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Ophthotech posts 2018 financial results

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Ophthotech reported a net income of $104.1 million, or $2.62 per diluted share, in the fourth quarter of 2018 compared with a net loss of $9.5 million, or $0.26 per diluted share, in 2017’s final quarter.

For the full year the company had a net income of $63.1 million, or $1.70 per diluted share, compared with a net income of $114.2 million, or $3.17 per diluted share, in 2017, according to a press release.

General and administrative costs decreased for the quarter from $6.9 million to $5.7 million and from $35.7 million to $23.6 million for the full year.

Research and development expenses increased from $7.9 million to $16.1 million for the quarter and decreased from $66.3 million to $41.7 million for the year.

No collaboration revenue was reported for the year.

Ophthotech had cash and cash equivalents totaling $131.2 million as of Dec. 31, 2018.