Subsequent Event

9 Months Ended

Sep. 30, 2016

Subsequent Events [Abstract]

Subsequent Event

12. Subsequent Event

Fill/Finish Agreements with Ajinomoto Althea, Inc.

In October 2016, the Company and Ajinomoto Althea, Inc., or Althea, entered into a Clinical and Commercial Services Agreement (the “Fill/Finish Services Agreement”) and a Capacity Reservation Agreement (the “Fill/Finish Capacity Reservation Agreement”).

Under the Fill/Finish Services Agreement, Althea has agreed to provide clinical and commercial fill/finish services for Fovista and Zimura, as well as any future product candidates that the Company and Althea may mutually agree. 

Under the Fill/Finish Capacity Reservation Agreement, Althea commits to make available to the Company certain minimum guaranteed capacity on a new high-speed fill/finish line to be purchased and installed by Althea in a new manufacturing facility in San Diego, California, in exchange for the Company making capacity reservation fee payments in an aggregate amount of up to $16.0 million. To date, the Company has made non-refundable payments of approximately $1.6 million with respect to its $16.0 million commitment to support certain engineering activities with respect to the high-speed fill/finish line.

The Company may terminate the Fill/Finish Capacity Reservation Agreement within 30 days following the date on which the Company first publicly announces the initial, top-line data from its two Phase 3 clinical trials of Fovista administered in combination with Lucentis.