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Opthea Successfully Completes Institutional Offer and Increases Capital Raising to A$90.0m (US$57.6 million¹)

2023-08-31

投融资

融资

OPT has successfully completed the placement and institutional entitlement offer components of its previously announced capital raising

As a result of strong demand from both existing and new domestic and offshore institutional investors Opthea has accepted an additional A$10.0 million in oversubscriptions, increasing the placement size to A$20.0 million and the total size of the capital raising to A$90.0 million

The Placement and Institutional Entitlement Offer raised approximately A$73.7m

The fully underwritten Retail Entitlement Offer to raise a further approximately A$16.3m will open on Thursday, 31 August 2023 and close at 5:00pm (Melbourne time) on Thursday, 14 September 2023

Opthea Limited (Opthea or the Company) (ASX:OPT; NASDAQ:OPT) is pleased to announce the successful completion of the institutional component of the capital raising announced on Thursday, 24 August 2023.

The non-underwritten institutional placement (Placement) and the institutional component (Institutional Entitlement Offer) of the fully underwritten 1 for 3.07 pro-rata accelerated non-renounceable entitlement offer (Entitlement Offer) together raised approximately A$73.7m. Approximately 160.2m shares will be issued under the Placement and the Institutional Entitlement Offer (New Shares) at an offer price of A$0.46 per New Share.

As a result of strong demand from both domestic and overseas institutional investors Opthea accepted A$10.0 million of oversubscriptions in the Placement, which raised approximately A$20.0 million, increasing the capital raising to A$90m (US$57.6 million). The Institutional Entitlement Offer raised approximately A$53.7m. Eligible institutional shareholders took up approximately 47.0% of their entitlements with the shortfall placed to both new and existing institutional shareholders. New Shares to be issued under the Placement and the Institutional Entitlement Offer will rank equally with existing OPT shares in all respects from the date of issue.

Commenting on the outcome of the Placement and Institutional Entitlement Offer, Opthea’s CEO & Managing Director, Dr Megan Baldwin, said, “We appreciate the strong support from our current shareholders who have participated in this financing. We are also very pleased to welcome several new investors onto the OPT share register, including U.S. and international healthcare specialist institutional funds. This financing enables the Company to continue advancing the Phase 3 clinical trials ShORe and COAST for our VEGF-C/D ‘trap’ sozinibercept (OPT-302) for the treatment of wet AMD. With topline data expected when patients complete the 52-week dosing period, we look forward to progressing these studies and bringing OPT-302 closer to realizing its potential to improve vision outcomes for patients with wet AMD for which there remains a significant unmet need despite the availability of standard of care anti-VEGF-A treatments.”

Settlement of New Shares issued under the Placement and Institutional Entitlement Offer is expected to occur on Friday, 1 September 2023. The issue of those New Shares is expected to occur on Monday, 4 September 2023, with ordinary trading commencing on the same day.

As announced on Thursday, 24 August 2023, the proceeds from the capital raising will be used to advance the clinical development of OPT-302 for the treatment of wet AMD, including to progress the Phase 3 clinical program and for general corporate purposes.

Retail shareholders who have a registered address in Australia or New Zealand on the register as at 7:00pm (Melbourne time) on the Record Date will be invited to participate in the Retail Entitlement Offer at the same Offer Price and offer ratio as under the Institutional Entitlement Offer.

The Retail Entitlement Offer will be made under a transaction specific prospectus issued under section 713 of the Corporations Act 2001 (Cth) (Prospectus). The Prospectus was lodged with ASIC and the ASX on Thursday, 24 August 2023 and will be dispatched to eligible retail shareholders, along with personalized application forms, on Thursday, 31 August 2023. The Prospectus will provide details of how to participate in the Retail Entitlement Offer. Eligible retail shareholders may opt to take up all, part or none of their entitlement. Eligible retail shareholders will also have the opportunity to apply for and be allocated additional New Shares up to 25% of their entitlement (subject to scale back at the sole discretion of Opthea).

About Opthea Limited

Opthea (ASX:OPT; Nasdaq:OPT) is a biopharmaceutical company developing novel therapies to address the unmet need in the treatment of highly prevalent and progressive retinal diseases, including wet age-related macular degeneration (wet AMD) and diabetic macular edema (DME). Opthea’s lead product candidate OPT-302 is in pivotal Phase 3 clinical trials and being developed for use in combination with anti-VEGF-A monotherapies to achieve broader inhibition of the VEGF family, with the goal of improving overall efficacy and demonstrating superior vision gains over that which can be achieved by inhibiting VEGF-A alone.

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