January 28, 2014
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Ophthotech receives $41.7 million in royalty financing from Novo A/S
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Ophthotech Corp. announced in a press release that it received $41.7 million in a second tranche in royalty financing from Novo A/S. This second tranche resulted from Ophthotech reaching an enrollment milestone of a specified number of patients in its multinational phase 3 clinical program of Fovista, an anti-platelet-derived growth factor compound being studied in combination with anti-VEGF therapy for the treatment of neovascular age-related macular degeneration.
As described in a press release, the tranche is the second of three under a $125 million royalty agreement with Novo A/S. The initial funding took place in May 2013.