US-based Ophthotech, a developer of therapies for wet and dry age-related macular degeneration (AMD), has raised $175m. Denmark-based drugs group Novo invested $125m in the biotechnology company in exchange for royalties from Ophthotech’s leading compound for wet AMD. Ophthotech also raised $50m in a series C round of funding from Novo and existing backers, venture capital firms Clarus Ventures and SV Life Sciences and investment firm HBM Partners.
Henrik Gürtler, chief executive at Novo, said: “We are excited to lead this very large financing to drive phase III development of Fovista. Ophthotech is well positioned to bring this important drug rapidly to market, based on the strength of phase IIb results and the proven medical, regulatory and commercial capabilities of its management team.”
Ophtotech has raised a total of $205m in funding. The company raised $30m in a series B round in December 2009.