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Ophthotech reports lower revenue in second quarter

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Ophthotech reported $1.7 million in collaboration revenue in the second quarter of 2017 compared with $28.2 million for the same period in 2016, according to a company press release.

The decrease was attributed to “lower revenue from clinical drug supply shipments and due to the inclusion of the final enrollment-based clinical milestone under the company’s agreement with Novartis Pharma AG in 2016,” the release said.

Net loss was $22.2 million, or $0.62 per diluted share, compared with a net loss of $29.9 million, or $0.85 per diluted share, in the second quarter of 2016.

Research and development expenses were $15.7 million, a decrease from $48.3 million a year ago. The decrease was attributed to lower expenses for the Fovista phase 3 clinical program, including manufacturing activities.

General and administrative expenses were $8.6 million compared with $10.5 million for the same period in 2016.