Opthea Limited (ASX: $OPT) has successfully completed the institutional component of the capital raising, raising approximately A$171.5 million. The non-underwritten institutional placement and the institutional component of the partially underwritten 1 for 1.22 pro-rata accelerated non-renounceable entitlement offer together raised the aforementioned amount. Approximately 428.7 million shares will be issued under the Placement and the Institutional Entitlement Offer at an offer price of A$0.40 per New Share. Settlement of New Shares issued under the Placement and Institutional Entitlement Offer is expected to occur on Thursday, 20 June 2024.
We appreciate the strong support from our shareholders, and from new investors, who share our belief that sozinibercept has the potential to transform patient outcomes with superior vision gains, which continues to be a significant unmet need in wet AMD. This financing extends Opthea's cash runway through the anticipated Phase 3 topline data readout of the COAST and ShORe pivotal trials of sozinibercept in wet AMD which are now expected in the early second quarter of calendar year 2025 and in mid-calendar year 2025, respectively. We look forward to updating you as we progress.
Opthea Limited has successfully completed the institutional component of the capital raising, raising approximately A$171.5 million. The company plans to use the proceeds from the capital raising, together with cash on hand, to fund the Company through the anticipated Phase 3 topline data readouts for COAST and ShORe. These trials were designed 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. The funds are also intended to be used to progress chemistry, manufacturing, and controls (CMC) activities, Biologics License Application (BLA) preparations for FDA approval, and for general corporate purposes. Opthea's ambitions include rapidly advancing the registrational program for sozinibercept in wet AMD and enhancing vision outcomes for patients worldwide. The company looks forward to the anticipated Phase 3 topline data readouts and updating stakeholders as they progress.
$171.5 million, that’s not bad! Hopefully enough to get them through those Phase 3 trials for wet AMD. Fingers crossed for good results!