Shares in Ophthotech (NSDQ:OPHT) dipped to $2.46 apiece this morning after the company announced that its Phase III wet age-related macular degeneration trial failed to meet its primary endpoint.
The New York-based company said that the addition of Fovista (pegpleranib) to Eylea or Avastin, both anti-VEGF therapies, did not significantly improve visual acuity after 12-months compared to Eylea or Avastin alone.
“We express our sincere appreciation to the patients and clinical investigators and their staffs for their dedication to completing this third Phase III clinical trial of Fovista in combination with anti-VEGF therapy,” president & CEO Glenn Sblendorio said in prepared remarks. “This outcome does not affect our strategy as the company moves forward with multiple ongoing or planned clinical programs in orphan retinal diseases coupled with multiple ongoing or planned clinical trials in back of the eye indications.”
Data from the 640-patient trial showed that those treated with the combination therapy gained an average of 9.42 letters of vision at 12 months, compared to 9.04 letters in patients receiving just Eylea or Avastin.
In December, Ophthotech said that two pivotal Phase III trials for Fovista in combination with Lucentis failed to meet primary endpoints.
OPHT shares were trading at $2.64 apiece in morning activity today, up 3.7%.
The company shuffled its personnel in May, with former-CEO and co-founder Dr. David Gruyer assuming the role of executive chairman and Glenn Sblendorio, who formerly served as Ophthotech’s CFO, stepping into the corner office.
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