Opthea will advance ongoing Phase 3 clinical trials and pre-commercialisation activities of OPT-302 for wet age-related macular degeneration (wet AMD) following a non-dilutive financing transaction for up to US$170 million.
OPT-302 is a first-in-class intravitreally administered biologic ‘trap’ inhibitor of vascular endothelial growth factors C (VEGF-C) and D (VEGF-D), currently being investigated in two concurrent Phase 3 pivotal registrational trials that will each enrol ~990 treatment naïve patients, in combination with the anti-VEGF-A treatments, ranibizumab (ShORe trial) and aflibercept (COAST trial). OPT-302 has the potential to be positioned as complementary and agnostic with any combined anti–VEGF-A therapy for the treatment of wet AMD, a strategy intended to maximise the commercial opportunity for the therapy.
Under the agreement, Carlyle and Abingworth, funds backed by Launch Therapeutics, will commit $US120 million in three instalments at fixed time points, and retain an option to commit another US$50 million. This represents the total funding of up to $US$170 million for Opthea.
This strategic transaction is expected to fund us through Phase 3 top-line data, expected in mid-2024, and strengthens our strategic position to maximise the value of OPT-302
If OPT-302 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 OPT-302 and has the option to prepay its obligations in full at any time.
“Opthea is thrilled to enter this strategic arrangement with Launch Therapeutics, and to receive funding from world-leading investors in Carlyle and Abingworth. This strategic transaction is expected to fund us through Phase 3 top-line data, expected in mid-2024, and strengthens our strategic position to maximise the value of OPT-302,” said Dr Megan Baldwin, Chief Executive Officer at Opthea.
“This transaction with Launch Therapeutics is non-dilutive for shareholders of Opthea, and we are proud to have been selected as Launch Therapeutic’s first partner since its formation.”
Anshul Thakral, CEO of Launch Therapeutic, said, “With this collaboration, we will advance OPT-302 through its ongoing Phase 3 trials and hope to reach regulatory approval in a timely manner, with the intention of bringing this important medicine to patients in need.”
