Opthea Shares Dropped 12% After A$90M Raised in Placement

By Chris Wack

Opthea Ltd. shares were down 12% to $2.85 after the company completed a non-underwritten institutional placement and the institutional component of a fully underwritten non-renounceable entitlement offer to raise A$73.7 million ($47.3 million).
The company will issue 160.2 million shares under the placement and the institutional entitlement offer at an offer price of A$0.46 per new share.

Opthea accepted A$10 million of oversubscriptions in the placement, which raised A$20 million, increasing the capital raised to A$90 million.
Settlement of new shares issued under the placement and institutional entitlement offer is expected to occur Friday.
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.
Write to Chris Wack at [email protected]