-Phase II Trial of FV-100 for the Treatment of Shingles on Track for Completion in Q4 2010-

ATLANTA, GA - July 22, 2010 - Inhibitex, Inc. (Nasdaq: INHX) today announced that the independent data safety monitoring board (DSMB) responsible for reviewing safety data from the Company's ongoing Phase II clinical trial of FV-100 met, as scheduled, after the Company had provided it with complete 30-day follow-up safety data on the third quartile (75%) of the patients that the Company plans to enroll in the trial. Based upon its review, the DSMB recommended that the trial continue to completion without modification. The Company anticipates that top-line efficacy data from the completed trial will be available in the fourth quarter of 2010.

The Phase II trial is a well-controlled, double-blind study comparing two arms of FV-100 to an active control (valacyclovir) in the treatment of shingles, also referred to as herpes zoster. The Company plans to enroll and equally randomize approximately 350 patients, aged 50 years and older, to one of three treatment arms: 200 mg FV-100 administered once daily; 400 mg FV-100 administered once daily; and 1,000 mg valacyclovir administered three times per day. In addition to further evaluating its safety, the objectives of the trial are to evaluate the potential therapeutic benefit of FV-100 in reducing the severity and duration of shingles-associated pain, the incidence of post herpetic neuralgia (PHN), and the time to lesion healing.

About Inhibitex

Inhibitex, Inc., headquartered in Alpharetta, Georgia, is a biopharmaceutical company focused on developing products to prevent and treat serious infectious diseases. The Company's clinical-stage pipeline includes FV-100 for the treatment of shingles and INX-189, a highly potent nucleotide polymerase inhibitor in Phase I development for the treatment of chronic hepatitis C infections. The Company has additional HCV nucleotide polymerase inhibitors in preclinical development, and has also licensed the use of its proprietary MSCRAMM® protein technology to Pfizer for the development of staphylococcal vaccines.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than historical facts included in this press release, including statements regarding the anticipated time to have top-line data available from the Company's ongoing Phase II clinical trial of FV-100, and the anticipated number of patients the Company plans to enroll in this trial, are forward looking statements. These intentions, expectations, or results may not be achieved in the future and various important factors and risks could cause actual results or events to differ materially from the forward-looking statements that the Company makes, including the risk of: either the Company, the FDA, an investigational review board, or a data safety monitoring board (DSMB) suspending or terminating the clinical development of FV-100 at any time for lack of safety, manufacturing issues or other clinical reasons, and the clinical sites participating in the ongoing Phase II trial not being able to recruit a sufficient number of shingles patients to complete the trial on a timely basis. Further information regarding these factors and risks can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2009, as filed with the Securities and Exchange Commission, or SEC, on March 26, 2010 and its Quarterly Reports on Form 10-Q for the quarter ended March 31, 2010, as filed with the SEC on May 13, 2010. Given these uncertainties, you should not place undue reliance on these forward-looking statements, which apply only as of the date of this press release.

There may be events in the future that the Company is unable to predict accurately, or over which it has no control. The Company's business, financial condition, results of operations and prospects may change. The Company may not update these forward-looking statements, even though its situation may change in the future, unless it has obligations under the Federal securities laws to update and disclose material developments related to previously disclosed information. The Company qualifies all of the information contained in this press release, and particularly its forward-looking statements, by these cautionary statements.

Inhibitex® and MSCRAMM® are registered trademarks of Inhibitex, Inc.
Russell H. Plumb
Chief Executive Officer
(678) 746-1136
[email protected]    Lee Stern
The Trout Group
(646) 378-2922
[email protected]