Opthea to receive remaining $35M under Development Funding Agreement

Opthea announced that it expects to receive the remaining $35 million committed funds under the Development Funding Agreement with Carlyle and Abingworth, and has entered into binding documentation with a new co-investor under an Amended DFA to secure an additional $50 million in funding. Under the terms of the DFA, Carlyle and Abingworth committed $120 million, of which $85 million has been received to date. The remaining committed funds of $35 million and the additional $50m announced today will be received on or around December 31, 2023, bringing the total committed funding under the amended DFA to $170 million, the maximum amount allowed under the terms of the DFA. This total $85 million funding will be used to advance Opthea’s Phase 3 clinical trials and pre-commercialization activities of sozinibercept for wet AMD. Under the terms of the DFA, if sozinibercept is approved in a major market, Opthea will make a milestone payment after regulatory approval and then six subsequent annual fixed success payments and variable success payments of 7% of net sales, with cumulative payments capped at four times the amount funded to Opthea. Opthea retains full worldwide commercial rights for sozinibercept and has the option to prepay its obligations in full at any time. The foregoing description of certain terms of the DFA is qualified in its entirety by reference to the full text of the Amended DFA, which will be separately filed with the Securities and Exchange Commission.