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Ophthotech Corporation

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Following the failure of lead candidate Fovista to show benefit in two pivotal phase III studies, Ophthotech said that it will cut its workforce by 80%, terminate and wind-down the two failed Fovista studies and Fovista expansion studies and cancel Fovista manufacturing commitments. The company will also reassess the Fovista and Zimura development programs in 2017 and may modify, expand or terminate some or all of these development programs. So far this year, shares of Ophthotech have underperformed the broader industry. However, the company has begun a strategic review process to acquire assets in the ophthalmology space. It will also review the scientific rationale for studying Fovista and Zimura in one or new ophthalmic indications. Loss estimates remained mixed lately ahead of the Q1 earnings results. However, Ophthotech has a positive record of earnings surprises in trailing four quarters.

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