Ocular Therapeutix Reports $66 Million in Cash, Cash Equivalents

August 11, 2017: By Jon Swedien

Ocular Therapeutix logoOcular Therapeutix’ cash, cash equivalents, and marketable securities totaled $66 million at the end of Q2-2017, the Bedford, Massachusetts, company announced Aug. 8.

Cash used in operating activities was $11.3 million in Q2-2017, compared with $9.8 million in Q2-2016, Ocular Therapeutix said. Total costs and operating expenses for Q2-2017 were $18.8 million, compared with $11.5 million in Q2-2016, the company said.

Ocular Therapeutix reported a net loss of approximately $18.7 million in Q2-2017, compared with a net loss of $11.4 million in Q2-2016. The Q2-2017 results include $2.1 million in non-cash charges for stock-based compensation and depreciation, compared with $1.7 million in such non-cash charges in Q2-2016.

The company is working to obtain approval for its lead product candidate, Dextenza, a proposed treatment for pain after ophthalmic surgery.

In mid-July, Ocular Therapeutix received a complete response letter (CRL) from the US FDA for its resubmitted new drug application (NDA) for Dextenza due to deficiencies in manufacturing and testing.

It was Dextenza’s second CRL related to plant issues.

Ocular Therapeutix made $400 thousand in revenues during Q2-2017 from product sales of ReSure Sealant, a product indicated for prevention of postoperative fluid egress from incisions with a demonstrated wound leak following cataract surgery.

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