OPHT fired 130 people on Friday...
Conserving $$$ big time
Ophthotech Corp (NASDAQ: OPHT) has determined to implement a reduction in personnel to focus on an updated business plan involving an expected workforce of approximately 20 to 30 employees. The Company has also determined to stop treating patients who are in the second twelve months of both its Phase 3 clinical trials (OPH1002 and OPH1003) evaluating the safety and efficacy of 1.5 mg of Fovista® administered in combination with Lucentis® compared to Lucentis® monotherapy (the “Fovista Phase 3 Lucentis Trials”) for the treatment of wet age-related macular degeneration (“AMD”), with respect to which the Company announced top-line results on December 12, 2016. The Company’s Phase 3 clinical trial (OPH1004) evaluating the safety and efficacy of 1.5 mg of Fovista® administered in combination with Eylea® or Avastin® compared to Eylea® or Avastin® monotherapy for the treatment of wet AMD is fully enrolled and remains ongoing. In addition, the Company has determined to stop treating patients in its additional clinical trials evaluating the potential additional benefits of Fovista® administered in combination with anti-vascular endothelial growth factor, or VEGF, drugs in wet AMD patients, which the Company has referred to collectively as the “Fovista Expansion Studies”. Management and the Board of Directors of the Company continue to actively review, refine and update the Company’s business plan and consider the related impact on operational, financial and development matters, including with respect to each of the Company’s product development programs.
The Company’s Board of Directors committed to this course of action on December 15, 2016 after considering the impact of the top-line results of the Fovista Phase 3 Lucentis Trials. The reduction in personnel is expected to involve approximately 125 to 135 employees. The Company expects to establish a severance program for employees affected by the reduction in personnel and to substantially complete the reduction in personnel during the first and second quarters of 2017 as part of implementing its updated business plan.
