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ISTA Pharmaceuticals Reports Fourth Quarter and Full-Year 2008 Financial Results
Date:2/19/2009

IRVINE, Calif., Feb. 19 /PRNewswire-FirstCall/ -- ISTA Pharmaceuticals, Inc. (Nasdaq: ISTA), today reported financial results for the quarter and the year ended December 31, 2008. ISTA's 2008 full-year net revenue increased 41% to $83.1 million as compared to full-year 2007. Fourth quarter 2008 net revenue of $28.1 million reflected an increase of 47% over the fourth quarter of 2007.

"In 2008, ISTA became the fastest growing and fifth largest branded ophthalmic drug company in the U.S. Xibrom continues its strong growth trajectory, and Istalol ended the year with an upswing in prescriptions. These two products are the two fastest growing branded ophthalmic products, and we saw these trends continue into January," stated Vicente Anido Jr., Ph.D., President and Chief Executive Officer of ISTA Pharmaceuticals. "Consistent with our commercial success, we ended 2008 in a position of financial strength, particularly after receiving $65 million from our long-term shareholders, Deerfield Management, Sprout Group and Sanderling Ventures, and increasing our Silicon Valley Bank revolving credit facility to $25 million. These two actions provide us with the flexibility to fund ISTA's growth towards expected profitability in 2010.

"We expect our future growth will be generated by increased sales of our existing marketed drugs combined with the introduction of new products. Based upon positive Phase III results, we filed ISTA's NDA for Bepreve as an eye drop treatment for ocular itching associated with allergic conjunctivitis in November 2008. In January 2009, we received notification that our NDA for Bepreve was accepted for review by the FDA, and we anticipate receiving approval to market Bepreve during the third quarter of 2009. We expect results from our T-Pred studies in the second half of 2009 that will supplement our NDA filing
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SOURCE ISTA Pharmaceuticals, Inc.
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