Opthea (ASX:OPT) raises $50 million in Institutional Placement

Company News

by Rachael Jones

Biopharmaceutical company Opthea (ASX:OPT) today announced that the company has received commitments from sophisticated and institutional investors in Australia and the United Kingdom to raise $50 million via a private placement.

The proceeds from the Placement will be used to fund further activities to support the late-stage clinical development of OPT-302 as a therapy for wet Age-related Macular Degeneration (wet AMD).

The financing follows the recent reporting of outcomes from Opthea’s Phase 2b clinical study in which OPT-302 combination therapy demonstrated statistically significant and superior gains in visual acuity compared to ranibizumab (Lucentis®) monotherapy at 24 weeks in a trial of 366 treatment-naïve wet AMD patients.

The Placement was conducted at a fixed price of $2.65 per New Share.

Shares in Opthea (ASX:OPT) closed 6.19 per cent lower at $2.73 on Friday.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.