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Ophthotech posts net income of $114 million in 2017

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Ophthotech reported a net loss of $9.5 million, or $0.26 per share, in the fourth quarter of 2017 compared with a net loss of $66.3 million, or $1.86 per share, in the same quarter of 2016.

For the full year, the company reported a net income of $114.2 million, or $3.17 per share, compared with a net loss of $193.4 million, or $5.45 per share, in the previous year, according to a press release.

Research and development costs were $7.9 million for the quarter compared with $59.4 million, and $66.3 million for the year compared with $196.3 million. The reduction was attributed to the discontinuation of the Fovista development programs for wet age-related macular degeneration.

General and administrative expenses declined from $13 million in 2016’s fourth quarter to $6.9 million in 2017, and decreased from $50.2 million for the full year to $35.7 million. The decrease was due to lower personnel and infrastructure costs.

The company had $167 million in cash and cash equivalents as of Dec. 31, 2017.