Opthea to receive up to $170 million in financing related to wet AMD treatment
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Opthea has secured up to $170 million in dilutive financing for the phase 3 clinical trials and pre-commercialization activities for OPT-302, under investigation to treat wet age-related macular degeneration, according to a press release.
Carlyle and Abingworth, through their company Launch Therapeutics, will provide $120 million in three installments, with the option to commit another $50 million. If OPT-302 is approved in a major market, Carlyle and Abingworth will receive a milestone payment, six fixed success payments and variable success payments. Opthea still holds full worldwide commercial rights for OPT-302.
“Opthea is thrilled to enter this strategic arrangement with Launch Tx and to receive funding from world-leading investors in Carlyle and Abingworth,” Megan Baldwin, PhD, CEO of Opthea, said in the release. “This strategic transaction is expected to fund us through phase 3 topline data expected in mid-2024 and strengthens our strategic position to maximize the value of OPT-302.”
In a separate release, Opthea announced it has received commitments for approximately $90 million in equity financing. Proceeds will be used to advance the phase 3 trials for OPT-302, fund pre-commercialization activities and provide working capital.
Reference:
- Opthea successfully closes well supported US$90 million equity financing. https://wcsecure.weblink.com.au/pdf/OPT/02553210.pdf. Published Aug. 15, 2022. Accessed Aug. 15, 2022.
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