Shares in Clearside Biomedical (NSDQ:CLSD) rose today after the biopharmaceutical company met expectations on Wall Street with its 3rd quarter results.
The Alpharetta, Ga.-based company posted losses of -$5.6 million, or -28¢ per share, on sales of $5,000 for the 3 months ended Sept. 30. This is the 1st quarter that Clearside has reported revenue.
Adjusted to exclude 1-time items, losses per share were -28¢, ahead of the -45¢ consensus on The Street.
“At Clearside, we are relentlessly pursuing transformative, elegant, precise solutions to restore and preserve vision,” president & CEO Daniel White, said in prepared remarks. “That pursuit has resulted in the achievement of a number of important milestones again in the third quarter of 2016. Noteworthy among those was the report of encouraging additional top-line data from our Phase 2 clinical trial of Zuprata, our proprietary form of the corticosteroid triamcinolone acetonide, in patients with macular edema associated with retinal vein occlusion. We believe that an injection of Zuprata administered to the suprachoroidal space along with an intravitreal injection of an anti-VEGF agent like aflibercept, has the potential to improve visual outcomes relatively rapidly as compared to treatment with anti-VEGF monotherapy.”
CLSD shares were trading at $17.20 apiece today in afternoon trading, up +2.93%.