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Ophthotech Corporation (Nasdaq:OPHT) receives $50M milestone payment from Novartis for clinical progression of Fovista

Ophthotech Corporation (Nasdaq:OPHT) has announced the triggering of a $50 million enrollment milestone payment from Novartis as part of a licensing and commercialization agreement focused on the clinical development of the Ophthotech’s lead compound (“Fovista”) for wet AMD. The payment from Novartis fell due as a result of Ophthotech reaching the first enrollment milestone under the companies’ agreement for a pivotal, multi-national Fovista phase III clinical study and, according to Ophthotech, is the first of a total of $130 million in potential enrollment-based milestones. The compound is expected to be used in combination with anti-VEGF therapy for the treatment of wet AMD.