotide inhibitors, IDX19368 and IDX19370, as potential clinical candidates. The Company anticipates Investigational New Drug filings in mid-2012. Idenix also reported that it ended 2011 with approximately $118.3 million of cash and cash equivalents, had about $65 million as of September 30, 2011, representing an 81.5% increase. Currently, shares of Idenix are trading about 36% higher at $9.53.