Opthea announces placement and fully underwritten entitlement offer to raise $80m

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Clinical-stage biopharmaceutical company Opthea (ASX:OPT) has announced that it is seeking to raise $80 million through a $10 million private placement and a $70 million entitlement offer.

The company said the proceeds will be used to continue advancing the clinical development of OPT-302 for the treatment of wet Age-related Macular Degeneration, including to progress the Company’s Phase 3 clinical trials and for general corporate purposes.

CEO and managing director Dr Megan Baldwin said, “This institutional placement and entitlement offer strengthens Opthea’s cash position as we advance OPT-302 through Phase 3 clinical trials, ShORe and COAST.

"With the completion of this financing, together with the funding under the Development Funding Agreement (DFA) with Carlyle and Abingworth, which includes a further US$35 million of committed funding and the addition of a new co-investor of Carlyle and Abingworth, which intends to participate in a funding under the DFA of US$50 million to increase total DFA funding from $120 million to $170 million which is subject to the co-investor’s final due diligence and approvals, appropriate documentation and compliance with closing conditions, the company expects to fund its operations into the third quarter of calendar year 2024 and through the important clinical milestones of completion of patient recruitment for both Phase 3 clinical trials.”

Opthea also updated on the progress of its Phase 3 program. It said the Phase 3 clinical trials are approximately 75 per cent enrolled, with COAST expected to be fully enrolled in the first quarter calendar 2024 and ShORe in the second quarter of calendar 2024. Topline data is expected when all patients complete the 52-week treatment period.