In an announcement made today, Ophthotech Corporation said it was able to raise US$175 million in funding to finance the global Phase 3 clinical program of its lead medication Fovista. The medication is an anti-platelet growth factor that works in combination anti-VEGF therapy in the treatment of neovascular age determined macular degeneration.
The fund consists of an investment worth US$125 million by Novo AS. The investment was done after the signing of a royalty agreement for the eventual revenues generated from Fovista. The US$50 million is in the form of Series C preferred stock financing also from Novo AS. This financing is broken down into three equal tranches, where the first one was completed at the close of the funding round.
According to Henrik Gurtler CEO of Novo AS, "We are excited to lead this very large financing to drive Phase 3 development of Fovista. Ophthotech is well positioned to bring this important drug rapidly to market, based on the strength of Phase 2b results and the proven medical, regulatory and commercial capabilities of its management team."
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