A new drug to treat itchy eyes and growth in others have boosted Ista Pharmaceuticals Inc.
Irvine-based Ista, which was the top company on the Business Journal’s list of fastest-growing public companies three years ago, ranks No. 6 this year.
The company makes eye drugs for treating allergies, easing pain after cataract surgery and fighting glaucoma, a common cause of blindness.
Ista posted 90% revenue growth for the three years through June 30. It grew from $68.3 million in revenue for the 12 months through June 2008 to $129.6 million for the same period through this June.
Bepreve, a drug for treating itchy eyes from allergies, helped drive Ista’s growth. The company’s also seen more sales of other drugs, according to Chief Executive Vince Anido.
Xibrom, a drug to treat cataract pain after surgery, makes up some 70% of Ista’s revenue and continues to grow at a 20% yearly clip, Anido said.
The original formulation of Xibrom lost patent protection in January. A unit of rival Alcon Inc. has filed for regulatory approval of a generic version, according to Anido.
Generic drugs can take up to two years to be approved.
Meanwhile, Ista is awaiting word from the FDA on a reformulated, once-a-day version of Xibrom. A decision is expected this month.
The company projects sales from Xibrom to come in at $95 million to $105 million this year.
There also are high hopes for Bepreve. The company eventually could double its annual sales with Bepreve, according to Anido.
Ista grew its sales force from 103 to 165 people to help launch Bepreve, which is sold to ophthalmologists, optometrists and allergists.
The company’s stock has cooled since 2009—through late September, its shares are down about 20% with a recent market value of $125 million.
In 2009, Ista’s stock grew 525% following a slump in 2008 and 2007 after some clinical trial and regulatory setbacks.
Ista is profitable. The company posted net income of $25.5 million for the 12 months ended June 30.
For the year, the company projects at least $1 million of net profit on $147 million to $165 million of revenue.
The drug maker is working on a dry eye medication called Remura that could be ready for FDA approval in 2013.
Ista was founded as Advanced Corneal Systems Inc. in 1992 and changed its name 10 years ago. It has 326 workers, 137 of whom are in OC.
THE NUMBERS
Three-year growth: 90%
12-month revenue through June: $129.6 million
Yearly income through June: $25.5 million
Market value: $140 million
Employees: 326, 137 in OC
Company: Eye drug maker
