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Ophthotech Reports Fourth Quarter and Full Year 2014 Financial and Operating ResultsOphthotech Corporation (Nasdaq:OPHT) today announced financial results for the fourth quarter and full year ended December 31, 2014 and provided an update on the Company's business and product development programs. Today's conference call includes Pravin Dugel, M.D., Managing Partner of Retinal Consultants of Arizona and Clinical Professor, the University of Southern California Eye Institute, Keck School of Medicine, who will discuss initial Fovista® data from his Investigator Sponsored Trial that was featured at the 12th Annual Bascom-Palmer Eye Institute Angiogenesis, Exudation, and Degeneration Meeting in Miami, Florida that took place on February 7, 2015. Product Pipeline Highlights
Research and Licensing Highlights In November 2014, Ophthotech entered into an exclusive research and option agreement with AVEO Pharmaceuticals to license tivozanib, a small molecule vascular endothelial growth factor tyrosine kinase inhibitor, for the treatment of non-oncologic conditions of the eye. Ophthotech is solely responsible for the ocular formulation and development of this compound, and plans to focus on a sustained release formulation for the compound to be used in combination with Fovista® as a treatment for the maintenance phase of wet AMD therapy. Translational Scientific Advisory Board Ophthotech today announced the formation of a Translational Scientific Advisory Board. Joining this board are Dr. Rakesh Jain, Andrew Werk Cook Professor of Tumor Biology at the Harvard Medical School, and Director of the Edwin L. Steele Laboratory for Tumor Biology at the Massachusetts General Hospital and Dr. David Cheresh, Distinguished Professor in the Department of Pathology, UC San Diego School of Medicine and previously Professor at The Scripps Research Institute in the Department of Immunology. Recent Corporate Highlights
"Last year was truly a transformative one for Ophthotech," said David Guyer, M.D., Chief Executive Officer and Chairman of the Board of Ophthotech. "Not only did we advance and expand our Fovista® and Zimura™ franchises, but we also continued to explore other opportunities that are based on innovation, such as tivozanib, and that have the potential to address unmet medical needs in AMD and other back-of-the-eye diseases. We executed an ex-US partnership with Novartis and added experienced and talented people to our management team as we continue to build out our commercial capabilities. We are also very pleased to welcome Drs. Jain and Cheresh, two of the most accomplished scientists and key opinion leaders in angiogenesis, to our translational scientific advisory board and we look forward to their contributions. We expect to make great strides in 2015 as we continue to move our Phase 3 Fovista® program forward and advance the rest of our product pipeline." Financial Results
About the Fovista® Phase 3 Program The Fovista® Phase 3 program consists of three clinical trials to evaluate the safety and efficacy of Fovista® (anti-PDGF) therapy, which Ophthotech is developing for use in combination with anti-VEGF therapy for the treatment of wet age-related macular degeneration. The Company expects to enroll a total of 1,866 patients in the three trials in more than 225 centers worldwide. Ophthotech expects to have initial, top-line data from the Fovista® Phase 3 clinical program available in 2016. Conference Call/Web Cast Information Ophthotech will host a conference call/audio web cast to discuss the Company's financial and operating results, its development programs and provide a general business update. The call will also include remarks from Dr. Dugel. The call is scheduled for February 23 at 5:00 p.m. Eastern Time. To participate in this conference call, dial 888-397-5352 (USA) or 719-325-2428 (International), passcode 5289090. A live, listen-only audio web cast of the conference call can be accessed on the Investor Relations section of the Ophthotech website at: www.ophthotech.com. A replay will be available approximately two hours following the live call for two weeks. The replay number is 888-203-1112 (USA Toll Free), passcode 5289090. About Ophthotech Corporation Ophthotech is a biopharmaceutical company specializing in the development of novel therapeutics to treat back of the eye diseases, with a focus on developing innovative therapies for age-related macular degeneration (AMD). Ophthotech's most advanced product candidate, Fovista® anti-PDGF therapy, is in Phase 3 clinical trials for use in combination with anti-VEGF therapy that represents the current standard of care for the treatment of wet AMD. Ophthotech's second product candidate, Zimura™, an inhibitor of complement factor C5, is being developed for the treatment of geographic atrophy (a form of dry AMD) and, in combination with anti-VEGF therapy and, potentially Fovista®, for the treatment of wet AMD. For more information, please visit www.ophthotech.com. Forward-looking Statements 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", "goal," "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 potential receipt of milestone payments and royalties under its ex-US licensing and commercialization agreement, the conduct of the Fovista® Phase 3 clinical program, including obtaining initial, top-line data from the Fovista® Phase 3 clinical program and seeking marketing approval for Fovista®, the potential of Fovista® as a wet AMD combination therapy, the initiation of additional clinical trials for Fovista® and Zimura™, obtaining data from these additional planned trials, Ophthotech's strategy for the development of, and the potential therapeutic benefit of, tivozanib for the treatment of non-oncologic conditions of the eye, including wet AMD and the potential for related value creation for Ophthotech's stockholders. 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 expressed 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 (News - Alert). 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 except as required by law.
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