May 29, 2013
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Ophthotech raises $175 million to fund phase 3 trial of wet AMD drug candidate

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With $175 million in financing in place, Ophthotech plans to begin a global phase 3 trial of its lead anti-PDGF compound with anti-VEGF therapy for the treatment of wet age-related macular degeneration, according to a company news release.

The trial is slated to begin in the third quarter and will involve almost 1,900 subjects at more than 200 centers globally.

A randomized, controlled phase 2b trial of Fovista in combination with Lucentis (ranibizumab, Genentech) found superior efficacy when compared with ranibizumab monotherapy and no significant safety issues.

Ophthotech raised $125 million from Novo A/S, which was granted royalties on Fovista sales. A Series C preferred stock offering involving Novo A/S and current venture investors raised $50 million, the release said.

Ophthotech also announced that David R. Guyer, MD, chairman of the board, was named CEO, and Samir Patel, MD, Ophthotech co-founder and president, was appointed vice chairman of the board. Guyer will direct corporate and financial strategy, while Patel will focus on clinical development.