ISTA Reports Rise In Q3 Net Revenue

ISTA Pharmaceuticals (ISTA) reported that net revenue for the three and nine months ended September 30, 2009 was $32m and $76.4m respectively, an increase of 47% and 39%, over the same periods of 2008.

Operating income for the three months ended September 30, 2009 was $5.2m, compared to an operating loss of $5.1m. For the nine months ended September 30, 2009, the operating loss was $0.8m, compared with an operating loss of $25m.

Research and development expenses were $6.3m and $19.6m as compared to $7.8m and $25.1m. The company said that the decrease in research and development expenses for 2009 was primarily the result of a decrease in clinical development costs and the company’s focus on shorter term development projects.

Net loss for the three and nine months ended September 30, 2009 including the non-cash warrant valuation charges, was $0.9m and $57.2m in comparison to a a net loss of $9.6m and $32.8m.

Vicente Anido, president and CEO of ISTA, said: “Our sales force is excited, and we are very proud of what we have accomplished so far, but we have just begun. The ocular allergy market is the largest market we have entered to date, and Xibrom and Istalol continue to show strong growth. We believe ISTA will finish 2009 in a strong position to allow us to continue building upon our commercial success next year.”