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%
-- 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
-- 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
|SOURCE ISTA Pharmaceuticals, Inc.|
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