Royalty Rights To AMD Drug Spur $175 Million Capital Raise For Ophthotech
This article was originally published in The Pink Sheet Daily
Money will finance 1,900-patient, 200-site Phase III trial for wet AMD drug Fovista, expected to work in concert with anti-VEGF therapies such as Lucentis to restore eye function. The transaction is just the latest ophthalmology financing involving Novo AS, SV Life Sciences and executives once with Eyetech.
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Ophthotech is creating drugs to be used in combination with anti-VEGF therapies for wet AMD. It is developing inhibitors of platelet-derived growth factor and the a5b1 integrin, as well as an anti-C5 receptor aptamer that could eventually be a therapy for both wet and dry forms of age-related macular degeneration.
“There’s a heightened need for products that deliver against health, hygiene and clean home concerns and a willingness to spend just a little bit more to ensure that I’m using a product that I know and trust,” says CFO Jon Moeller