Shares in Aerie Pharmaceuticals (NSDQ:AERI) held steady today after the pharmaceutical company missed EPS estimates on Wall Street with its second quarter results.
The Irvine, Calif.-based company posted a net loss of -$28.4 million, or -82¢ per share, with its bottom line down -22.5% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were -63¢, a penny behind consensus on The Street.
“This has been a highly productive period for Aerie, and we are actively engaged in all facets of commercialization preparation as we look to make our Rhopressa launch as successful as possible, upon approval. For our Roclatan program, we also recently completed the Mercury 1 12-month study, and we look forward to the upcoming commencement of the Mercury 3 trial in Europe. Our recent agreement with DSM also continues our journey into treating retinal disease, and we are very excited about the potential of this early program as well,” chairman & CEO Vicente Anido, Jr., said in prepared remarks. “We ended the second quarter with the highest cash, cash equivalents and investments balance in Aerie history, and are well-financed as we continue to build a major ophthalmic pharmaceutical company.”
AERI shares were trading at $53.25 apiece today in afternoon activity, up 0.6%.
Earlier this week, Aerie Pharmaceuticals inked a collaborative R&D and licensing agreement with DSM to develop an implantable drug-delivery system for patients with glaucoma and other retinal diseases.
DSM has reportedly developed an injectable drug-delivery fiber using polyesteramide polymers that has proven successful in preclinical work with Aerie’s compounds.
