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Ophthotech reports $193.4 million net loss in 2016

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Ophthotech reported a net loss of $66.3 million, or $1.86 per diluted share, in the fourth quarter of 2016 compared with a net loss of $35.6 million, or $1.02 per diluted share, in the fourth quarter of 2015, according to a press release.

For the full year, the company reported a net loss of $193.4 million, or $5.45 per diluted share, compared with a net loss of $105.7 million, or $3.06 per diluted share, in 2015.

Collaboration revenue under a licensing and commercialization agreement with Novartis was $5.3 million for the fourth quarter compared with $4.8 million the previous year and $50.9 million for the full year compared with $51.5 million in 2015.

Research and development costs totaled $59.4 million in the final quarter of the year compared with $33.9 million in 2015. The costs were $196.3 million in 2016 compared with $131 million in 2015. The increases were attributed to the Fovista (pegpleranib) phase 3 clinical program.