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 WOBURN, Mass., Nov. 12 /PRNewswire/ -- Telor Ophthalmic Pharmaceuticals, Inc. (NASDAQ-NMS: TELR) today reported a net loss of $1,808,330, or $.24 per share, for the third quarter ending Sept. 30, 1993, compared to $1,209,274 in the third quarter of 1992. Research and development expenses for the third quarter of 1993 totaled $1,485,032, as compared to $949,572 for the same period in 1992. In line with the company's expectations, continued expansion of clinical trials and new portfolio development contributed to a 56 percent rise in research and development expenses for the 1993 third quarter compared to the similar period last year.
 For the nine months ended September 30, 1993, growth in planned research and development expenses resulted in a net loss of $4,946,023 or $.79 per share, compared to $2,500,083 for the first nine months of 1992. Staff at Sept. 30, 1993 increased to 37 compared to 23 at September 30, 1992. At Sept. 30, 1993 Telor had approximately $23 million in cash and short-term investments.
 "During the third quarter, development of Telor's potential lead product, XARANO(TM), continued to progress according to plan," commented Stephen J. Riggi, Ph.D., President and CEO. "At the end of the quarter, 60 percent of the clinical centers participating in the Phase III trials had enrolled patients. We have also added five new clinical sites in order to accelerate patient accrual rates." XARANO is being developed for use during cataract surgery to prevent or reduce transient post-operative increases in intraocular pressure.
 Riggi noted, "As previously reported, development of TEKRON(TM) for the treatment of glaucoma and ocular hypertension incurred a delay based on results of the Phase II clinical trial completed during the quarter. While we continue to evaluate alternative formulations of the ethacrynic acid ointment, ongoing preclinical testing of analogs of ethacrynic acid were accelerated as a possible alternative to identifying a more acceptable formulation for future development." A choice between these alternatives is expected to be made in the near future.
 During the quarter, Telor completed two clinical trials designed to evaluate the feasibility of a pharmaceutical approach for treatment of presbyopia as an alternative to reading glasses and bifocals. The data from these trials are currently undergoing statistical evaluation. If the results are favorable, Telor plans to undertake additional clinical trials to further advance this program towards product development. Two patent applications have been filed with the U.S. Patent office claiming use of pharmacological agents for the treatment of presbyopia.
 In keeping with its strategic business objectives for the year, Telor is in the final stages of selecting the site for a new facility which will allow the company to expand its portfolio development activities as well as to establish pilot plant and manufacturing capabilities. Also during the quarter, discussions advanced with several international organizations with a view to opening the European market and to establishing a marketing and sales presence for future products, including XARANO if it should be approved.
 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. XARANO and TEKRON are trademarks of Telor.
 Telor Ophthalmic Pharmaceuticals, Inc.
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Revenues $0 $0 $0 $0
 Operating expenses:
 Research and
 development 1,485,032 949,572 4,089,809 1,772,901
 General and
 administrative 403,916 267,261 938,669 702,071
 Marketing 96,721 58,953 224,981 172,342
 Less: Interest
 income, net 177,339 66,512 307,436 47,231
 Net loss $(1,808,330)$(1,209,274) $(4,946,023) $(2,500,083)
 Net loss
 per share (a) $(0.24) --- $(0.79) ---
 Weighted avg.
 shares outstng. 7,625,550 --- 6,221,925 ---
 (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
 Sept. 30, Dec. 31,
 1993 1992
 Cash and short-term investments 22,487,961 7,027,937
 Fixed assets, less depreciation 566,401 449,669
 Total assets 23,421,972 7,544,670
 Total liabilities 736,717 608,263
 Total stockholders' equity 22,685,255 6,936,407
 -0- 11/12/93
 /CONTACT: Stephen J. Riggi, Ph.D., President & CEO of Telor Ophthalmic Pharmaceuticals, 617-937-0393; or Lynne H. Brum of Feinstein Partners, 617-577-8110, for Telor/

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

DJ -- NE001 -- 3520 11/12/93 08:29 EST
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Publication:PR Newswire
Date:Nov 12, 1993

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