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Ophthotech reports $39.6 million net loss in third quarter

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Ophthotech reported a net loss of $39.6 million, or $1.14 per diluted share, in the third quarter compared with a net income of $8.6 million, or $0.25 per diluted share, in the third quarter of 2014, according to a press release.

The 2014 income was attributed to a $50 million enrollment-based milestone achieved under a licensing and commercialization agreement with Novartis.

Quarterly collaboration revenue was $3.4 million compared with $39.6 million in the same period of 2014, again attributed to the licensing and commercialization agreement.

Research and development expenses in the third quarter totaled $40.5 million compared with $17.1 million in the same quarter of 2014. The increase was attributed to the phase 3 clinical trial of Fovista (pegpleranib) and increased personnel costs associated with additional management and research and development staffing.