Opthea launches US initial public offering

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Australian clinical-stage biopharmaceutical company Opthea (ASX:OPT) has launched its initial public offering of American Depositary Shares.

The company is developing a novel therapy to treat highly prevalent and progressive retinal diseases.

The company said it is planning to raise US$160 million from its US IPO adding its shares will be listed on the Nasdaq Global Select Market under the ticker symbol 'OPT'.

Citigroup and SVB Leerink are acting as joint book-running managers for the offering. Oppenheimer & Co. and Truist Securities are acting as lead managers.