Opthea Limited (OPT, OPT.AX) said that it has secured up to US$170 million in non-dilutive financing to advance the ongoing phase 3 clinical trials and pre-commercialization activities of OPT-302 for wet age-related macular degeneration. The financing consists of a US$120 million commitment and has an option to increase funding by a further US$50 million.
If OPT-302 is approved in a major market, Carlyle and Abingworth will be eligible to receive fixed success payments and variable success payments of 7% on annual net sales, which terminate after reaching four times the funded amount.
Opthea retains full worldwide commercial rights for OPT-302 and has the option to prepay its obligations in full at any time.
OPT-302 is a first-in-class intravitreally administered biologic "trap" inhibitor of vascular endothelial growth factors C (VEGF-C) and D (VEGF-D) currently being investigated in two concurrent Phase 3 pivotal registrational trials that will each enroll ~990 treatment naïve patients, in combination with two approved anti-VEGF-A treatments, ranibizumab (ShORe trial) and aflibercept (COAST trial). OPT-302 has the potential to be positioned as complementary and agnostic with any combined anti-VEGF-A therapy for the treatment of wet AMD.
In addition, Opthea has received commitments for US$90 million through a private institutional equity placement for new shares and launched an A$5 million Share Purchase Plan.
Opthea is expected to be fully funded through pivotal Phase 3 topline data and pre-commercial activities and retains full worldwide commercial rights to OPT-302.
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