Opthea announced the completion of its A$45 million capital raising launched on April 3, 2017. The proceeds from this offering enable the acceleration and diversification of the company's clinical development strategy for OPT-302, its novel VEGF-C/D 'Trap' therapy for wet age-related macular degeneration (AMD) and diabetic macular edema (DME).
"The strong support we received for this transaction follows the reporting of positive data from our phase 1/2A clinical trial with OPT-302 in wet AMD patients, which exceeded our expectations. We are now well capitalized into 2021 which positions us to advance this next generation treatment to multiple clinical inflection points," Dr. Megan Baldwin, CEO and Managing Director, said in a company news release.
Outcomes from the phase 1/2A clinical trial demonstrated safety of intravitreally administered OPT-302, as well as improvements in visual acuity and reductions in retinal fluid in all patient groups investigated, suggesting additional clinical benefit with more complete suppression of VEGF-A and VEGF-C/D. On the basis of this data, Opthea is now actively progressing plans to initiate an approximately 350 patient phase 2B wet AMD clinical trial, as well as additional phase 2A clinical studies in DME and wet AMD patients who have been previously treated with anti-VEGF-A therapy and experienced a suboptimal clinical response. Opthea plans to initiate patient recruitment into the phase 2B wet AMD and phase 2A clinical trials in 2H 2017.