Ophthotech files for IPO

Ophthotech Corp. (New York, N.Y.) filed to raise up to $85 million in an IPO underwritten by Morgan Stanley; JPMorgan; Leerink; and Stifel. By year end, Ophthotech plans to start a Phase III trial to evaluate Fovista in combination with Lucentis ranibizumab to treat wet age-related macular degeneration (AMD). Fovista is a pegylated aptamer against platelet derived growth factor B ( PDGFB; PDGF2).

In May, Ophthotech granted Novo A/S undisclosed royalties on Fovista sales in exchange for a financing of up to $125 million. Ophthotech has received $41.7 million in the first tranche of the financing, along with $16.7 million in the first tranche of a $50 million series C round (see BioCentury, June 3). ...