Uncategorized
Ophthotec reports $39.6 million revenue in third quarter
Ophthotec reported $39.6 million in revenue in the third quarter, as well as a 9-month net loss of $62.3 million, according to a company press release.The revenue was attributed to a $50 million enrollment-based milestone reached in September through an agreement with Novartis to research Fovista anti-PDGF therapy for wet age-related macular degeneration in a phase 3 clinical trial program. The milestone payment was recorded as deferred revenue.