Ophthotech Corp ($OPHT) reported it is looking at strategic alternatives for maximizing returns to its shareholders. The main focus of the plan will be on obtaining rights to additional products, product candidates and technologies to treat ophthalmic diseases, particularly those of the back of the eye.
As part of the plan, the company reported appointment of Glenn P. Sblendorio as its new President. He will also retain his position as Chief Financial Officer. The Company also announced the promotion of Keith Westby to Senior Vice President and Chief Operating Officer. He was earlier Senior Vice President of Development Operations of the company.
The company stock was severely slammed late last year as the company announced results of the two pivotal phase 3 trials of Fovista. Ophthotech reprorted that the treatment, administered in combination with Lucentis, had failed to achieve its primary endpoint of visual acuity at 12 months compared to Lucentis administered as a monotherapy under the guidelines established by the FDA.
The news sent the company stock price from $38.77 per share on December 9, 2016 to a closing price of $5.29 on December 12, 2016. It is expected that the stock price will regain the balance as the company proceeds with making changes in its strategy.