Ophthtech Shares Plunge as Drug Fails in Late Stage Trial

A drug made by Ophthotech failed in a late stage trial, sending shares of the stock plunging.
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Ophthotech  (OPHT) - Get Report shares plunged Monday as the company announced negative results from two late stage clinical trials of its eye drug Fovista. That drug, combined with a drug already on the market, known as Lucentis, failed to improve the vision of patients with wet, age-related macular degeneration compared to Lucentis alone. Novartis  (NVS) - Get Report  licenses Fovista from Ophthotech in a bid to boost declining sales of Lucentis, which has been losing market share to a competign drug made by Regeneron Pharmaceuticals (REGN) - Get Report .