Ocata makes research gains, cuts net loss in 2Q
Life sciences firm Ocata Therapeutics of Marlborough, working toward commercialization of a drug to treat a form of macular degeneration, substantially lowered its net loss for the second quarter, the company announced Thursday.
Ocata said its net loss for the second quarter, which ended June 30, was $7.2 million, or 20 cents a share. Its loss in the second quarter of 2014 was $16.1 million, or 55 cents a share.
But the company cited “significant progress” across the business, especially toward the start of second-phase studies of its treatment for Stargardt’s macular degeneration (SMD) and dry age-related macular degeneration (AMD).
Ocata’s intellectual property includes what it calls pluripotent stem cell platforms and other cell therapy research programs.
In a statement, President and CEO Paul K. Wotton also cited the completion of financing during the quarter, which has provided Ocata with money to help further develop its retinal pigment epithelium (RPE) products. He said the company expects results of further tests of the RPE line within a year, which he called a “significant potential inflection point for the company.”
Wotton also said Ocata has made progress in its preclinical pipeline.
Ocata said it ramped up its research and development spending during the quarter by 14 percent over the second quarter of last year, to $3 million.
Ocata’s revenue for the quarter was flat compared with last year, at $39,468.
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