Financing, Pharma

Ophthotech in $85 million IPO financing

Posted on 19 August 2013

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Ophthotech has entered into an IPO financing round in the hope of raising up to $85 million.

After assembling a whopping $175 million financing deal this spring, Ophthotech has filed paperwork with the SEC to secure up to $85 million more in an IPO financing round.

Ophthotech has hit the IPO financing trail after announcing plans to advance its lead therapy Fovista into Phase III clinical development for wet age-related macular degeneration by the end of 2013.

Upbeat results from a Phase IIb study showed that a treatment with a combination of the compound, an inhibitor of platelet-derived growth factor, and Roche's anti-VEGF therapy Lucentis, outperformed Lucentis alone for treating the leading cause of blindness in people aged 55 and older.

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