Idenix Receives Unfavorable Decision From Patent Office

(RTTNews) - Idenix Pharmaceuticals, Inc. (IDIX), a biopharmaceutical company engaged in the discovery and development of drugs for the treatment of human viral diseases, Wednesday said the United States Patent and Trademark Office Patent Trial and Appeal Board or USPTO issued a decision in favor of Gilead Pharmasset LLC in a patent dispute, determining that Idenix is not entitled to priority of invention. The stock closed over 10 percent lower.

The decision was issued in the first patent interference proceeding concerning one of the company's patent applications and an issued patent owned by Gilead Pharmasset LLC that covers certain 2'-methyl-2'-fluoro nucleoside compounds useful in the treatment of the hepatitis C virus.

Idenix said it does not believe that the patent application at issue in the interference is relevant to any of the compounds currently under clinical development, including samatasvir, its NS5A inhibitor which is in two ongoing studies, or IDX21437, its lead uridine nucleotide prodrug which is in an ongoing phase I/II clinical trial.

Ronald Renaud, CEO, said, ''We intend to challenge this decision in proceedings outside the USPTO. We are confident in our patent portfolio and will continue to defend it vigorously, and this specific matter before the USPTO represents just one part of our overall effort."

Idenix said it has several patent families that provide coverage for 2'-methyl nucleoside compounds and 2'-methyl, 2'-fluoro nucleoside compounds specifically.

IDIX declined 10.5 percent on Wednesday to close at $7.20 and dropped 5.1 percent again in the extended trade.