Opthea Limited (ASX:OPT) Announces Phase 3 Results and Funding Settlement
Phase 3 Trial Results
Opthea Limited reported that its COAST and ShORe Phase 3 trials for Sozinibercept did not meet the primary endpoints, showing no significant improvement over standard care.
Development Funding Agreement Settlement
The company settled its Development Funding Agreement with DFA investors by paying USD20 million and issuing a 9.99% equity stake, ensuring Opthea remains solvent with no debt or liens.
Company Update
Opthea has streamlined its operations, reducing the workforce by over 80% and the Board of Directors by 50%. The company retains a cash position of approximately USD20 million and is no longer relying on ‘safe harbour’ provisions.
Strategy Forward
The Board is conducting a comprehensive business and asset review, focusing on strategic partnerships and potential capital returns to maximize shareholder value. Further updates are expected in CY Q4.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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