Optical focus

For years, the ophthalmic space was more or less moribund as far as biotech was concerned, populated mainly by old-line companies peddling old-line treatments. But both the aging of the population and the rise in obesity have catalyzed increased activity, especially in back-of-the-eye diseases such as age-related macular degeneration and diabetic retinopathy, both leading causes of blindness.

Age-related macular degeneration (AMD) and diabetic retinopathy (DR) are major causes of visual impairment in the U.S. and Europe. Some estimates show that nearly one-third of all Americans 75 years of age or older have at least some initial form of AMD (see "Back-of-the-Eye Diseases," A2) ...