Inclusion Criteria: * Clinical diagnosis of AMD with active CNV that shows evidence of leakage. * BCVA less than or equal to 20/200 in the study eye for dose escalation phase. * BCVA less than or equal to 20/80 in the study eye for maximum tolerated dose phase. Exclusion Criteria: * Significant ocular abnormalities that prevent retinal assessment. * Treatment with steroids within three months of screening. * Treatment with anti-VEGF therapy to either eye within one month of screening. * Clinically significant intercurrent illnesses, laboratory, ECG or chest XRay abnormalities.