Ophthotech Corp (OPHT) Misses Q3 EPS by 7c

Ophthotech Corp (NASDAQ: OPHT) reported Q3 EPS of ($1.71), $0.07 worse than the analyst estimate of ($1.64). Revenue for the quarter came in at $1.67 million versus the consensus estimate of $6.2 million.

• The Company expects to announce initial topline data from two Phase 3 trials of Fovista® (pegpleranib) in combination with Lucentis® (ranibizumab) for the treatment of wet age-related macular degeneration (AMD) in this fourth quarter. A third Phase 3 trial investigating Fovista® in combination with either Eylea® (aflibercept) or Avastin® (bevacizumab) completed patient recruitment in June 2016. The Company expects initial topline data from this third Phase 3 trial to be available in the second half of 2017.
• Results from Ophthotech’s Phase 2b Fovista® combination therapy study in wet AMD patients were published in October 2016 in Ophthalmology®, the journal of the American Academy of Ophthalmology. The published article, “Dual Antagonism of PDGF and VEGF in Neovascular Age-related Macular Degeneration,” can be accessed online under "Articles in Press" at: http://www.aaojournal.org/inpress.
• Ophthotech continues to enroll patients in its Phase 2/3 trial of Zimura® in patients with geographic atrophy, an advanced form of dry AMD. In addition, its Phase 2 trial evaluating the potential role of Zimura® when administered in combination with anti-VEGF drugs for the treatment of wet AMD has been activated.

For earnings history and earnings-related data on Ophthotech Corp (OPHT) click here.

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