Ophthotech reports fourth quarter loss

Ophthotech announced a net loss of $20.4 million for the fourth quarter of last year, compared to a loss of $3.8 million for the same period of 2012.

The New York-based ophthalmic pharmaceutical company did not comment directly on this result but did note a nearly $17 million increase in operating expenses for the quarter, with $15.4 million of that attributable to research and development. 

Ophthotech is expanding the clinical program for its lead product candidate, Fovista, for wet AMD, and for its dry AMD drug, Zimura.

Operating expenses for all of 2013 were $47.4 million, compared to $13.7 for 2012. The net loss for the year ended Dec. 31, 2013 was $51.1 million, compared to $14.5 million in 2012.