Ophthotech Reports First Quarter 2017 Financial And Operating Results

NEW YORK--(BUSINESS WIRE)--Ophthotech Corporation (Nasdaq:OPHT) today announced financial and operating results for the first quarter ended March 31, 2017 and provided a general business update.

In February 2017, Ophthotech announced that it had initiated a plan to review its strategic alternatives in order to maximize shareholder value. The principal focus of the plan, based on the Company's deep expertise and experience in ophthalmology, is to actively explore opportunities to obtain rights to additional products, product candidates and technologies to treat ophthalmic diseases, particularly those of the back of the eye. Ophthotech also announced that it engaged Leerink Partners LLC as its financial advisor to assist management and the Board in evaluating the Company’s strategic alternatives. This review does not exclude any strategic option. The Company’s evaluation of its strategic options by its management and Board of Directors is ongoing.

Subsequent to the end of the first quarter 2017, on April 24, 2017, the Company announced that David R. Guyer, M.D., a co-founder, Chief Executive Officer and Chairman of the Board of Ophthotech, will transition to the newly created role of Executive Chairman effective July 1, 2017. Concurrent with this transition, Ophthotech’s Board of Directors appointed Glenn P. Sblendorio, the Company’s President and then Chief Financial Officer, as Chief Executive Officer of the Company, also effective July 1, 2017. Mr. Sblendorio will retain his role as President and has been nominated as a Class I director for election at the Company’s upcoming annual meeting of stockholders. The Company also announced the promotion of David F. Carroll to Chief Financial Officer and Treasurer, effective immediately. Mr. Carroll was previously Senior Vice President, Finance, of the Company.

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