Ophthotech(OPHT) crash down 86.36% on the day

By:    Updated: December 28,2016

NEW YORK, December 12, 2016— Ophthotech Corporation(NASDAQ:OPHT) announced that the pre-specified primary endpoint of mean change in visual acuity at 12 months was not achieved in its two pivotal Phase 3 clinical trials investigating the superiority of Fovista (pegpleranib) anti-PDGF therapy in combination with Lucentis (ranibizumab) anti-VEGF therapy compared to Lucentis monotherapy for the treatment of wet age-related macular degeneration (AMD). The addition of Fovista to a monthly Lucentis regimen did not result in benefit as measured by the mean change in visual acuity at the 12 month time point.

Stock Crash

Ophthotech has imploded from a year-ago high of $80 to $5.29, down 86.36% on the day.

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 in wet AMD patients. Additional information on the Company can be found at www.ophthotech.com.

About Fovista

Ophthotech Is Investigating Fovista Anti–PDGF (1.5 mg) in Combination with Anti–VEGF Therapy for the Treatment of Wet AMD.

About Zimura

Ophthotech is investigating Zimura, an Inhibitor of Complement Factor C5 for the Treatment of Dry and Wet AMD.

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  • https://www.sec.gov/Archives/edgar/data/1410939/000110465916161592/a16-22988_1ex99d1.htm
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