NEW YORK—Ophthotech Corp. (Nasdaq:OPHT) reported a net loss of $14.7 million for the quarter ended Sept. 30, 2018 compared to net income of $189.1 million for the same period in 2017. For the nine months ended Sept.30, 2018, the company reported a net loss of $41 million compared to net income of $123.7 million for the same period in 2017. Ophthotech did not have any collaboration revenue for the quarter and nine months ended Sept. 30, 2018, compared to $206.7 million and $210.0 million for the same periods in 2017.

Collaboration revenue decreased due to the completion of its licensing and commercialization agreement with Novartis Pharma AG and the recognition of all associated deferred revenue during the third quarter of 2017, the company said in an announcement. Ophthotech also announced that it has acquired Inception 4, Inc., a privately held company backed by Versant Ventures, a move that expands Ophthotech’s therapeutic pipeline in age-related retinal indications. As a result of the closing of the acquisition, Ophthotech obtained approximately $6.1 million in cash through Inception 4. As upfront consideration in the transaction, Ophthotech agreed to issue approximately 5.2 million shares to the shareholders of Inception 4.

After giving effect to the transaction, Versant Ventures, through its affiliated investment funds, owns approximately 12.5 percent of the outstanding shares of Ophthotech’s common stock. In addition, Inception 4 equity holders will be entitled to receive post-closing payments upon the achievement of certain clinical and marketing approval milestones in certain AMD indications.

“During 2018, Ophthotech made significant progress in bringing together a diversified pipeline of therapeutic and gene therapy programs for the treatment of retinal diseases,” stated Glenn P. Sblendorio, chief executive officer and president of Ophthotech. “Today, we announced two transactions that add compelling opportunities to our existing pipeline of retinal programs, and through the acquisition of Inception 4, Inc. we are excited to welcome Versant Ventures as a major shareholder of Ophthotech.

“We are on track to provide topline data from our Zimura program in wet age-related macular degeneration by the end of this year, followed by topline data in geographic atrophy secondary to dry AMD in the second half of 2019 and in Stargardt disease in 2020. We look forward to advancing and expanding our pipeline of age-related and orphan retinal diseases and creating value for our shareholders,” Sblendorio said.