Shares in Clearside Biomedical (NSDQ:CLSD) rose today after the biopharmaceutical company met expectations on Wall Street with its 1st quarter results.
The Alpharetta, Ga.-based company posted a net loss of -$10.4 million, or -41¢ per share, on sales of $5,000 for the 3 months ended March 31, for bottom-line loss of -47.5 % compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were -41¢, ahead of consensus on The Street, where analysts were looking for earnings per share of -44¢.
“The Clearside team continues our pursuit of transformative, elegant, precise solutions to restore and preserve vision,” president & CEO Daniel White said in prepared remarks. “Together, we continued to advance our pipeline in the 1st quarter of 2017 as our pivotal Phase III clinical trial for the treatment of macular edema associated with non-infectious uveitis continues enrollment with preliminary data expected in early 2018. We also enrolled the first patient in a Phase III clinical trial for the treatment of macular edema associated with retinal vein occlusion. Additionally, we received notices of allowance of 2 important U.S. patents, which are representative of a new family of patents that protect the unique drug distribution properties of injecting to the retinal and choroid through the suprachoroidal space.”
CLSD shares were trading at $8.50 apiece today in afternoon activity, up 3.8%.
