Ophthotech Reports Third Quarter 2016 Financial and Operating Results

NEW YORK–(BUSINESS WIRE)– Ophthotech Corporation (Nasdaq: OPHT) today announced financial results
for the third quarter ended September 30, 2016 and provided an update on
the Company’s business and product development programs.

• The Company expects to announce initial topline data from two Phase 3
  trials of Fovista^® (pegpleranib) in combination with
  Lucentis^® (ranibizumab) for the treatment of wet
  age-related macular degeneration (AMD) in this fourth quarter. A third
  Phase 3 trial investigating Fovista^® in combination with
  either Eylea^® (aflibercept) or Avastin^®
  (bevacizumab) completed patient recruitment in June 2016. The Company
  expects initial topline data from this third Phase 3 trial to be
  available in the second half of 2017.
• Results from Ophthotech’s Phase 2b Fovista^® combination
  therapy study in wet AMD patients were published in October 2016 in Ophthalmology^®,
  the journal of the American Academy of Ophthalmology. The published
  article, “Dual Antagonism of PDGF and VEGF in Neovascular Age-related
  Macular Degeneration,” can be accessed online under « Articles in
  Press » at: http://www.aaojournal.org/inpress.
• Ophthotech continues to enroll patients in its Phase 2/3 trial of
  Zimura^® in patients with geographic atrophy, an advanced
  form of dry AMD. In addition, its Phase 2 trial evaluating the
  potential role of Zimura^® when administered in combination
  with anti-VEGF drugs for the treatment of wet AMD has been activated.

“This is an exciting time for Ophthotech as we prepare for data from two
trials of Fovista^® in combination with Lucentis^®
for the treatment of wet AMD,” said David R. Guyer, M.D., Chief
Executive Officer and Chairman of the Board of Ophthotech. “We look
forward to providing initial topline data in this fourth quarter.”

Financial Highlights

• Cash Position: As of September 30, 2016, the Company had $321.2
  million in cash, cash equivalents, and marketable securities.
• Revenues: Collaboration revenue was $1.7 million for the
  quarter ended September 30, 2016, compared to $3.4 million for the
  prior year period. For the nine months ended September 30, 2016,
  collaboration revenue was $45.6 million compared to $46.7 million for
  the same period in 2015. Collaboration revenue was in connection with
  the Company’s Licensing and Commercialization Agreement with Novartis
  Pharma AG.
• R&D Expenses: Research and development expenses were $50.9
  million for the quarter ended September 30, 2016 compared to $40.5
  million for the same period in 2015. For the nine months ended
  September 30, 2016, research and development expenses were $136.9
  million compared to $97.1 million for the same period in 2015.
  Research and development expense increased in both the quarter and
  nine months ended September 30, 2016 primarily due to the Company’s
  Fovista^® Phase 3 clinical program, including manufacturing
  expenses and personnel costs which include share-based compensation
  expense.

• G&A Expenses: General and administrative expenses were
  $12.0 million for the quarter ended September 30, 2016 compared to
  $10.4 million for the same period in 2015. For the nine months ended
  September 30, 2016, general and administrative expenses were $37.2
  million compared to $32.0 million for the same period in 2015. The
  increase in general and administrative expenses in the quarter and
  nine months ended September 30, 2016 relates primarily to an increase
  in costs to support the Company’s expanded operations and
  infrastructure, which consists of additional management, corporate
  staffing, professional services and consulting fees, and increased
  share-based compensation.
• Net Loss: The Company reported a net loss for the quarter ended
  September 30, 2016 of $60.9 million, or ($1.71) per diluted share,
  compared to a net loss of $39.6 million, or ($1.14) per diluted share,
  for the same period in 2015. For the nine months ended September 30,
  2016, the Company reported a net loss of $127.1 million, or ($3.59)
  per diluted share, compared to a net loss of $70.1 million, or ($2.03)
  per diluted share, for the same period in 2015.

Conference Call/Web Cast Information

Ophthotech will host a conference call/audio web cast to discuss the
Company’s financial and operating results, its development programs and
provide a general business update. The call is scheduled for November 8,
2016 at 8:00 a.m. Eastern Time. To participate in this conference call,
dial 888-684-1282 (USA) or 913-312-1458 (International), passcode
8738770. A live, listen-only audio webcast of the conference call can be
accessed on the Investor Relations section of the Ophthotech website at: www.ophthotech.com.
A replay will be available approximately two hours following the live
call for two weeks. The replay number is (888) 203-1112 (USA Toll Free),
passcode 8738770. The audio webcast can be accessed at: www.ophthotech.com.

About Ophthotech Corporation

Ophthotech is a 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). Ophthotech’s most advanced product candidate, Fovista^®
anti-PDGF therapy, is in Phase 3 clinical trials for use in combination
with anti-VEGF therapy that represents the current standard of care for
the treatment of wet AMD. Ophthotech’s second product candidate, Zimura^®,
an inhibitor of complement factor C5, is being developed for the
treatment of geographic atrophy, a form of dry AMD, and in combination
with anti-VEGF therapy in wet AMD patients. For more information, please
visit www.ophthotech.com.

Forward-looking Statements

Any statements in this press release about Ophthotech’s future
expectations, plans and prospects constitute forward-looking statements
for purposes of the safe harbor provisions under the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include any
statements about Ophthotech’s strategy, future operations and future
expectations and plans and prospects for Ophthotech, and any other
statements containing the words “anticipate,” “believe,” “estimate,”
“expect,” “intend”, “goal,” “may”, “might,” “plan,” “predict,”
“project,” “target,” “potential,” “will,” “would,” “could,” “should,”
“continue,” and similar expressions. In this press release, Ophthotech’s
forward looking statements include statements about the timing and
progress of the Fovista^® Phase 3 clinical
program, the Fovista^® Expansion Studies, and
Ophthotech’s Zimura^® development programs for
geographic atrophy and, in combination with anti-VEGF drugs, for wet
AMD. Such forward-looking statements involve substantial risks and
uncertainties that could cause Ophthotech’s clinical development
programs, future results, performance or achievements to differ
significantly from those expressed or implied by the forward-looking
statements. Such risks and uncertainties include, among others, those
related to the initiation and conduct of clinical trials, availability
of data from clinical trials and expectations for regulatory approvals
or other actions and other factors discussed in the “Risk Factors”
section contained in the quarterly and annual reports that Ophthotech
files with the SEC. Any forward-looking statements represent
Ophthotech’s views only as of the date of this press release. Ophthotech
anticipates that subsequent events and developments will cause its views
to change. While Ophthotech may elect to update these forward-looking
statements at some point in the future, Ophthotech specifically
disclaims any obligation to do so except as required by law.

OPHT-G

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