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OphthaliX Reports First Quarter 2012 Financial Results
Date:5/15/2012

SALT LAKE CITY, May 15, 2012 /PRNewswire/ -- OphthaliX (OTCBB: OPLI) today reported its financial and operating results for the quarter ended March 31, 2012. OphthaliX is an advanced clinical-stage biopharmaceutical company focused on developing therapeutic products for the treatment of ophthalmic disorders.  Our drug, CF101 (known generically as IB-MECA), is being developed to treat three ophthalmic indications: dry eye syndrome; glaucoma and uveitis. We are currently: (i) conducting a Phase III trial with respect to the development of CF101 for dry eye syndrome, under an Investigational New Drug, or IND, application with the United States Food and Drug Administration, or FDA; (ii) conducting a Phase II trial with respect to the development of CF101 for the treatment of glaucoma; and (iii) preparing for Phase II study of the development of CF101 for uveitis.

Prof. Pnina Fishman, interim CEO and Chairman of OphthaliX commented: "We continue to make good progress on the development of CF101 for the ongoing ophthalmic indications with both the Phase 3 Dry Eye and the Phase 2 Glaucoma studies."

For the period from June 27, 2011 (inception date of Eyefite) to March 31, 2012, we did not generate any revenues from operations.  Expenses during the quarter ended March 31, 2012, were $710,000 with a finance expense of $2,114,000 for a net loss of $2,824,000. Expenses for the period mentioned above consisted of research and development activities of $508,000 and general and administrative expenses of $202,000.  These expenses were mainly due to professional, legal and accounting fees relating to our reporting requirements.  The finance expenses were mainly due to a change in the fair value of derivatives in the amount of $2,116,000.  There were no comparable expenses during the prior year quarter ended March 31, 2011. As of March 31, 2012 we had $2,467,000 in cash.  We believe that such funds will be suf
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SOURCE OphthaliX Inc.
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