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Ophthotech Corporation receives $175M to progress a Phase III clinical trial for Fovista

Ophthotech Corporation (Princeton, New Jersey) has announced the execution of an agreement with Novo A/S valued at $175M. The deal is set to fund the development of a new wet AMD treatment termed “Fovista”, a novel drug comprised of a pegylated aptamer oligonucleotide designed to target platelet-derived growth factor B (PDGFB). The proposed Phase III trial is understood to be a large multi-national study scheduled to begin in Q3-FY2013 and aims to recruit almost 2,000 patients in 200 global centres. The $175M financing for the clinical development is composed of $125M in exchange for an undisclosed royalty percentage on Fovista sales, together with a $50M Series C preferred equity divided across three milestone driven tranches.