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 WOBURN, Mass., Aug. 17 /PRNewswire/ -- Telor Ophthalmic Pharmaceuticals, Inc. (NASDAQ-NMS: TELR) today reported a net loss of $1,583,237, or 26 cents per share, for the second quarter ending June 30, 1993, compared to $773,176 in the second quarter of 1992. Research and development expenses for the second quarter of 1993 totaled $1,321,932, as compared to $476,778 for the same period in 1992. In line with the company's expectations, continued progress in development of TEKRON(TM) and XARANO(TM) contributed to a 177 percent rise in research and development expenses for the 1993 quarter compared to the similar period last year. With general and administrative costs remaining relatively constant in the same periods, research and development expenses accounted for 79 percent of the second quarter operating expenses in 1993.
 For the six months ending June 30, 1993, Telor reported a net loss of $3,137,693, or 57 cents per share, compared to $1,290,809 for the first six months of 1992. At June 30, 1993, Telor had approximately $24 million in cash and short-term investments.
 "During the second quarter, we completed a successful initial public offering that raised $20.6 million, which allowed us to continue ongoing development of our ophthalmic products," commented Stephen J. Riggi, Ph.D., president and CEO of Telor. "We also achieved three key clinical milestones. XARANO progressed to pivotal, multicenter Phase III trials in the United States and received regulatory clearance to begin Phase III trials in the United Kingdom. In addition, we recently began Phase II studies with TEKRON. Based on these recent accomplishments, we are well on our way toward achieving all our 1993 corporate objectives."
 The company's lead products in clinical development are TEKRON, a potential product for topical use in controlling chronic elevated intraocular pressure associated with open-angle glaucoma and ocular hypertension, and XARANO, a potential product for use during cataract surgery to prevent or reduce transient post-operative increases in intraocular pressure. In addition, clinical studies are underway to assess the feasibility of a pharmaceutical approach to the treatment of presbyopia, an age-related impairment of the ability of the eye to focus on near objects.
 Telor is an ophthalmic pharmaceutical company dedicated to the development and marketing of innovative prescription pharmaceuticals for use in the treatment of age-related eye diseases and in ophthalmic surgery. The company's goal is to introduce into the worldwide ophthalmic pharmaceuticals market a broad portfolio of patent-protected products that are based on novel mechanisms of action and that offer significant improvements over existing therapies. Telor has its headquarters in Woburn, Mass. TEKRON and XARANO are trademarks of Telor.
 Telor Ophthalmic Pharmaceuticals, Inc.
 Condensed Statements of Operations (unaudited)
 Three Months Ended Six Months Ended
 June 30 June 30
 1993 1992 1993 1992
 Revenues $0 $0 $0 $0
 Operating expenses:
 Research and
 development 1,321,932 476,778 2,604,777 823,329
 General and
 administrative 284,209 261,144 534,753 434,810
 Marketing 67,550 99,468 128,260 113,389
 Less: Interest
 Income, net 90,454 64,214 130,097 80,719
 Net loss (1,583,237) (773,176) (3,137,693)(1,290,809)
 Net loss per
 share(a) (0.26) (0.57)
 Weighted average
 outstanding 6,188,249 5,543,489
 NOTE: (a) Net loss per share data prior to initial public offering in May 1993 has not been presented, as such information is not considered relevant or meaningful.
 Balance Sheet Data (unaudited)
 June 30, 1993 Dec. 31, 1992
 Cash and short-term
 investments $24,393,107 $7,027,937
 Fixed assets, less
 depreciation 519,867 449,669
 Total assets 25,238,464 7,544,670
 Total liabilities 769,548 608,263
 Total stockholders'
 equity 24,468,916 6,936,407
 -0- 8/17/93
 /CONTACT: Stephen J. Riggi, Ph.D, president and CEO of Telor Ophthalmic Pharmaceuticals, Inc., 617-937-0393 or Lynne H. Brum, 617-577-8110 of Feinstein Partners Inc. for Telor Ophthalmic Pharmaceuticals, Inc/

CO: Telor Ophthalmic Pharmaceuticals, Inc. ST: Massachusetts IN: MTC SU: ERN

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Publication:PR Newswire
Date:Aug 17, 1993

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