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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ophthotech Corp. | NASDAQ:OPHT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.39 | 1.39 | 1.42 | 0 | 01:00:00 |
- Conference Call and Webcast Today, February 26, 2019, at 8:00 a.m. ET -
Ophthotech Corporation (Nasdaq: OPHT) today announced financial and operating results for the fourth quarter and full year ended December 31, 2018 and provided a business update.
“2018 was a significant year for transforming the Company by executing multiple business development transactions that resulted in the addition of four gene therapy research and development programs targeting orphan inherited retinal diseases and an age-related therapeutic development program to our retina portfolio,” stated Glenn P. Sblendorio, Chief Executive Officer and President of Ophthotech. “We welcomed Versant Ventures as a major shareholder of Ophthotech through the acquisition of Inception 4 and expanded our Board of Directors by adding three industry leaders. We look forward to topline data from our Phase 2b clinical trial of Zimura for the treatment of geographic atrophy secondary to dry age-related macular degeneration in the fourth quarter of 2019. We are committed to advancing and potentially expanding our pipeline of therapies for retinal diseases and creating value for our shareholders.”
Gene Therapy Program Highlights of 2018
In 2018, the Company initiated multiple innovative gene therapy collaborations to discover and develop next-generation therapies for the treatment of inherited retinal diseases.
Therapeutic Program Highlights of 2018
Complement Factor C5 Inhibitor Program: Zimura®
Corporate Highlights of 2018
2019 Operational Update
As of December 31, 2018, the Company had $131.2 million in cash and cash equivalents. The Company estimates its year end 2019 cash and cash equivalents will range between $80 million and $85 million based on its current 2019 business plan, including expansion of the Company’s gene therapy research and development programs, expansion of its HtrA1 development program, and the continuation of its clinical development programs for Zimura® (avacincaptad pegol sodium). This estimate does not reflect any additional expenditures resulting from the potential in-licensing or acquisition of additional product candidates or technologies or associated development that the Company may pursue.
2018 Financial Highlights
Conference Call/Web Cast Information
Ophthotech will host a conference call/webcast to discuss the Company’s financial and operating results and provide a business update. The call is scheduled for February 26, 2019 at 8:00 a.m. Eastern Time. To participate in this conference call, dial 888-224-1005 (USA) or 323-994-2093 (International), passcode 6840989. A live, listen-only audio webcast of the conference call can be accessed on the Investor Relations section of the Ophthotech website at: www.ophthotech.com. A replay will be available approximately two hours following the live call for two weeks. The replay number is 888-203-1112 (USA Toll Free), passcode 6840989.
About Ophthotech Corporation
Ophthotech is a biopharmaceutical company specializing in the development of transformative gene therapies and novel therapeutics to treat retinal diseases, with a focus on orphan and age related indications. For more information, please visit www.ophthotech.com.
Forward-looking Statements
Any statements in this press release about Ophthotech’s future expectations, plans and prospects constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include any statements about Ophthotech’s strategy, future operations and future expectations and plans and prospects for Ophthotech, and any other statements containing the words “anticipate,” “believe,” “estimate,” “expect,” “intend”, “goal,” “may”, “might,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” and similar expressions. In this press release, Ophthotech’s forward looking statements include statements about the implementation of its strategic plan, Ophthotech's projected use of cash and cash balances, the timing, progress and results of clinical trials and other research and development activities, the potential utility of its product candidates and the potential for its business development strategy, including any potential in-license or acquisition opportunities. Such forward-looking statements involve substantial risks and uncertainties that could cause Ophthotech’s clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, those related to the initiation and the conduct and design of research programs and clinical trials, availability of data from these programs, expectations for regulatory matters, need for additional financing and negotiation and consummation of in-license and/or acquisition transactions and other factors discussed in the “Risk Factors” section contained in the quarterly and annual reports that Ophthotech files with the Securities and Exchange Commission. Any forward-looking statements represent Ophthotech’s views only as of the date of this press release. Ophthotech anticipates that subsequent events and developments will cause its views to change. While Ophthotech may elect to update these forward-looking statements at some point in the future, Ophthotech specifically disclaims any obligation to do so except as required by law.
OPHT-G
Ophthotech Corporation Selected Financial Data (unaudited) (in thousands, except per share data) Three months ended December 31, Year ended December 31, 2018 2017 2018 2017 Statements of Operations Data: Collaboration revenue $ - $ - $ - $ 209,977 Operating expenses: Research and development 16,128 7,946 41,737 66,289 General and administrative 5,667 6,913 23,612 35,683 Total operating expenses 21,795 14,859 65,349 101,972 Income (loss) from operations (21,795 ) (14,859 ) (65,349 ) 108,005 Interest income 677 409 2,389 1,522 Gain on extinguishment of Royalty Purchase Liability 125,000 - 125,000 - Other income (expense) 1 - (16 ) (34 ) Income (loss) before income tax benefit 103,883 (14,450 ) 62,024 109,493 Income tax benefit (231 ) (4,908 ) (1,063 ) (4,712 ) Net income (loss) $ 104,114 $ (9,542 ) $ 63,087 $ 114,205 Net income (loss) per common share: Basic $ 2.62 $ (0.26 ) $ 1.70 $ 3.18 Diluted $ 2.62 $ (0.26 ) $ 1.70 $ 3.17 Weighted average common shares outstanding: Basic 39,673 36,041 37,061 35,919 Diluted 39,687 36,041 37,088 36,007 December 31, 2018 December 31, 2017 (in thousands) Balance Sheets Data: Cash and cash equivalents $ 131,201 $ 166,972 Total assets 137,165 175,576 Royalty purchase liability - 125,000 Total liabilities 13,206 137,535 Additional paid-in capital 545,585 522,759 Accumulated deficit (421,667 ) (484,754 ) Total stockholders' equity $ 123,959 $ 38,041
View source version on businesswire.com: https://www.businesswire.com/news/home/20190226005394/en/
InvestorsKathy GalanteOphthotech CorporationVice President, Investor Relations and Corporate Communications212-845-8231kathy.galante@ophthotech.com
MediaAlex Van Rees, 973-442-1555 ext. 111SmithSolve LLC on behalf of Ophthotech Corporationalex.vanrees@smithsolve.com
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