Ophthotech Corporation (NASDAQ:OPHT) initiated a phase IIb study on its complement c5 inhibitor candidate, Zimura, evaluating it in autosomal recessive Stargardt disease (STGD1).
We remind investors that following the termination of Fovista studies, after it failed in three pivotal phase III studies in wet age-related macular degeneration (“AMD”), the company is focusing on Zimura development programs. Ophthotech is already developing Zimura in dry and wet AMD.
Shares of the company rose 4.6% on Jan 16, following the announcement. However, Ophthotech‘s shares have declined 36.9% in the past year, underperforming the industry’s 3.3% gain.
The phase IIb study will evaluate Zimura in approximately 120 patients. The primary endpoint of the study will be the mean rate of change in the area of ellipsoid zone defect at 18 months as measured by en face spectral domain optical coherence tomography. Top-line data is expected in 2020.
Ophthotech is evaluating Zimura in a phase IIa study in combination with Roche’s (OTC:RHHBY) Lucentis in patients with wet AMD and in combination with Regeneron Pharmaceuticals’ (NASDAQ:REGN) Eylea in idiopathic choroidal vasculopathy.
However, all the studies are in mid-stage with top-line data expected in 2019 or 2020.
In a separate release, the company announced that it has appointed Jane Pritchett Henderson as a board member and the chairperson of its audit committee. Henderson holds the position of chief financial officer and senior vice president of corporate development at Voyager Therapeutics, Inc. (NASDAQ:VYGR) .
We note that Ophthotech has no approved products in its portfolio and derives revenues from milestone and other payments under collaborations, including a licensing and commercialization agreement with Novartis.
The company is expected to release its fourth-quarter results next month. Investors will remain focused on pipeline updates on its earnings call.
Ophthotech carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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