ISTA engages advisor to view future

California, USA-based ISTA Pharmaceuticals, an ophthalmic drug focused firm, has engaged Cowen & Co as its financial advisor. For more than a year, ISTA has initiated discussions with other companies and financial sponsors regarding new product opportunities and potential mergers and acquisitions that would allow it to grow the scale of its business. In addition, ISTA has been approached from time to time regarding business combination opportunities. Cowen will assist the company in evaluating these and other opportunities.

In addition, ISTA reconfirmed certain of its guidance issued during its 2007 fourth-quarter and year-end earnings announcement. As previously stated, the company expects net revenue for 2008 will be around $75.0-$82.0 million, and the gross margin approximately 70% to 73%, subject to quarterly fluctuations based on revenue mix. Finally, the firm believes it is on track to report results of the Phase III and ocular safety studies of Bepreve (bepotastine ophthalmic solution) during the second quarter of this year.