Boston, MA 05/20/2014 (wallstreetpr) – Ophthotech Corp (NASDAQ:OPHT), a developer of novel therapeutics, announced that it suffered a wider net loss for the first quarter. However, the loss per share is smaller than the analysts’ expectations for the same period.
1Q Results
The company reported a net loss of $20.68 million or a loss of 64 cents a share compared to a loss of $6.36 million or a loss of $4.33 a share in the year-ago quarter. The loss per share is narrow as a result of an increase in outstanding shares. Wall Street analysts estimated the company to incur a loss of 67 cents a share.
Operating costs surged to $20.7 million from $4.1 million in the previous year quarter, as research and development costs surged to $14.4 million from $2.4 million in the year earlier quarter.
1Q Achievements
Ophthotech received $41.7 million payment as per the deal struck with Novo A/S for milestone for enrollment as part of its $125.0 million agreement involving royalty financing. Ophthotech Corp (NASDAQ:OPHT) is also entitled to get $41.7 million upon an additional patient enrollment milestone.
The company expects to make progress in its Zimura, its second product candidate, to a phase 2/3 clinical studies of geographic atrophy treatment, a stern form of dry age related macular degeneration or AMD, either later this year or early next year. This apart, Ophthotech plans to conduct Phase 2 clinical study of Zimura in mixture of anti-VEGF therapy for patients with wet AMD. The company expects to initiate a trial in 2015.
CEO Speaks
Commenting on the results, Ophthotech chairman and CEO David Guyer said that the company is concentrating on executing its strategy for Fovista Phase 3 program. He also said that Ophthotech Corp (NASDAQ:OPHT) will expand its programs on its lead product candidate through science-driven results by tripling the planned number of ongoing clinical studies in the current year as well as the next year. The data are expected to come out in 2015.
