Ophthotech Corp (NASDAQ: OPHT) shares muscled higher late Wednesday, after it reported third-quarter figures.
The New York-based Ophthotech reported collaboration revenue was $206.7 million for the quarter ended September 30, compared to $1.7 million for the same period in 2016, as the Company completed all deliverables required under its licensing and commercialization agreement with Novartis Pharma AG and recognized all associated deferred revenue. This increase in collaboration revenue had no impact on the Company’s cash balance.
The Company reported net income for the quarter ended September 30 of $189.1 million, or $5.25 per diluted share, compared to a net loss of $60.9 million, or ($1.71) per diluted share, for the same period in 2016.
According to Ophthotech CEO Glenn Sblendorio, “We are very excited to provide an update on the expansion of our age related and orphan retina programs with our complement C5 inhibitor, Zimura.
“Scientific literature continues to strengthen our belief in the potential role of complement C5 inhibition in the treatment of retinal diseases. We have progressed in all of our clinical programs by initiating new trials and modifying a current clinical trial. We remain on track to have four trials ongoing by the end of the year.”
Ophthotech is a biopharmaceutical company specializing in the development of novel therapeutics for age-related and orphan diseases of the eye
Shares in the company neared the end of trading on Wednesday higher on the scale by 32 cents, or 13.7%, to $2.65.
