Shares in Clearside Biomedical (NSDQ:CLSD) fell today even though the biopharmaceutical company topped sales and earnings estimates on Wall Street with its fourth quarter and full year results.
The Alpharetta, Ga.-based company posted a net loss of -$16.5 million on sales of $55,000 for the three months ended Dec. 31, for bottom-line loss of -70% on sales growth of >100% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were -65¢, ahead of consensus on The Street, where analysts were looking for sales of $20,000.
For the full year, Clearside posted a net loss of -$58.9 million on sales of $345,000 for the three months ended Dec. 31, for bottom-line loss of >100% on sales growth of -33.7% compared with 2016.
Earnings per share were -$2.33, ahead of consensus on The Street, where analysts were looking for sales of $270,000.
“Last week’s release of positive topline data from our pivotal Phase III Peachtree trial represents the achievement of a major milestone for Clearside, and a critical inflection point, providing us with the requisite clinical information to begin the process of filing an NDA and the potential opportunity to transition from a clinical-stage to a commercial-stage company,” president & CEO Daniel White said in prepared remarks.
“Armed with our proprietary suprachoroidal approach to treatment, a focused pipeline of product candidates for multiple blinding eye diseases, extensive safety and efficacy data from our completed clinical trials, and a management team with a strong track record in both R&D and commercialization, we have never been more confident in Clearside’s ability to do great things in ophthalmology. We have a number of additional key milestones coming up over the course of 2018, and look forward to updating you as we continue to progress,” he added.
CLSD shares were trading at $12.11 apiece today in morning activity, down -2.6%.
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