Ophthotech Corporation (OPHT) Boosted By $41.7 Million Financing From Novo A/S
1/24/2014 6:28:41 AM
Ophthotech Corporation Receives $41.7 Million in Second Tranche in Royalty Financing from Novo A/S
NEW YORK--(BUSINESS WIRE)--Ophthotech Corporation (Nasdaq:OPHT) today announced that it has received payment of approximately $41.7 million in a second tranche in royalty financing from Novo A/S. The receipt of the second tranche has been triggered as a result of Ophthotech reaching an initial enrollment milestone of a specified number of patients in its pivotal, multi-national Phase 3 clinical program of Fovista™, Ophthotech’s anti-platelet-derived growth factor (PDGF) compound that is being studied in combination with anti-vascular endothelial growth factor (VEGF) therapy for the treatment of neovascular age-related macular degeneration (wet AMD). Ophthotech initiated patient enrollment in the pivotal Phase 3 clinical program of Fovista in August 2013, and continues to expect to have initial top-line data in 2016.
Novo A/S funded the tranche in exchange for an additional royalty interest on Fovista sales. The tranche is the second of three under a $125 million royalty agreement with Novo A/S. The initial funding occurred in May 2013 and a third potential funding is based upon a further patient enrollment milestone.
Ophthotech is a biopharmaceutical company specializing in the development of novel therapeutics to treat diseases of the eye, with a focus on developing therapies for age-related macular degeneration. The company has initiated a pivotal Phase 3 clinical program for its most advanced product candidate, Fovista™ anti-PDGF therapy, which it is developing for use in combination with anti-VEGF drugs that represent the standard of care for the treatment of wet age-related macular degeneration. For more information, please visit www.ophthotech.com.
About Novo A/S
Novo A/S is a Danish limited liability company fully owned by the Novo Nordisk Foundation and is the holding company in the Novo Group responsible for managing the Foundation’s assets, which are currently valued at more than USD 30 billion. Besides being the major shareholder in Novo Nordisk A/S and Novozymes A/S, Novo A/S provides seed and venture capital to development stage companies and takes significant ownership positions in well-established companies within life sciences, as well as manages a broad portfolio of financial assets. For more information, please visit www.novo.dk.
Any statements in this press release about Ophthotech’s future expectations, plans and prospects constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include any statements about Ophthotech’s strategy, future operations and future expectations and plans and prospects for Ophthotech, and any other statements containing the words “anticipate,” “believe,” “estimate,” expect,” intend,” “may,’ “might,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” and similar expressions. In this press release, Ophthotech’s forward looking statements include statements about the conduct of the Fovista Phase 3 clinical program including obtaining initial, top-line data from the Fovista Phase 3 clinical program. Such forward-looking statements involve substantial risks and uncertainties that could cause Ophthotech’s clinical development programs, future results, performance or achievements to differ significantly from those express or implied by the forward-looking statements. Such risks and uncertainties include, among others, those related to the initiation and conduct of clinical trials, availability of data from clinical trials and expectations for regulatory approvals or other actions and other factors discussed in the “Risk Factors” section contained in the quarterly and annual reports that Ophthotech files with the SEC. Any forward-looking statements represent Ophthotech’s views only as of the date of this press release. Ophthotech anticipates that subsequent events and developments will cause its views to change. While Ophthotech may elect to update these forward-looking statements at some point in the future, Ophthotech specifically disclaims any obligation to do so.
Kathy Galante, 212-845-8231
Vice President, Investor Relations and Corporate Communications
SmithSolve LLC on behalf of Ophthotech Corporation
Jarrod Aldom, 973-442-1555 ext. 112
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