Ophthotech Announces Strategic Review Plan
- Plan Designed to Evaluate Strategic Alternatives and Maximize
Shareholder Value -
- Announces Executive Changes: Glenn P. Sblendorio Assumes the
Position of President and Keith Westby Takes on the Role of Chief
Operating Officer -
NEW YORK--(BUSINESS WIRE)--
Ophthotech Corporation (Nasdaq:OPHT) today announced that it has
initiated a plan to review its strategic alternatives in order to
maximize shareholder value. Without limiting any option, the principal
focus of this plan, based on the Company's deep expertise and experience
in ophthalmology, is to actively explore obtaining rights to additional
products, product candidates and technologies to treat ophthalmic
diseases, particularly those of the back of the eye.
As part of implementing the strategic plan, the Company announced that
Glenn P. Sblendorio will assume the role of President, effective
immediately. Mr. Sblendorio also will continue to serve as Chief
Financial Officer. Mr. Sblendorio previously served as the Company's
Executive Vice President, Chief Financial Officer and Chief Operating
Officer. The Company also announced the promotion of Keith Westby to
Senior Vice President and Chief Operating Officer. Mr. Westby was
previously Senior Vice President of Development Operations of Ophthotech.
"We believe that with our expertise and experience in ophthalmology we
are well positioned to explore and critically evaluate a variety of
opportunities that could include in-licensing, acquisition and
collaboration opportunities," stated David R. Guyer, M.D. Chief
Executive Officer and Chairman of the Board of Ophthotech. "We are
pleased to have someone of Glenn's caliber with extensive executive
leadership and extraordinary business development experience in the
biotechnology industry take on the President role as we develop a plan
to move the company forward."
Ophthotech has engaged Leerink Partners LLC as its financial advisor to
assist management and the Board in evaluating the Company's strategic
Glenn Sblendorio joined Ophthotech in 2016 as Executive
Vice President, Chief Operating Officer and Chief Financial Officer. He
also served as a member of the Board of Directors of Ophthotech from
2013 to 2016. Prior to joining Ophthotech, he served as President and
Chief Financial Officer and member of the Board of Directors of The
Medicines Company from 2006 to 2016. Mr. Sblendorio served as Executive
Vice President and Chief Financial Officer of Eyetech Pharmaceuticals,
Inc. from 2002 through 2005 when it was sold to OSI Pharmaceuticals.
From 2000 through 2002, he held the title of Senior Vice President of
Business Development for The Medicines Company. His pharmaceutical
experience also includes 12 years at Hoffmann-LaRoche, Inc. in a variety
of senior financial positions. Mr. Sblendorio currently serves on the
Board of Directors of Amicus Therapeutics and Intercept Pharmaceuticals.
Mr. Sblendorio received his Bachelor of Business Administration degree
from Pace University and a Master of Business Administration degree from
Fairleigh Dickinson University, and he is a graduate of the Harvard
Business School Advanced Management Program.
Keith Westby joined Ophthotech in 2007 and has more than
fifteen years of experience in program and strategic alliance management
and manufacturing operations in biotechnology companies. Mr. Westby was
most recently Senior Vice President, Development Operations of
Ophthotech. Prior to joining Ophthotech, Mr. Westby worked at
Pharmasset, Inc., as Director, Project and Alliance Management. He also
served in positions of increasing responsibility at Eyetech
Pharmaceuticals, including Director, Alliance & Project Management,
leading multifunctional project teams in the New Drug Application filing
and marketing approval of Macugen® (a pegylated
oligonucleotide). Previously, Mr. Westby worked at Tunnell Consulting,
where he was a Senior Consultant in the firm's Life Sciences practice
focused on manufacturing operations and process improvement. Mr. Westby
holds a Bachelor of Science degree in Applied Physics from the State
University of New York, College at Geneseo, a Master of Science degree
in Engineering Management from Drexel University, and a Master of
Business Administration degree from Columbia Business School.
About Ophthotech Corporation
Ophthotech is a biopharmaceutical company specializing in the
development of novel therapeutics for diseases of the eye. For more
information, please visit www.ophthotech.com.
Any statements in this press release about Ophthotech's future
expectations, plans and prospects constitute forward-looking statements
for purposes of the safe harbor provisions under the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include any
statements about Ophthotech's strategy, future operations and future
expectations and plans and prospects for Ophthotech, and any other
statements containing the words "anticipate," "believe," "estimate,"
"expect," "intend", "goal," "may", "might," "plan," "predict,"
"project," "target," "potential," "will," "would," "could," "should,"
"continue," and similar expressions. In this press release, Ophthotech's
forward looking statements include statements about the timing, progress
and results of the Fovista® Phase 3 clinical
program and implementation of its new strategic plan. Such
forward-looking statements involve substantial risks and uncertainties
that could cause Ophthotech's clinical development programs, future
results, performance or achievements to differ significantly from those
expressed or implied by the forward-looking statements. Such risks and
uncertainties include, among others, those related to the negotiation
and consummation of in-license and/or acquisition transactions,
initiation and conduct of clinical trials, availability of data from
clinical trials and expectations for regulatory approvals or other
actions and other factors discussed in the "Risk Factors" section
contained in the quarterly and annual reports that Ophthotech files with
the Securities and Exchange Commission. Any forward-looking statements
represent Ophthotech's views only as of the date of this press release.
Ophthotech anticipates that subsequent events and developments will
cause its views to change. While Ophthotech may elect to update these
forward-looking statements at some point in the future, Ophthotech
specifically disclaims any obligation to do so except as required by law.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170201005265/en/
Vice President, Investor Relations and Corporate
LLC on behalf of Ophthotech Corporation
Alex Van Rees,
973-442-1555 ext. 111
Source: Ophthotech Corporation
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