Ophthotech Corporation (OPHT) saw its loss widen to $43.12 million, or $1.20 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $36.30 million, or $1.03 a share. Revenue during the quarter plunged 89.43 percent to $1.66 million from $15.72 million in the previous year period.
Operating loss for the quarter was $43.48 million, compared with an operating loss of $36.74 million in the previous year period.
Subsequent to the end of the first quarter 2017, on April 24, 2017, the Company announced that David R. Guyer, M.D., a co-founder, chief executive officer and chairman of the Board of Ophthotech, will transition to the newly created role of Executive Chairman effective July 1, 2017. Concurrent with this transition, Ophthotech’s Board of Directors appointed Glenn P. Sblendorio, the Company’s President and then Chief Financial Officer, as Chief Executive Officer of the Company, also effective July 1, 2017. Mr. Sblendorio will retain his role as President and has been nominated as a Class I director for election at the Company’s upcoming annual meeting of stockholders. The Company also announced the promotion of David F. Carroll to Chief Financial Officer and Treasurer, effective immediately. Mr. Carroll was previously Senior Vice President, Finance, of the Company.
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