bullish
Opthea (OPT AU): Kicks Off A$80M Capital Raise To Support Phase 3 Trial of Lead Drug Candidate
439 Views25 Aug 2023 23:02
SUMMARY
- Opthea Ltd (OPT AU) is seeking to raise A$80M ($51M) through a combination of private placement and accelerated non-renounceable entitlement offer. The proceeds will fund the clinical development of OPT-302.
- The proceeds of the offer, pending funds from the earlier agreements, along with existing cash balance, are expected to fund the company’s operation through Q3 2024.
- OPT-302 is in two phase 3 trials, which are expected to be fully enrolled by 1H24. In phase 2 trial, OPT-302 has demonstrated superior visual acuity over standard of care.
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Tina Banerjee
Global Healthcare Analyst
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