BUSINESS: Financial Ophthotech Posts First Quarter 2016 Financial and Operating Results By Staff Friday, May 6, 2016 12:23 AM NEW YORK—Ophthotech Corp. (Nasdaq:OPHT) reported financial results for the first quarter ended March 31, 2016.As of March 31, 2016, the company had $356.1 million in cash, cash equivalents and available for sale securities. Collaboration revenue was $15.7 million for the quarter compared to $41.7 million for the same period in 2015. Collaboration revenue recognized in the first quarter of 2015 related primarily to drug supply shipments that Ophthotech completed under its agreement with Novartis. Revenue recognized in the prior year period related primarily to license fees attributable to the $50 million enrollment-based milestone Ophthotech achieved in March 2015 under the same agreement. The balance of the milestone earned in the first quarter of 2015 was recorded as deferred revenue, the company said.Ophthotech’s research and development expenses were $37.8 million for the first quarter compared to $24.6 million for the same period in 2015. According to Ophthotech, the increase in R&D expense was primarily due to its Fovista Phase 3 clinical program and Fovista expansion studies, as well as increased personnel costs associated with additional management and research and development staffing, including share-based compensation expense.General and administrative expenses were $14.7 million for the quarter ended March 31, 2016 compared to $9.6 million for the same period in 2015. The increase in general and administrative expenses in the quarter ended March 31, 2016 relates primarily to an increase in costs to support the company's expanded operations and public company infrastructure, including additional management, corporate staffing, pre-launch commercial activities, professional services and consulting fees, and increased share-based compensation.Ophthotech reported a net loss for the first quarter of $36.3 million, compared to net income of $6.6 million for the same period in 2015.