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Article Excerpt
- First Quarter Operating Loss Reduced to ($4.4) Million in 2009 from ($12.1) Million for the Same 2008 Period -
- Ends First Quarter with $52.0 Million in Cash -
- Company Reaffirms 2009 Guidance and Continues to Progress Towards Profitability -
IRVINE, Calif., May 7 /PRNewswire-FirstCall/ -- ISTA Pharmaceuticals, Inc. : today reported financial results for the three months ended March 31, 2009. ISTA reported net revenue of $20.4 million for the quarter ended March 31, 2009, a 32% increase over the same quarter of 2008. ISTA's operating loss for the first quarter ended March 31, 2009 was reduced to ($4.4) million, or 64%, from ($12.1) million for the same period in 2008. The net loss for the first quarter ended March 31, 2009, was $19.6 million (or $0.59 per share), as compared with a net loss of $13.9 million (or $0.42 per share) for the same period in 2008. The net loss for the first quarter of 2009 included a non-cash charge of $13.3 million (or $0.40 per share) as a result of the adoption of new accounting rules in 2009 relating to the valuation and classification of warrants issued in 2008.
"During the first quarter of 2009, ISTA became the fourth largest ophthalmic pharmaceutical company in the U.S. based on product sales. ISTA's strong growth is due to the fact Xibrom and Istalol continue to gain market share in their respective markets. We expect both products to continue their growth in 2009," stated Vicente Anido, Jr., Ph.D., President and Chief Executive Officer of ISTA Pharmaceuticals. "On the R&D front, during the first quarter we announced the FDA accepted the filing of our Bepreve New Drug Application (NDA) with an action date of September 2009. We are seeking approval for Bepreve as a treatment for ocular itching associated with allergic conjunctivitis....
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