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Ophthotech posts first quarter net loss

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Ophthotech reported a net loss of $13.1 million, or $0.36 per diluted share, for the first quarter of 2018 compared with a net loss of $43.1 million, or $1.20 per diluted share, for the same time period of 2017.

Research and development costs decreased from $32 million in the first 3 months of 2017 to $7.7 million in 2018, according to a press release. The decrease was partially attributed to the discontinuation of the Fovista phase 3 clinical program.

General and administrative costs were $5.6 million for the quarter compared with $13.2 million in 2017.

No collaboration revenue was recorded compared with $1.7 million in the first quarter last year. The company’s licensing and commercialization agreement with Novartis was completed and all deferred revenue was recognized in 2017, resulting in no revenue this quarter.

Ophthotech had cash and cash equivalents totaling $155 million as of March 31.