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Ophthotech reports $7.6 million net income in first quarter

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Ophthotech reported net income of $7.6 million, or $0.22 per diluted share, in the first quarter 2015 compared with a net loss of $20.7 million, or $0.64 per diluted share, in the first quarter 2014, according to a press release.

Collaboration revenue was $41.7 million in the first quarter. Revenue was related to a $50 million enrollment-based milestone from Novartis based on the Fovista phase 3 clinical program, the release said. No collaboration revenue was recorded in the first quarter 2014.

Total costs and expenses were $34.1 million in the first quarter 2015 compared with $20.7 million the first quarter of the previous year. The increase was attributed to higher research and development expenses for the Fovista phase 3 clinical program and the company’s expansion of operations and infrastructure, the release said.