Ophthotech Reports Third Quarter 2015 Financial and Operating Results
- Conference Call and Webcast Today,
"We have achieved many significant milestones that have us on track to
reach our goal to provide initial, topline data from both Phase 3 trials
of Fovista® in combination with Lucentis in the fourth
quarter of 2016," said
October 2015, Ophthotechannounced the completion of patient recruitment in its second Phase 3 trial of Fovista® (pegpleranib) in combination with Lucentis® (ranibizumab) for the treatment of wet age-related macular degeneration (AMD). The Company expects to announce initial, topline data from both Phase 3 trials of Fovista® in combination with Lucentis® in the fourth quarter of 2016. A third Phase 3 trial, which is investigating Fovista® in combination with either Eylea® (aflibercept) or Avastin® (bevacizumab), continues to enroll patients and is on track.
- Recruitment has been completed in two of the Fovista® Expansion Studies. These trials are investigating the optimal regimen for Fovista® administration in combination with multiple anti-VEGF agents to potentially reduce sub-retinal fibrosis and treatment burden in wet AMD patients. Both trials are ongoing and progressing well.
"This is an exciting time for
Third Quarter Financial Highlights
Cash Position: As of
September 30, 2015, the Company had $426.0 millionin cash, cash equivalents, and marketable securities.
Revenues: Collaboration revenue was
$3.4 millionfor the quarter ended September 30, 2015, compared to $39.6 millionfor the prior year period. For the nine months ended September 30, 2015, collaboration revenue was $46.7 millioncompared to $39.6 millionfor the same period in 2014. Collaboration revenue recognized in 2015 and 2014 consists of license fee revenue primarily attributable to the $50.0 millionenrollment-based milestones the Company achieved in March 2015and September 2014under the Company's Licensing and Commercialization Agreement with Novartis Pharma AG, as well as revenue associated with research and development activities the Company performs under the same agreement.
R&D Expenses: Research and development expenses were
$40.5 millionfor the quarter ended September 30, 2015compared to $17.1 millionfor the same period in 2014. For the nine months ended September 30, 2015research and development expenses were $97.1 millioncompared to $66.2 millionfor the same period in 2014. The nine months ended September 30, 2014included a $19.8 millionmilestone payment the Company paid in connection with entering into the agreement with Novartis. Excluding this milestone payment, research and development expense increased in both the quarter and nine months ended September 30, 2015primarily due to the Company's Fovista® Phase 3 clinical program and increased personnel costs associated with additional management and research and development staffing, including share-based compensation expense.
G&A Expenses: General and administrative expenses were
$10.4 millionfor the quarter ended September 30, 2015compared to $8.8 millionfor the same period in 2014. For the nine months ended September 30, 2015, general and administrative expenses were $32.0 millioncompared to $22.7 millionfor the same period in 2014. The increase in general and administrative expenses in the quarter and nine months ended September 30, 2015relates primarily to an increase in costs to support the Company's expanded operations and public company infrastructure, including additional management, corporate staffing, professional services and consulting fees, and increased share-based compensation.
Net Loss: The Company reported a net loss for the quarter ended
September 30, 2015of $39.6 million, or ( $1.14) per diluted share. During September 2014, the Company achieved a $50.0 millionenrollment-based milestone under Ophthotech's agreement with Novartis which resulted in the Company recording net income of $8.6 million, or $0.25per diluted share for the quarter ended September 30, 2014.
Conference Call/Web Cast Information
Any statements in this press release about Ophthotech's future
expectations, plans and prospects constitute forward-looking statements
for purposes of the safe harbor provisions under the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include any
statements about Ophthotech's strategy, future operations and future
expectations and plans and prospects for
|Selected Financial Data (unaudited)|
|(in thousands, except per share data)|
Three Months Ended
Nine Months Ended
|Statement of Operations Data:|
|Research and development||40,479||17,105||97,095||66,189|
|General and administrative||10,412||8,812||31,955||22,731|
|Total operating expenses||
|Income (loss) from operations||(47,443||)||13,658||(82,327||)||(49,345||)|
|Interest income and other||339||73||630||189|
|Income (loss) before income tax provision||(47,104||)||13,731||(81,697||)||(49,156||)|
|Income tax (benefit) provision||(7,531||)||5,179||(11,629||)||35,964|
|Net income (loss)||$||(39,573||)||$||8,552||$||(70,068||)||$||(85,120||)|
|Net income (loss) per common share:|
|Weighted average common shares outstanding:|
|Balance sheet data:|
|Cash, cash equivalents, and marketable securities||$||425,986||$||463,560|
|Royalty purchase liability||$||125,000||$||125,000|
|Additional paid-in capital||$||452,887||$||428,390|
|Total stockholders' equity||$||83,111||$||128,537|
Vice President, Investor Relations and Corporate Communications
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