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Eyetech increases revenues, losses during second quarter

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NEW YORK — Eyetech Pharmaceuticals increased collaboration revenues to $12.5 million during the second quarter of 2004, compared to $11.2 million in the second quarter of 2003. Operating losses increased to $31.9 million during the quarter, compared to $10.1 million in losses in the same quarter of 2003, the company announced in a financial news release.

The company attributed its increased losses to the acceleration of activities relating to the launch of Macugen (pegaptanib sodium injection), a treatment for wet age-related macular degeneration that Eyetech and Pfizer are developing. Eyetech also incurred milestone payments to Gilead Sciences, Nektar Therapeutics and Isis Pharmaceuticals related to the new drug application filing for Macugen in the United States.

According to the release, second quarter results do not include a milestone payment from Pfizer.

An advisory panel to the Food and Drug Administration will discuss the Macugen filing next month, according to the company. The Eyetech release said the company expects the drug to be approved and marketed some time in 2005.