Opthea (ASX:OPT) has announced the completion of the institutional component of the recently announced capital.
The company said the non-underwritten institutional placement and the institutional component of the partially underwritten 1 for 1.22 pro0rata accelerated non-renounceable entitlement offer have raised approximately $171.5 million.
Opthea is developing novel therapies to treat highly prevalent and progressive retinal diseases, including wet age-related macular degeneration (wet AMD).
The institutional component raised approximately $161.5 million, with eligible shareholders taking up approximately 61.4 per cent of their entitlements, with the shortfall placed on both new and existing institutional shareholders and the underwriter.
"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," said Frederic Guerard, Opthea CEO.
"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."
The retail component of the offer is expected to open on 19 June. Eligible retail shareholders will have the opportunity to apply for and be allocated additional new shares up to 25 per cent of their entitlement. The retail component is fully underwritten and is expected to raise approximately $55.9 million.
