NEW YORK, March 06, 2017 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Ophthotech Corporation (“Ophthotech” or the “Company”) (NASDAQ: OPHT) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, is on behalf of a class consisting of investors who purchased or otherwise acquired Caterpillar securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Ophthotech securities between May 11, 2015 and December 12, 2016, both dates inclusive, you have until March 13, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com . To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
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Ophthotech is a clinical-stage biopharmaceutical company specializing in the development of novel therapeutics to treat back of the eye diseases, with a focus on developing innovative therapies for age-related macular degeneration (AMD). AMD is a disorder of the central portion of the retina, which is responsible for central vision and color perception.
The Company’s most advanced product candidate during the Class Period was Fovista, a PDGF aptamer. As a PDGF aptamer, Fovista was designed to block proteins that bind to cells on the outer lining of blood vessels. Fovista was to be administered in combination with VEGF agents, a standard of care for the treatment of wet AMD. Similar to PDGF aptamers, antiVEGF agents are designed to block proteins that bind to cells on the inner lining of blood vessels. By combining PDGF aptamers (like Fovista) and anti-VEGF agents, proteins on both the inner and outer lining of blood vessels which cause growth and leakage would be blocked, promoting blood vessel regression and reducing scarring.
Prior to the Class Period, the Company had completed phase 1 and phase 2 studies evaluating Fovista in combination with the anti-VEGF Lucentis (ranibizumab), and had initiated multiple extension trials to evaluate Fovista in combination with other commercially available anti-VEGF agents. For instance, Ophthotech announced the results of its phase 2b clinical study of Fovista in combination with Lucentis on June 13, 2012, in a press release entitled “Anti-PDGF (1.5 mg) Combination Therapy Resulted in Additional 62% Increase in Visual Outcome Compared to Lucentis® Monotherapy.” The Phase 2b study was a prospective, randomized, controlled clinical trial of 449 patients with wet AMD, and a primary endpoint of mean vision gain.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that Ophthotech made overtly positive representations about the effectiveness and potential of its treatment Fovista when used in combination with Lucentis, a commercially available anti-vascular endothelial growth factor agent, despite awareness that the phase 3 clinical trial of Fovista would fail to achieve its primary endpoint of change in best corrected visual acuity from baseline at 12 months over Lucentis alone. The Complaint further alleges that these statements caused the Company stock to trade at artificially inflated prices.
On December 12, 2016, Ophthotech announced that the trial had failed to achieve its primary endpoint, and that Fovista and Lucentis demonstrated a non-statically significant improvement over patients only receiving Lucentis. Following this news, shares of Ophthotech fell approximately 86% to close at $5.29.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT: Robert S. Willoughby Pomerantz LLP rswilloughby@pomlaw.com
