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.