Ista narrows net loss, reports 47% revenue spike for third quarter

IRVINE, Calif. — Ista Pharmaceuticals reported a third-quarter net loss of $0.9 million, or $0.03 per share, compared with a net loss of $9.6 million, or $0.29 per share, for the third quarter of 2008, the company announced in a press release.

These results included $1 million, or $0.03 per share, in one-time charges, as well as $3.4 million, or $0.10 per share, in non-cash warrant valuation charges caused by increases in the company's stock valuation and related volatility, the release said.

Third-quarter net revenue totaled $32 million, representing a 47% rise over the $21.7 million reported during last year's third quarter. These revenues included $1.2 million associated with the launch of Bepreve (bepotastine besilate ophthalmic solution 1.5%), as well as $2.9 million in previously deferred revenue stemming from the termination of an unconnected supply agreement.

Specifically, net revenues from sales of Xibrom (bromfenac ophthalmic solution 0.09%) totaled $21.4 million, a 32% increase compared with $16.2 million reported during the same period last year.

Revenue from sales of Istalol (timolol maleate ophthalmic solution 0.5%) rose 31% to $5.1 million, while revenue from sales of Vitrase (hyaluronidase) dropped 7% to $1.4 million, according to the release.

As of Sept. 30, Ista's cash and cash equivalents totaled $55.0 million, the release said.

"With respect to our product candidates under development, we reported positive preliminary phase 3 results from our Xibrom 0.09% [once-daily] confirmatory clinical study and are working diligently to file a supplemental New Drug Application in 2009," Vicente Anido Jr., PhD, president and CEO of Ista, said in the release.

In addition, the company plans to launch a phase 3 program for a new, low-dose formulation of bromfenac for dry eye during the first half of 2010.