Opthea looks to raise $150M via an $6.6M placement, $143.4M ANREO

Opthea announced that the company is seeking to raise up to approximately $150M via an approximately $6.6M placement and an approximately $143.4M Accelerated Non-Renounceable Entitlement Offer, or ANREO. The company expects the net proceeds from the placement and entitlement offer, together with cash on hand, to fund the company, through the anticipated Phase 3 topline data readouts for COAST, and ShORe. The funds are also intended to be used to progress chemistry, manufacturing, and controls, or CMC, activities, Biologics License Application, or BLA, preparations for FDA approval, and for general corporate purposes. Based on the completion of enrollment in COAST in February and ShORe in May, as well as Opthea’s internal expansion of its clinical development team, the topline data readout of COAST is now accelerated to early in the second calendar quarter of 2025, and the topline data readout for ShORe is anticipated in mid-calendar year 2025.