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Ista posts $7.4 million net loss, 36% revenue spike for third quarter
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IRVINE, Calif. — Ista Pharmaceuticals posted a net loss of $7.4 million, or $0.22 per share, for the third quarter, compared with a net loss of $8.2 million, or $0.25 per share, for the same period in 2007, the company announced.
"During the third quarter, three of our longest-term shareholders provided us with a $65 million credit facility. This financing allowed us to repay our convertible debt, and it gives us the flexibility to continue to grow our business," Vicente Anido Jr., PhD, president and chief executive officer of Ista, said in the release.
Third-quarter net revenue totaled $21.7 million, an increase of 36% over net revenue for the third quarter of 2007, according to a press release from the company.
Ista maintained its previous projection that full-year net revenue will total between $75 million and $82 million.
Net revenues from sales of Xibrom (bromfenac ophthalmic solution 0.09%) totaled $16.2 million, a 43% increase over revenues reported during last year's third quarter.
At Sept. 30, Ista had cash and cash equivalents of $22.1 million, with $4.3 million in long-term investments in auction rate securities, the release said.
Ista plans to report preliminary results from a phase 3 clinical trial for a once-daily dose of Xibrom later this quarter. Pending positive results, the company expects to file a supplemental new drug application for the drug early next year.
In addition, Ista plans to file a new drug application for Bepreve (bepotastine ophthalmic solution) by the end of the year and to receive market approval of the drug by the second half of 2009, according to the release.
Ista also plans to report preliminary results from a phase 2 trial of ecabet sodium, a drug candidate for treating dry eye, later this quarter.