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Ocular Therapeutix™ Announces Preliminary Fourth Quarter 2019 Net Product Revenue and Provides Update on Interim Data from the OTX-TKI Phase 1 Clinical Trial at the Cowen 40th Annual Health Care Conference
BEDFORD, Mass.--(BUSINESS WIRE)-- Ocular Therapeutix™, Inc. (NASDAQ: OCUL), a biopharmaceutical company focused on the formulation, development, and
About this update from Ocular Therapeutix, Inc.
[{"type":"text","content":" BEDFORD, Mass.--(BUSINESS WIRE)--\nOcular Therapeutix™, Inc. (NASDAQ: OCUL), a biopharmaceutical company focused on the formulation, development, and commercialization of innovative therapies for diseases and conditions of the eye, today announced preliminary unaudited net product revenue for the fourth quarter of 2019 and interim results from its Phase 1 clinical trial for OTX-TKI, a long-acting tyrosine kinase inhibitor intravitreal implant being evaluated for the treatment of wet age-related macular degeneration and other retinal diseases. A copy of the Company’s presentation from the Cowen and Company 40th Annual Health Care Conference is available on the Company’s website, www.ocutx.com.\n\n\nFourth Quarter 2019 Net Revenue and First Quarter 2020 Net Revenue Guidance\n\n\nGross product revenue net of discounts, rebates, and returns, which the Company refers to as total net product revenue was $2.3 million for the three-months ended December 31, 2019 reflecting a 172% sequential increase over total net product revenue reported in the third quarter ended September 30, 2019. Net product revenue of DEXTENZA® in the fourth quarter 2019 was $1.6 million versus $0.3 million in the third quarter ended September 30, 2019 and reflects a more than four times sequential increase. Total net product revenue for the fourth quarter of 2019 also includes net product revenue of $0.7 million from ReSure® Sealant. The Company expects to report its audited results for the 2019 fiscal year later this month.\n\n\nDEXTENZA net revenue in the quarter was driven by continued increase in the number of new accounts prescribing DEXTENZA and re-order rates by existing accounts. In addition to the trends in the fourth quarter, the Company is seeing increased interest from larger accounts at the start of 2020. Based on these current trends and the 50% expansion of Key Account Managers to approximately 30 in November 2019, the Company expects DEXTENZA net revenue for the first quarter of 2020 to be in the range of $2.4 million to $2.6 million. Combined with anticipated net revenues from ReSure Sealant of approximately $0.6 million, the Company expects total net product revenue for the first quarter of 2020 to be $3.0 million to $3.2 million.\n\n\n“We are pleased with our progress and with the results we are seeing in the early stages of the DEXTENZA launc...