Australia's Opthea faces worst day in more than a year on discounted placement

Opthea

15/08/2022 05:35

** Shares of Australian biopharma company Opthea Ltd
 OPT.AX  drop as much as 15.8% to A$1.17 - set to mark worst day
since June 2021, if losses hold
    ** Co says received commitments for a $90 mln capital raise
to fund phase 3 clinical trial and pre-commercialisation
activities of OPT-302 for wet age-related macular degeneration 
 urn:newsml:reuters.com:*:nASX7ZBhJl
    ** Offer price of A$1.15 per share represents a discount of
17.3% to stock's last close on Aug. 10, before it went on
trading halt
    ** Co separately announces raise of $170 mln via
non-dilutive financing consisting of $120 mln commitment and
option to increase funding by a further $50 mln  urn:newsml:reuters.com:*:nASX1w9TD0
    ** Stock hits lowest level since July 20
    ** More than 1.7 mln shares change hands, compared with the
30-day average volume of about 163,000 shares
    ** Stock had risen 7.3% this year, as of last close
 

 (Reporting by Nausheen Thusoo in Bengaluru)
 ((Nausheen.Thusoo@thomsonreuters.com))