BioCentury
ARTICLE | Financial News

PTC, Ophthotech propose follow-ons

February 1, 2014 1:35 AM UTC

PTC Therapeutics Inc. (NASDAQ:PTCT) and Ophthotech Corp. (NASDAQ:OPHT) both proposed follow-ons on Friday. PTC plans to raise up to $75 million in a follow-on underwritten by JPMorgan and Credit Suisse. PTC's ataluren is in a Phase III trial for nonsense mutation Duchenne muscular dystrophy (DMD), with top-line data slated for mid-2015. Last week, EMA's CHMP recommended against conditional approval of ataluren -- a small molecule that facilitates complete translation of proteins containing nonsense mutations -- for DMD. This half, PTC plans to start another Phase III trial of ataluren for nonsense mutation cystic fibrosis (CF) (see BioCentury Extra, Jan. 24).

Ophthotech plans to raise up to $69 million in a follow-on underwritten by Morgan Stanley; JPMorgan; Leerink; and Stifel. Ophthotech's Fovista, a pegylated aptamer against platelet derived growth factor B ( PDGFB; PDGF2), is in Phase III testing to treat wet age-related macular degeneration (AMD) in combination with anti-VEGFs. ...