Samir Patel co-founded Ophthotech raises $30 Million

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New York: Ophthotech, a biopharmaceutical company focused on developing novel ophthalmic therapies for both wet and dry age-related macular degeneration (AMD), has closed a $30 million Series B financing round. With this round of funding, the company plans to initiate Phase 2 Combination study with E10030 in wet age-related macular degeneration, advance two additional clinical state programs in macular degeneration. "In its Phase 1 combination therapy trial, E10030, which targets PDGF, has demonstrated unprecedented visual gain in patients with wet AMD. This remarkable visual outcome was accompanied for the first time by robust neovascular regression, reflecting the disruption of underlying pathology. E10030 has the potential of becoming a new standard for wet AMD treatment," said Samir Patel, Co-founder, Managing Director, President and Chief Executive Officer of Ophthotech. "We welcome Nick Galakatos and Clarus Ventures to Ophthotech at an important time, as we look to move E10030 into a larger, randomized Phase 2 wet AMD study." The financing round is led by Clarus Ventures, which will be represented on Ophthotech's board of directors by Nicholas Galakatos, Managing Director of Clarus. Clarus is joined in the current round by existing investors SV Life Sciences, Novo A/S and HBM BioVentures. Founded in 2007, U.S. based Ophthotech is pursuing multiple therapeutic targets to develop next-generation treatments for wet AMD and potentially the first approved treatment for dry AMD. According to the company, E10030, an aptamer targeting PDGF, has demonstrated potency when combined with anti-VEGF agents such as Lucentis. In this Phase 1 combination study, 59 percent of patients treated with a combination of E10030 and Lucentis gained significant vision (3-line gain) 12 weeks after therapy. All patients demonstrated neovascular regression, a first in wet AMD therapy, with no evidence of drug-related adverse events. Galakatos added, "Ophthotech has an innovative pipeline of best-in-class products for the treatment of AMD. Our investment decision was driven by the quality of the pipeline and the experience of the management team, who successfully developed Macugen into the first marketed anti-VEGF therapy for the eye. We are excited to be working with this team again."