ISTA estimates revenues of $30-$35 million for full year on strong Xibrom, Istalol sales

By Lisa Kerner

Charlotte, N.C., Nov. 2 - ISTA Pharmaceuticals, Inc. said its net revenues were up at $8.7 million for the three months ended Sept. 30 from $3.6 million for the same period in 2005. Net product sales for the third quarter included Xibrom net sales of $5.6 million, Istalol net sales of $2.0 million and Vitrase net sales of $1.0 million.

"Based on the extremely strong demand we have seen for Xibrom and Istalol in the first four weeks of the fourth quarter, we are comfortable with the range of analyst revenue estimates of approximately $30 million to $35 million for the full-year 2006," president and chief executive officer Vicente Anido said in a company news release.

ISTA reported a net loss for the third quarter of $11.5 million, or $0.44 per share, compared with a net loss of $9.1 million, or $0.35 per share, for the prior-year period.

The company's total operating expenses for the third quarter rose to $17.2 million from $12.1 million for the third quarter of 2005.

Research and development expenses were up at $8.0 million for the third quarter, compared with $4.8 million for the same period last year.

Looking ahead, ISTA said it expects 2006 research and development expenses in the range of $21 million to $24 million, which includes $2.3 million in upfront payments for product candidates licensed during the second and third quarters of 2006.

Cash, cash equivalents and short-term investments totaled $45.7 million at Sept. 30, compared with $44.1 million at the end of the third quarter of 2005.

The company said over the next couple of quarters, it expects to begin the Xibrom once-daily phase 3 clinical study for inflammation and pain associated with cataract surgery and anticipates top-line results from the ecabet sodium phase 2b confirmatory study. The company expects to launch T-Pred in the first half of 2007, assuming timely review and approval by the Food and Drug Administration.

ISTA is an ophthalmic pharmaceutical company based in Irvine, Calif.

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