Ophthotech receives $41.7M payment from Novo Ophthotech announced that it has received payment of approximately $41.7M in a second tranche in royalty financing from Novo. The receipt of the second tranche has been triggered as a result of Ophthotech reaching an initial enrollment milestone of a specified number of patients in its multi-national Phase 3 clinical program of Fovista. Ophthotech initiated patient enrollment in the Phase 3 clinical program of Fovista in August 2013, and continues to expect to have initial top-line data in 2016. Novo funded the tranche in exchange for an additional royalty interest on Fovista sales. The tranche is the second of three under a $125M royalty agreement with Novo A/S. The initial funding occurred in May 2013 and a third potential funding is based upon a further patient enrollment milestone.
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Ophthotech price target raised to $55 from $49 at Stifel Stifel increased its price target on Ophthotech after the company reached a formal agreement with CHMP regarding the proposed design of its P3 Fovista program and the Lucentis dosing regimen for the program. The firm thinks the deal significantly reduces the company's risk, and it believes the company faces little risk over the longer term. It keeps a Buy rating on the shares.