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Ophthotech reports net loss of $37.1 million in second quarter

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Ophthotech Corporation announced a net loss of $37.1 million for the second quarter of 2015, according to a company press release.

The loss, which translates to $1.08 per diluted share, compares with a net loss of $73 million, or $2.19 per diluted share, for the same period in 2014.

Collaboration revenue was reported at $1.6 million at the end of the quarter, compared with no collaboration revenue in the second quarter of 2014. Research and development expenses were reported at $32.1 million for the end of the second quarter, compared with $34.7 million for the second quarter of the previous year. The increase was primarily attributed to the company’s phase 3 clinical trial for Fovista, according to the release.

General and administrative expenses were $12 million at the end of the quarter, compared with $7.6 million for the second quarter last year. The increase correlates to an increase in costs to support Ophthotech’s expanded operations and public company infrastructure, the release said.