Ophthotech Must Face Class Action Alleging Misleading Statements

Biopharmaceutical company Ophthotech Corp. must face a proposed class action in New York federal court alleging it made misleading statements in connection with its clinical studies for a drug to treat a specific type of macular degeneration.

Opthotech argued in its motion to dismiss that its Fovista medication appeared promising in early phase trials but ultimately failed to prove itself effective against wet age-related macular degeneration. Judge Vernon S. Broderick of the U.S. District Court for the Southern District of New York denied the motion to dismiss Sept. 18.

Frank Micholle filed the lawsuit in 2017, alleging violations of sections ...