Ista reports 6% rise in second-quarter net revenue

IRVINE, Calif. — Ista Pharmaceuticals reported a net revenue of $37.1 million for the second quarter, up 6% from the second quarter of 2010, according to a company press release.

Net revenue growth was driven primarily by strong demand for Bepreve (bepotastine besilate 1.5%) and Istalol (timolol). Revenue for Bepreve nearly doubled from $6.2 million to $12.2 million, the release said.

Research and development expenses were $8.9 million, up from last year’s $5 million in the same quarter. The increase was due primarily to the cost of ongoing phase 3 efficacy and short-term safety studies related to Remura (bromfenac ophthalmic solution), as well as the initiation of phase 3 studies for low-concentration Bromday (bromfenac ophthalmic solution 0.09%).

Selling, general and administrative expense for the second quarter increased to $23.4 million from $19.9 million in the second quarter of 2010 due to legal and other fees associated with arbitration related to bromfenac royalty payments, litigation with the U.S. Food and Drug Administration over Xibrom (bromfenac sodium ophthalmic solution 0.1%) and marketing efforts for the promotion of Bromday, according to the release.

Operating loss for the second quarter was $4.1 million, an increase over last year’s $1.9 million, and was primarily driven by the research and selling, general and administrative expenses.