Reeling Ophthotech eviscerates staff, laying off up to 135; Booming Regeneron adds more space
Four days after Ophthotech stock $OPHT cratered in the wake of a Phase III debacle for its wet, age-related macular degeneration drug Fovista, the biotech’s back with a restructuring plan that includes laying off up to 135 staffers and terminating much of the clinical trial work now underway. The second 12-month stage of the Fovista Phase III has been terminated, along with its clinical work combining Fovista with anti-VEGF drugs in its expansion trials. It will continue a late-stage study combining Fovista with Eylea or Avastin. When the restructuring is over, the New York-based biotech will have a staff of only 20 to 30 employees.
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