Ophthotech Corp., a biotech company focused on diseases of the eye, announced that it is changing its name to IVERIC bio Inc.
The change is part of a “transition strategy to focus on discovering and developing novel gene therapy solutions to treat orphan inherited retinal diseases with unmet medical needs,” the company said in a press release.
The firm will trade on the Nasdaq Global Select Market under the new ticker symbol “ISEE.” Its new corporate website at www.ivericbio.com.
“We are excited about our re-branding and corporate name change reflecting our transition to a gene therapy focused company developing treatments for patients with orphan inherited retinal diseases,” stated Glenn P. Sblendorio, CEO and president of IVERIC bio. “We are executing a strategy that leverages our retinal expertise and provides a clear path forward with multiple orphan IRD gene therapy programs.
“We believe this is an important time for the Company as we advance our diversified pipeline of scientifically compelling gene therapy programs and explore new gene therapy opportunities for the treatment of orphan IRDs and generate value for our shareholders.”
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Dr. Kourous A. Rezaei, chief medical officer of IVERIC bio, said: “We believe that gene therapy is the ideal solution to treat patients with orphan inherited retinal diseases for which there are no treatment options available.
“Our goal is to partner with physicians to address this significant unmet medical need, prevent vision loss and transform the lives of our patients. We look forward to the exciting opportunities that lie ahead. Our clinical therapeutic programs continue to remain on track, with clinical data expected by the end of 2019 and 2020 for these programs. If data are positive for these programs, we may seek partnership opportunities for future clincal development.”