He’ll make a return to his former role at SV Health Investors as a Venture Partner.
IVERIC bio’s co-founder and Executive Chairman David R. Guyer is stepping down from his role to return to his first love – investing. He’ll make a return to his former role at SV Health Investors as a Venture Partner.
In it from day one, Guyer has guided the company from the boardroom since the retinal disease company’s 2007 inception. Then named Ophthotech, Guyer also led as CEO from 2013-2017.
Iveric has been through some highs and lows in Guyer’s time. After a somewhat promising Phase II combination trial, the company’s wet age-related macular degeneration (AMD) drug Fovista flopped badly in Phase III, failing to show any measurable benefit. Guyer had to make the tough call to cut 80% of staff, leaving its headcount at less than 50.
From there, the company pivoted toward gene therapies, in-licensing a portfolio of eye disease-related treatments in development. This move led to the renaming of the Ophthotech to Iveric Bio, updating its Nasdaq symbol to the clever “ISEE” on the ticker.
Iveric’s lead drug Zimura is a C5 inhibitor currently in development for the treatment of geographic atrophy (GA) secondary to age-related macular degeneration (AMD). Zimura published positive Phase III results last fall and continues in a Phase II study for autosomal recessive Stargardt disease.
“I am very excited about Iveric’s phase 3 program of Zimura for the treatment of geographic atrophy secondary to age-related macular degeneration and look forward to continuing to serve the company as a senior advisor,” Guyer said.
Guyer will remain a senior advisor to Iveric, without the weight of any executive powers.
“As a co-founder, former Chief Executive Officer and most recently Executive Chair, David has been an integral part of Iveric Bio’s leadership, a trusted advisor and visionary in retinal medicine, and I sincerely thank him for his hard work and significant contributions to the Company,” stated Glenn P. Sblendorio, chief executive officer and president of Iveric Bio.
“Iveric Bio’s strong management team has evolved to the point where there is no longer a need for an Executive Chair,” Guyer added. “After more than 14 years on the Board, I feel that this is a good departure point such that I can return to my passion as a venture capitalist.”
