Ophthotech (OPHT) 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) 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) .
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