SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

Amendment No. 3*

OPHTHOTECH CORPORATION

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

683745103

(CUSIP Number)

SVLSF IV, LLC

One Boston Place

201 Washington Street, Suite 3900

Boston, MA 02108

(617) 367-8100

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

December 22, 2014

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box  ¨.

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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CUSIP NO. 683745103

This Amendment No. 3 to Schedule 13D (the “Amendment”) is being filed by the Reporting Persons (as defined in Item 2(a) below) to disclose certain transactions in the securities of Ophthotech Corporation (the “Issuer”). This Amendment is being filed, among other items, to disclose the disposition of some of the shares of the Issuer’s Common Stock held by the Reporting Persons subsequent to the expiration of a lock-up agreement executed by the Reporting Persons in connection with an underwritten public offering of the Issuer’s Common Stock in which the Reporting Persons participated and which closed on February 18, 2014.

This statement is filed on behalf of the following persons with respect to shares of Common Stock of the Issuer beneficially owned by such persons:

Each of SVLS IV LP, Strategic Partners, Advisers, SVLS IV GP and SVLSF IV, LLC are sometimes individually referred to herein as a “Reporting Person” and collectively as the “Reporting Persons.”

(a) The aggregate percentage of Shares reported owned by each person named herein is based upon the total of 33,651,188 shares of Common Stock outstanding as of November 5, 2014 as indicated in the Issuer’s Quarterly Report on Form 10-Q filed November 12, 2014.

The Funds, SVLS IV GP and SVLS IV, LLC may each be deemed to beneficially own, in the aggregate, 2,367,338 shares of Common Stock, constituting approximately 7.03% of the Common Stock outstanding. Advisers may be deemed to beneficially own 254,237 shares of Common Stock, constituting approximately 0.76% of the Common Stock outstanding.

As of the close of business on January 6, 2015, SVLS IV LP owned directly 2,301,982 shares of Common Stock, constituting approximately 6.84% of the Common Stock outstanding.

As of the close of business on January 6, 2015, Strategic Partners owned directly 65,356 shares of Common Stock, constituting approximately 0.19% of the Common Stock outstanding.

As of the close of business on January 6, 2015, Advisers owned directly 254,237 shares of Common Stock, constituting approximately 0.76% of the Common Stock outstanding.

SVLS IV LP and Strategic Partners (each a “Fund”, or collectively the “Funds”) may be deemed to beneficially own the Shares held by each other Fund because of certain contractual relationships among the Funds and their affiliates. The Funds disclaim beneficial ownership of Shares held by any other Fund except to the extent of any pecuniary interest therein.

SVLS IV GP, the general partner of SVLS IV LP and Strategic Partners, may be deemed to beneficially own the Shares held by SVLS IV LP and Strategic Partners. SVLS IV GP disclaims beneficial ownership of Shares held by SVLS IV LP and Strategic Partners except to the extent of any pecuniary interest therein.

SVLSF IV, LLC, the general partner of SVLS IV GP, may be deemed to beneficially own the Shares held by SVLS IV LP and Strategic Partners. SVLSF IV, LLC disclaims beneficial ownership of Shares held by SVLS IV LP and Strategic Partners except to the extent of any pecuniary interest therein.

Advisers, the management company of the Funds, may be deemed to share voting power and control with the Shares held by each of SVLS IV LP and Strategic Partners. Advisers disclaims beneficial ownership of the Shares held by SVLS IV LP and Strategic Partners except to the extent of any pecuniary interest therein.

(c) On November 13, 2014, SVLS IV LP and Strategic Partners sold 61,853 shares of the Issuer’s Common Stock in a series of same-way open market transactions executed by a broker-dealer at a weighted average price of $42.90 per share. These shares were sold in multiple transactions at prices ranging from $42.29 to $43.45.

On November 18, 2014, SVLS IV LP and Strategic Partners sold 22,899 shares of the Issuer’s Common Stock in a series of same-way open market transactions executed by a broker-dealer at a weighted average price of $41.29 per share. These shares were sold in multiple transactions at prices ranging from $41.09 to $41.42.

On November 20, 2014, SVLS IV LP and Strategic Partners sold 5,600 shares of the Issuer’s Common Stock in a series of same-way open market transactions executed by a broker-dealer at a weighted average price of $41.01 per share. These shares were sold in multiple transactions at prices ranging from $41.00 to $41.07.

On November 21, 2014, SVLS IV LP and Strategic Partners sold 49,889 shares of the Issuer’s Common Stock in a series of same-way open market transactions executed by a broker-dealer at a weighted average price of $41.07 per share. These shares were sold in multiple transactions at prices ranging from $41.00 to $41.21.

On December 18, 2014, SVLS IV LP and Strategic Partners sold 59,100 shares of the Issuer’s Common Stock in a series of same-way open market transactions executed by a broker-dealer at a weighted average price of $47.51 per share. These shares were sold in multiple transactions at prices ranging from $47.00 to $48.07.

On December 19, 2014, SVLS IV LP and Strategic Partners sold 121,366 shares of the Issuer’s Common Stock in a series of same-way open market transactions executed by a broker-dealer at a weighted average price of $47.04 per share. These shares were sold in multiple transactions at prices ranging from $47.00 to $47.35.

On December 22, 2014, SVLS IV LP and Strategic Partners sold 40,400 shares of the Issuer’s Common Stock in a series of same-way open market transactions executed by a broker-dealer at a weighted average price of $46.61 per share. These shares were sold in multiple transactions at prices ranging from $46.09 to $47.63.

On December 23, 2014, SVLS IV LP and Strategic Partners sold 3,940 shares of the Issuer’s Common Stock in a series of same-way open market transactions executed by a broker-dealer at a weighted average price of $45.35 per share. These shares were sold in multiple transactions at prices ranging from $45.00 to $46.25.

On December 24, 2014, SVLS IV LP and Strategic Partners sold 22,073 shares of the Issuer’s Common Stock in a series of same-way open market transactions executed by a broker-dealer at a weighted average price of $45.00 per share. These shares were sold in multiple transactions at a price of $45.00.

On December 26, 2014, SVLS IV LP and Strategic Partners sold 17,074 shares of the Issuer’s Common Stock in a series of same-way open market transactions executed by a broker-dealer at a weighted average price of $45.23 per share. These shares were sold in multiple transactions at prices ranging from $45.00 to $45.68.

On December 29, 2014, SVLS IV LP and Strategic Partners sold 64,324 shares of the Issuer’s Common Stock in a series of same-way open market transactions executed by a broker-dealer at a weighted average price of $44.02 per share. These shares were sold in multiple transactions at prices ranging from $44.00 to $45.24.

On December 30, 2014, SVLS IV LP and Strategic Partners sold 135,204 shares of the Issuer’s Common Stock in a series of same-way open market transactions executed by a broker-dealer at a weighted average price of $44.34 per share. These shares were sold in multiple transactions at prices ranging from $44.00 to $45.10.

On December 31, 2014, SVLS IV LP and Strategic Partners sold 83,398 shares of the Issuer’s Common Stock in a series of same-way open market transactions executed by a broker-dealer at a weighted average price of $44.85 per share. These shares were sold in multiple transactions at prices ranging from $44.35 to $45.36.

The Reporting Persons undertake to provide to the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth herein.

SIGNATURES

After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: January 6, 2015