Ophthotech, biotech company, announced that it has raised $175 million in royalty and series C financing for a global Phase III clinical program.
The phase III trial is of its lead compound Fovista, an anti-platelet-derived growth factor, in combination with anti-VEGF therapy for the treatment of neovascular age-related macular degeneration and will be funded by the royalty and series C financing.
The multi-national Phase III trial is expected to begin in the third quarter of 2013 and enroll nearly 1,900 patients in more than 200 centers worldwide.
The royalty and series C financing of $175 million consists of $125 million from Novo A/S, in exchange for royalties on Fovista sales.
The remaining $50 million is in the form of a Series C financing of preferred stock from Novo A/S and current venture investors in Ophthotech.
The royalty and Series C financing is structured in three equal tranches, the first of which has closed.
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