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4-Traders Homepage  >  Equities  >  Nasdaq  >  Ophthotech Corp    OPHT

Delayed Quote. Delayed  - 07/22 10:00:00 pm
64.21 USD   +1.81%
06/20 OPHTHOTECH : Completes Patient Recruitment in Phase 3 Trial of Fovis..
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Ophthotech : Completes Patient Recruitment in Phase 3 Trial of Fovista® Anti-PDGF Therapy in Combination with Eylea® or Avastin® in Wet Age-Related...

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06/30/2016 | 11:03pm CEST

Ophthotech Completes Patient Recruitment in Phase 3 Trial of Fovista® Anti-PDGF Therapy in Combination with Eylea® or Avastin® in Wet Age-Related Macular Degeneration

By a News Reporter-Staff News Editor at Clinical Trials Week -- Ophthotech Corporation (Nasdaq: OPHT) announced the completion of patient recruitment in its Phase 3 trial of Fovista® (pegpleranib), anti-PDGF therapy, in combination with Eylea® (aflibercept) or Avastin® (bevacizumab) for the treatment of wet age-related macular degeneration (AMD). Ophthotech also announced that it has achieved a $30 million enrollment milestone from Novartis Pharma AG as part of the ex-US licensing and commercialization agreement between the two companies focused on the treatment of wet AMD (see also Pharmaceutical Companies).

The Fovista® Phase 3 program consists of three clinical trials to evaluate the safety and efficacy of Fovista® in combination with multiple anti-VEGF agents for the treatment of wet AMD. The Company completed enrollment in its two other Phase 3 trials of Fovista® in combination with Lucentis® (ranibizumab) last year, and expects to announce initial, topline data from these two studies in the fourth quarter of this year.

"We are thankful for the steadfast commitment of the participating clinical investigators and their staff for their diligent effort to complete the enrollment of our Phase 3 trials. We are excited by the potential of Fovista to be paired with all anti-VEGF agents to address the growing unmet need for wet AMD patients," said Samir C. Patel, M.D., President and Vice Chairman of the Board of Ophthotech.

The FDA granted Fast Track status for Fovista® for the treatment of wet AMD in September 2013. The Company believes Fovista® is the most advanced anti-PDGF agent in development for the treatment of wet AMD and, if approved, is expected to be first to market in this class of novel therapies for wet AMD.

The third and final recruitment milestone from the Company's ex-US partner for Fovista®, Novartis Pharma AG, was triggered as a result of Ophthotech reaching this patient enrollment goal. To date, Ophthotech has attained $330 million in upfront fees and milestone payments from Novartis. These amounts consist of a $200 million upfront fee upon the execution of the agreement in May 2014 and $130 million in enrollment-based milestones under the agreement. Additionally, Ophthotech is eligible to receive up to an aggregate of $300 million upon achievement of specified regulatory milestones, including marketing approval and reimbursement approval in certain ex-US territories, and ex-US sales milestones of up to $400 million. In addition, Ophthotech is entitled to receive royalties on ex-US Fovista® sales.

Keywords for this news article include: Pharmaceutical Companies, Therapy, Novartis AG, Retinal Diseases, Retinal Degeneration, Ophthotech Corporation, Clinical Trials and Studies, Age-Related Macular Degeneration.

Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2016, NewsRx LLC

(c) 2016 NewsRx LLC, source Health Newsletters

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Financials ($)
Sales 2016 70,7 M
EBIT 2016 -159 M
Net income 2016 -155 M
Finance 2016 114 M
Yield 2016 -
P/E ratio 2016 -
P/E ratio 2017
EV / Sales 2016 30,5x
EV / Sales 2017 14,6x
Capitalization 2 271 M
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 96,4 $
Spread / Average Target 50%
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NameTitle
David R. Guyer Chairman & Chief Executive Officer
Samir Chandrakant Patel President & Vice Chairman
Glenn P. Sblendorio Treasurer, Chief Financial & Operating Officer
Harvey N. Masonson Senior Vice President-Clinical Development
Axel Bolte Independent Class II Director
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