Aerie reports financial results for first quarter of 2014

Aerie Pharmaceuticals reported first quarter earnings of $65.1 million in cash, cash equivalents and short-term investments, according to a press release.

This revenue is expected to fund phase 3 development of Rhopressa, a once-daily eye drop targeting the trabecular meshwork, through NDA filing, as well as development through phase 2b trial completion and future phase 3 preparations of Roclatan, a once-daily glaucoma eye drop.

The company reported a GAAP net loss of $6.7 million, or $0.28 per share, which was attributed to common stockholders, compared with $3.9 million, or $4.07 per share, for the same period last year. However, after accounting for a $2.3 million in proceeds from the sale of a New Jersey state tax benefit, the company’s adjusted net loss was $4.7 million, according to the release.

Adjusted research and development expenses were reported at $4.8 million, and general and administrative expenses were $2.3 million.

“Our preparations for phase 3 registration for triple-action Rhopressa are advancing on schedule, and we continue to expect to launch the trials in early third quarter 2014 and within original financial projections,” Vicente Anido, PhD, Aerie chairman and chief executive officer, said in the release.