Ophthotech Corporation Receives $41.7M in Second Tranche in Royalty Financing from Novo A/S

Ophthotech Corporation

today announced that it has received payment of approximately $41.7 million in a second tranche in royalty financing from Novo A/S. The receipt of the second tranche has been triggered as a result of Ophthotech reaching an initial enrollment milestone of a specified number of patients in its pivotal, multi-national Phase 3 clinical program of Fovista™, Ophthotech's anti-platelet-derived growth factor (PDGF) compound that is being studied in combination with anti-vascular endothelial growth factor (VEGF) therapy for the treatment of neovascular age-related macular degeneration (wet AMD). Ophthotech initiated patient enrollment in the pivotal Phase 3 clinical program of Fovista in August 2013, and continues to expect to have initial top-line data in 2016. Novo A/S funded the tranche in exchange for an additional royalty interest on Fovista sales. The tranche is the second of three under a $125 million royalty agreement with Novo A/S. The initial funding occurred in May 2013 and a third potential funding is based upon a further patient enrollment milestone. About Ophthotech Ophthotech is a biopharmaceutical company specializing in the development of novel therapeutics to treat diseases of the eye, with a focus on developing therapies for age-related macular degeneration. The company has initiated a pivotal Phase 3 clinical program for its most advanced product candidate, Fovista™ anti-PDGF therapy, which it is developing for use in combination with anti-VEGF drugs that represent the standard of care for the treatment of wet age-related macular degeneration. For more information, please visit www.ophthotech.com. About Novo A/S Novo A/S is a Danish limited liability company fully owned by the Novo Nordisk Foundation and is the holding company in the Novo Group responsible for managing the Foundation's assets, which are currently valued at more than USD 30 billion. Besides being the major shareholder in Novo Nordisk A/S and Novozymes A/S, Novo A/S provides seed and venture capital to development stage companies and takes significant ownership positions in well-established companies within life sciences, as well as manages a broad portfolio of financial assets. For more information, please visit www.novo.dk.