Ista posts $19.6 million net loss, 32% increase in revenue in first quarter

IRVINE, Calif. — Ista Pharmaceuticals reported a first-quarter net loss of $19.6 million, or $0.59 per share, compared with a net loss of $13.9 million, or $0.42 per share, reported during the first quarter of 2008, the company announced in a press release.

The net loss included a non-cash charge of $13.3 million, or $0.40 per share, stemming from the company's implementation of new accounting rules regarding the valuation and classification of warrants issued last year, the release said.

Ista's first-quarter operating loss totaled $4.4 million, down 64% compared with an operating loss of $12.1 million declared during the same period last year.

First-quarter net revenue totaled $20.4 million, a 32% increase over $15.5 million during last year's first quarter.

Net revenue from sales of Xibrom (bromfenac ophthalmic solution 0.09%) totaled $15.7 million for the quarter, up 33% compared with $11.8 million for the first quarter of 2008. Revenue from sales of Istalol (timolol maleate 0.5%) rose 33% to $3.6 million, while revenue from sales of Vitrase (hyaluronidase) rose 11% to $1 million.

Currently, Ista is seeking regulatory approval for Bepreve (bepotastine ophthalmic solution) for treating ocular itching associated with allergic conjunctivitis, the release said.

The company expects to announce preliminary phase 2 proof of concept results for a new proprietary lower-dose formulation of bromfenac sodium for treating dry eye during the second quarter.

In addition, the company plans to release clinical results from studies of Xibrom QD and T-Pred in the second half of the year.