Inclusion Criteria:

• Best corrected visual acuity in the study eye between 5 and 7 letters inclusive using and ETDRS chart (Snellen equivalent of appx. 20/800 to 20/40.
• Subfoveal choroidal neovascularization (CNV) due to AMD.
• Total area of the lesion (including blood, neovascularization and scar/atrophy) must be ≤ 12 DA, of which at least 25% must be active CNV.
• For patients with occult or non classic CNV; there must be the presence of subretinal hemorrhage (but still comprising no more than 50% of the lesion) and/or documented evidence of three or more lines of vision loss (ETDRS or equivalent) during the previous 12 weeks.
• Clear ocular media and adequate pupillary dilatation to permit good stereo fundus photography for screening.
• Intraocular pressure of 21 mm Hg or less.
• Retinal thickness ≥ 250 μm by OCT.
• Normal screening ERG
• Normal ECG

Exclusion Criteria:

• PDT within 120 days prior to screening in the study eye.
• Previous therapeutic radiation to the eye.
• Any retinovascular disease or retinal degeneration other than AMD.
• Serous pigment epithelial detachment without the presence of neovascularization.
• Presence of pigment epithelial tears or rips.
• Previous posterior vitrectomy or retinal surgery.
• Any periocular infection in the past 4 weeks.
• Concomitant therapy with anti-VEGF therapies, e.g. Avastin, Lucentis or Macugen, or previous use of these agents within 60 days of screening in the study eye.
• Concomitant therapy with intravenous or intravitreous corticosteroids or use within 90 days of screening.
• Cataract surgery in the study eye within three months of screening.
• Intraocular surgery in the study eye within three months of screening.
• Presence of ocular infection in the study eye.
• Presence of severe myopia (-8 diopters or greater) in the study eye.
• Allergy to or prior significant adverse reaction to fluorescein.
• Any major surgical procedure within one month of trial entry.