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Ophthotech reports $39.6 million revenue in third quarter

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Ophthotech reported $39.6 million in revenue in the third quarter, as well as a 9-month net loss of $62.3 million, according to a company press release.

The revenue was attributed to a $50 million enrollment-based milestone reached in September through an agreement with Novartis to research Fovista anti-PDGF therapy for wet age-related macular degeneration in a phase 3 clinical trial program. The milestone payment was recorded as deferred revenue.

At the end of the third quarter, Ophthotech reported having $408.8 million in cash, cash equivalents and marketable securities.

Research and development expenses were $17.1 million in the third quarter, compared with $11.1 million in the third quarter of 2013. This increase is also attributable to the Fovista phase 3 clinical program, according to the release.

As of September 30, the company reported a 3-month net income of $10.9 million, or $0.31 per diluted share, compared with a net loss of $18.4 million, or $10.26 per diluted share for the same quarter in 2013.