Shares in Clearside Biomedical (NSDQ:CLSD) fell slightly today after the company missed expectations on Wall Street with its third quarter results.
The Alpharetta, Ga.-based company posted a net loss of -$18.3 million for the 3 months ended Sept. 30, for bottom-line loss of -226% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were -72¢, nearly twenty cents behind consensus on The Street.
“More than 300 patients suffering from sight-threatening diseases have received suprachoroidal injections of CLS-TA in Clearside’s clinical development programs designed to support our pursuit of transformative, elegant, precise solutions to restore and preserve vision,” president & CEO Daniel White said in prepared remarks.
“By leveraging exclusive access to the suprachoroidal space and proprietary technology for suprachoroidal injection of CLS-TA to access the retina and choroid, we believe that we can provide greater bioavailability to the diseased tissue and that drug may last more than 90 days in the eye. We believe clinicians may more effectively treat sight-threatening diseases like uveitis, retinal vein occlusion and diabetic macular edema, with less incidence of side effects than with traditional routes of administration. We have a number of key milestones, including preliminary data readouts, coming up over the next few months, and look forward to updating our stakeholders as we continue to advance our pipeline.”
CLSD shares were trading at $7.29 apiece today in afternoon activity, down -2.7%.
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