Ophthotech Corporation

Ophthotech Corporation (OPHT) Accused of Misrepresenting the Efficacy of Its Drug

According to a recently filed consolidated complaint, Ophthotech Corporation touted extraordinary results of the company’s Phase 2b trial of Fovista in combination with the drug Lucentis, leading analysts and investors to believe that the Phase 3 trials would result in Fovista’s regulatory approval. In truth, the Phase 2b trial was not indicative of Fovista’s efficacy because the patients in the group treated by Lucentis had larger lesions and poorer vision at the start of the trial than patients in the Fovista combination group. Knowing that Fovista’s prospects were much riskier than they had disclosed, Ophthotech’s two co-founders sold the majority of their personally held Ophthotech stock for combined proceeds of approximately $45.5 million. On December 12, 2016, Ophthotech announced that there was no benefit from the addition of Fovista to monthly Lucentis regimen for the treatment of wet AMD. On this news, Ophthotech’s stock fell approximately 86% to close at $5.29 per share on December 12, 2016. Ophthotech subsequently abandoned its Fovista program, and the company’s stock currently trades at only $2.52 per share—a dramatic decline from the stock’s class period high of $78.64 per share.

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