Ophthotech Q1 Loss Widens, But Loss/shr Narrows

(RTTNews) - Ophthotech Corp. (OPHT) said that net loss attributable to common stockholders for the first-quarter 2014 widened to $20.68 million from $6.36 million in the prior year quarter. But loss per share narrowed to $0.64 from $4.33 last year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.67 per share for the quarter. Analysts' estimates typically exclude special items.

Total operating expenses for the quarter increased to $20.73 million from $4.13 million in the year ago quarter.

"To continue to build shareholder value, we remain focused on our execution strategy for the ongoing Fovista Phase 3 program, as we begin the next chapter of our mission to address multiple areas of unmet need in the growing AMD markets. Through science-driven results, we are expanding our Fovista and Zimura programs by tripling the number of planned or ongoing clinical trials for 2014 and 2015, with data expected to begin in 2015," said David Guyer, M.D., Chief Executive Officer of Ophthotech.

The Fovista Phase 3 program consists of three clinical trials to evaluate the safety and efficacy of Fovista anti-PDGF therapy, which Ophthotech is developing for use in combination with anti-VEGF drugs for the treatment of wet age-related macular degeneration. The company expects to enroll a total of 1,866 patients in the three trials in more than 225 centers worldwide and to have initial, topline data from the Fovista Phase 3 clinical program available in 2016.