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Eyetech net loss increases in 2003

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NEW YORK — Eyetech Pharmaceuticals reported a net loss of $49.8 million in 2003 compared with a net loss of $48.3 million in the year-before period. Net loss per common share decreased, however, to $12.62 in 2003 compared with $13.06 in 2002. Year-end revenue was $41.4 million, according to a company press release.

Eyetech noted highlights from 2003 included successful results from a phase 2/3 trial on Macugen (pegaptanib sodium), a drug in co-development with Pfizer for the treatment of wet age-related macular degeneration. According to Eyetech, the drug will be filed for marketing approval with U.S. regulators in the third quarter of this year.

In addition, the company’s initial public offering was completed on Feb. 4, 2004, and raised about $146 million, said David R. Guyer, MD, Eyetech’s chief executive officer.