Opthea's Retail Entitlement Offer Details

Opthea Limited (ASX: $OPT) has announced the opening of a fully underwritten Retail Entitlement Offer to raise approximately A$55.0m (US$36.9m) for the clinical development of sozinibercept, a therapy for retinal diseases. The offer will open on 19 June 2024 and close on 10 July 2024, allowing eligible retail shareholders to subscribe for new fully paid ordinary shares in Opthea and receive options to acquire additional shares.

Executive Commentary on Retail Entitlement Offer

The Retail Entitlement Offer is a crucial step in securing the necessary funding to advance the clinical development of sozinibercept for the treatment of wet age-related macular degeneration. The funds raised will support the anticipated Phase 3 topline data readouts for COAST and ShORe, which aim to assess the safety and superior efficacy of sozinibercept in combination with standard-of-care anti-VEGF-A therapies compared to standard of care alone. Additionally, the proceeds will be utilized for progressing chemistry, manufacturing, and controls (CMC) activities, Biologics License Application (BLA) preparations for FDA approval, and for general corporate purposes.

Summary of Opthea's Retail Entitlement Offer

Opthea Limited (ASX: $OPT) has initiated a fully underwritten Retail Entitlement Offer to raise approximately A$55.0m for the clinical development of sozinibercept, focusing on advancing the treatment of wet age-related macular degeneration. The offer, open from 19 June to 10 July 2024, aims to fund the anticipated Phase 3 topline data readouts for COAST and ShORe, along with progressing chemistry, manufacturing, and controls (CMC) activities, Biologics License Application (BLA) preparations for FDA approval, and general corporate purposes. The company's focus on advancing therapies for retinal diseases underscores its commitment to addressing unmet medical needs and enhancing patient outcomes.