Ophthotech sets its sights on AMD

Ophthotech Corporation has announced deals with two companies to obtain the rights to treatments for age-related macular degeneration (AMD).

Ophthotech and Archemix have announced an exclusive, worldwide license agreement for the treatment of the wet and dry forms AMD. Under the terms of the agreement, Archemix has granted Ophthotec worldwide rights to all ophthalmic uses of the company's proprietary aptamers targeting the C5 component of the complement cascade.

Furthermore, Eyetech has also entered into an agreement with Ophthotech to divest its anti-platelet derived growth factor (PDGF) aptamer programme. Under the terms of this agreement, all rights to the programme will be transferred to Ophthotech, including rights to the preclinical compound E10030, in exchange for an up-front cash payment, an equity interest in Ophthotech and potential future milestones and royalties.

Ophthotech has so far raised $36 million, which it hopes will be sufficient to execute its AMD treatment strategy.