Pharmasset Inc.

Princeton, N.J. • 609-613-4100 • www.pharmasset.com

Exchange and Ticker: Nasdaq: VRUS

Filing Range: 6 million shares @ $12.00 to $14.00

Offering Price: $9.00

Close on First Day: $9.07

Offering Size: $45.00M

Shares Outstanding: 20,519,781M

Underwriters: Banc of America Securities LLC/ UBS Investment Bank

Co-manager: JMP Securities LLC

Company Counsel: Shearman & Sterling LLP

Manager Counsel: Davis Polk & Wardwell

Auditor: Grant Thornton LLP

Market Capitalization on 4/30/07: $186.94 M

Close price at current month end: $9.11

DESCRIPTION

The company is a clinical-stage pharmaceutical company committed to discovering, developing and commercializing novel drugs to treat viral infections. It focuses on the development of oral therapeutics for the treatment of Human Immunodeficiency Virus (HIV), Hepatitis B Virus (HBV) and Hepatitis C Virus (HCV). The company’s research and development efforts focus on a class of compounds known as nucleoside analogs, which act to inhibit the natural enzymes required for viral replication. Competitors include GlaxoSmithKline, Bristol-Myers Squibb, Roche and Schering Plough.

VENTURE BACKERS

Burrill & Co., CDIB BioScience Venture Management, MDS Health Ventures Inc., MPM Capital, TVM Capital.

Source: Thomson Financial