Ophthotech reports fourth quarter, year-end financials

Ophthotech announced a significant increase in its research and development expenses for both the last quarter and the year ended 2013 compared to 2012.

Other financial highlights reported in a company press release include the receipt of an additional $41.7 million from a second tranche payment under the company’s $125 million royalty financing agreement with Novo A/S and the public offering of common stock resulting in net proceeds of about $55 million.

Ophthotech reported that it is expanding the global clinical program for its lead product candidate, Fovista, and advancing its second product candidate, Zimura.

The press release stated that operating expenses for the quarter ended Dec. 31, 2013, were $20.4 million, with $15.4 million attributable to research and development. This compares to operating expenses of $3.5 million and research and development expenses of $2 million for the same period in 2012. Ophthotech reported a net loss for the quarter ended Dec. 31, 2013, of $20.4 million, or $0.65 per share.

The company also reported that operating expenses for the year ended Dec. 31, 2013, were $47.4 million, with $33.2 million attributable to research and development. This compares to operating expenses of $13.7 million and research and development expenses of $6.8 million in 2012. The company reported a net loss for the year ended Dec. 31, 2013, of $57 million, or $6.34 per share.