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Ista reduces net losses
Ista Pharmaceuticals reported a net loss of $6 million for the second quarter of 2003, down from a net loss of $6.6 million in the same period 1 year ago. Research and development costs declined in the second quarter of 2003 as well, to $3.9 million from $4.5 million in the year-ago period, the company reported in a press release.
Among the quarter’s highlights, the company’s lead product, Vitrase, an ovine hyaluronidase formulation for the treatment of vitreous hemorrhage, received an approvable letter from U.S. regulators in April. Rights to U.S. commercialization of Istalol (liquid timolol) were acquired by Ista from Japan’s Senju Pharmaceuticals. Senju has filed a new drug application with the Food and Drug Administration for marketing approval of the glaucoma drug.
During the quarter, Ista initiated a phase 3 study of bromfenac, a topical, twice-daily nonsteroidal anti-inflammatory agent for the treatment of ocular inflammation following cataract surgery. Ista has U.S. commercialization rights to bromfenac, also licensed from Senju. Ista is also developing Caprogel, a gel form of aminocaproic acid for the treatment of hyphema. The company secured worldwide commercialization rights to Caprogel from the Eastern Virginia School of Medicine and is currently evaluating the drug’s feasibility.