Ophthotech Corporation, a biopharmaceutical company, develops novel therapeutics to treat diseases of the back of the eye. Its principal product candidate, Fovista, an anti-platelet derived growth factor, is in Phase III clinical development for use in combination with anti-vascular endothelial growth factor drugs for the treatment of wet age-related macular degeneration (AMD). The company is also developing Zimura, an inhibitor of complement factor C5, for the treatment of dry AMD and wet AMD. Ophthotech Corporation was founded in 2007 and is headquartered in New York, New York.
Disaster of the day! Ophthtech Shares Plunge as Drug Fails in Late Stage Trial thestreet.com Ophthotech ( OPHT) shares plunged Monday as the company announced negative results from two late stage clinical trials of its eye drug Fovista. That drug, combined with a drug already on the market, known as Lucentis, failed to improve the vision of patients with wet, age-related macular degeneration compared to Lucentis alone. Novartis ( NVS) licenses Fovista from Ophthotech in a bid to boost declining sales of Lucentis, which has been losing market share to a competign drug made by Regeneron Pharmaceuticals ( REGN) .
Brace Yourself! Although you could probably buy this for a bounce lol. 82% better than buying on Friday haha
