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ISTA Pharmaceuticals Reports Third Quarter 2008 Financial Results
Date:10/30/2008

r share, for the same period in 2007. At September 30, 2008, ISTA had cash and cash equivalents of $22.1 million, plus $4.3 million in long-term investments in auction rate securities.

Third Quarter 2008 and Subsequent Financing Information

-- ISTA entered into an agreement with long-term shareholders, Deerfield

Management, Sprout Group and Sanderling Ventures to provide ISTA with up

to $65 million in financing through a flexible credit facility at 6.5%

interest.

-- ISTA drew $40 million from the September 2008 facility at closing,

issued 12.5 million warrants at $1.41 and subsequently repaid its

convertible notes due 2011 for par, or $40 million, plus accrued

interest.

-- During October 2008, ISTA drew the remaining $25 million from the

September 2008 credit facility and issued 2.5 million warrants at $1.41.

ISTA made this draw in October to strengthen its cash position during

this time of uncertainty in the credit and other financial markets.

2008 Financial Outlook

-- We continue to expect our full-year 2008 net revenue will be

approximately $75 to $82 million.

-- We continue to expect our full-year 2008 gross margin will be

approximately 70% to 73%, subject to change based on revenue mix.

-- Depending upon the progress of our clinical and pre-clinical programs,

we continue to expect that our research and development expenses for the

full year of 2008 will be approximately $34 to $38 million, including

stock-based compensation expense, which we continue to estimate will be

approximately $0.5 to $1 million.

-- We anticipate that our selling, general, and administrative expenses for

the full-year 2008 will be approximately $50 to $54 million, including

stock-based compensation expense, wh
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SOURCE ISTA Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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