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Ophthotech reports $43.1 million net loss in first quarter

Issue: July 25, 2017

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Ophthotech reported a net loss of $43.1 million, or $1.20 per diluted share, in the first quarter of 2017 compared with a net loss of $36.3 million, or $1.03 per diluted share, for 2016’s first quarter.

Collaboration revenue, collected in connection with a licensing and commercialization agreement the company has with Novartis, decreased from $15.7 million in the first quarter of 2016 to $1.7 million this year, which was attributed to a decrease in shipments of Fovista API to Novartis, according to a press release.

Research and development costs went down from $37.8 million last year to $32 million in this year’s first quarter, which included a reduction in personnel and decreased spending on the clinical program for Fovista.