Opthea to raise $50M for retinal eye disease

• Opthea (OPT) to raise $50 million for the development of OPT-302 as a therapy for wet Age-related Macular Degeneration (wet AMD)
• The company will issue 18.9 million shares at $2.65 per share
• Funds raised will go towards the development of OPT-302 for retinal eye diseases
• Opthea is up 14.29 per cent on the market today and is selling shares for $3.12 apiece

Biopharmaceutical company Opthea, has received commitments to raise $50 million for the development of OPT-302 as a therapy for wet Age-related Macular Degeneration (wet AMD).

The company will issue 18.9 million shares at $2.65 per share to sophisticated and institutional investors in Australia and the United Kingdom.

“This institutional placement of $50 million at this time strengthens Opthea’s cash position as we explore a number of strategic development opportunities, and enables the company to fund its operations into the first half of the calendar year 2021,” CEO Megan Baldwin said.

Funds raised will go towards the development of OPT-302 for retinal eye diseases, such as wet AMD.

Wet AMD develops when abnormal blood vessels grow into the macula. These leak blood or fluid which leads to scarring of the macula and rapid loss of vision. Wet AMD can develop very quickly but it can be treated if caught early.

OPT-302 is a soluble form of vascular endothelial growth factor receptor 3 molecule that blocks the activity of two proteins, VEGF-C and VEGF-D, that cause blood vessels to grow and leak.

“The completion of this placement will allow Opthea to expeditiously progress our Phase 3 clinical development program with OPT-302,” Megan said.

Opthea is up 14.29 per cent on the market today and is selling shares for $3.12 apiece at 1:57 pm AEDT.