Opthea Secures Up To US$170 Mln In Financing For OPT-302 In Wet AMD

Opthea Limited (OPT, OPT.AX) said that it has secured up to US$170 million in non-dilutive financing to advance the ongoing phase 3 clinical trials and pre-commercialization activities of OPT-302 for wet age-related macular degeneration. The financing consists of a US$120 million commitment and has an option to increase funding by a further US$50 million.

If OPT-302 is approved in a major market, Carlyle and Abingworth will be eligible to receive fixed success payments and variable success payments of 7% on annual net sales, which terminate after reaching four times the funded amount.

Opthea retains full worldwide commercial rights for OPT-302 and has the option to prepay its obligations in full at any time.

OPT-302 is a first-in-class intravitreally administered biologic "trap" inhibitor of vascular endothelial growth factors C (VEGF-C) and D (VEGF-D) currently being investigated in two concurrent Phase 3 pivotal registrational trials that will each enroll ~990 treatment naïve patients, in combination with two approved anti-VEGF-A treatments, ranibizumab (ShORe trial) and aflibercept (COAST trial). OPT-302 has the potential to be positioned as complementary and agnostic with any combined anti-VEGF-A therapy for the treatment of wet AMD.

In addition, Opthea has received commitments for US$90 million through a private institutional equity placement for new shares and launched an A$5 million Share Purchase Plan.

Opthea is expected to be fully funded through pivotal Phase 3 topline data and pre-commercial activities and retains full worldwide commercial rights to OPT-302.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The Labor Department's monthly jobs report as well as reports on manufacturing and service sector activity might get the attention of investors on Monday. OPEC+ meeting is scheduled for Wednesday. Geopolitical developments and oil prices might be closely monitored by investors. Earlier signs... The UK manufacturing sector shrank again in September as companies cutback production amid falling orders, final survey data from S&P Global showed on Monday. The S&P Global/Chartered Institute of Procurement & Supply manufacturing Purchasing Managers' Index posted 48.4 in September, up from 47.3 in August. Ukrainian forces liberated a village in the Donetsk region, and are closer to regain control of the neighboring Luhansk region, reports quoting the Ukrainian military say. Ukraine attacked Russian military units in the city of Kreminna during efforts to retake Luhansk on Sunday, according to a Ukrainian military spokesman. Both Donetsk and Luhansk are Russian-occupied areas that President Vladim
Follow RTT