On January 5, 2017, Ophthotech Corporation (“Ophthotech”) provided written notice to Ajinimoto Althea, Inc. (“Althea”), terminating the Capacity Reservation Agreement (the “CRA”) entered into as of October 31, 2016 by and between Ophthotech and Althea. Under the CRA, Althea had committed to make available to Ophthotech certain minimum guaranteed capacity on a high-speed fill/finish line to be installed by Althea in a new manufacturing facility in San Diego, California, in exchange for Ophthotech providing capacity reservation fee payments. Prior to executing the CRA, Ophthotech had made non-refundable payments of approximately $1.6 million with respect to its commitment under the CRA to support certain engineering activities with respect to the high-speed fill/finish line. Upon the termination of the CRA, Ophthotech’s remaining financial commitments under the CRA were cancelled. Ophthotech is not responsible for any early termination penalties or further monetary obligations on account of the termination of the CRA.

Under the terms of the CRA, Ophthotech had the option to terminate the CRA within 30 days following the date on which Ophthotech first publicly announced the initial, top-line data from its two Phase 3 clinical trials of Fovista® in combination with>Lucentis® as compared with Lucentis monotherapy for the treatment of wet age-related macular degeneration (the “data announcement date”). The data announcement date occurred on December 12, 2016.

On October 31, 2016, Ophthotech and Althea also entered into a Clinical and Commercial Services Agreement (“Services Agreement”). to the Services Agreement, Althea agreed to provide clinical and commercial fill/finish services for Ophthotech’s product candidates Fovista® and Zimura®, as well as any future product candidates that the parties may mutually agree. The Services Agreement remains in effect notwithstanding the termination of the CRA.

About OPHTHOTECH CORPORATION (NASDAQ:OPHT)

Ophthotech Corporation is a biopharmaceutical company. The Company specializes in the development of therapeutics to treat diseases of the back of the eye, with a focus on developing therapeutics for age-related macular degeneration (AMD). Its advanced product candidate is Fovista, which is for use in combination with anti-vascular endothelial growth factor (VEGF) drugs. It is also developing its product candidate Zimura for the treatment of patients with geographic atrophy, a form of dry AMD, in combination with VEGF therapy for the treatment of polypoidal choroidal vasculopathy (PCV). Fovista is being tested in Phase III clinical development. In addition, it has initiated additional clinical trials to evaluate the potential additional benefits of Fovista administered in combination with anti-VEGF drugs in wet AMD patients, known as Fovista Expansion Studies. Zimura has completed a small, multicenter, uncontrolled, open label Phase I/IIa clinical trial.

OPHTHOTECH CORPORATION (NASDAQ:OPHT) Recent Trading Information

OPHTHOTECH CORPORATION (NASDAQ:OPHT) closed its last trading session down -0.02 at 4.96 with 1,682,194 shares trading hands.