Australia's Opthea set for best day in a month on clinical trial funding

Opthea

26/12/2023 23:46

** Shares of Opthea  OPT.AX  advance as much as 9.9% to
A$0.50, set for best day since Nov 30 - if current trend holds 
    ** Biotechnology co says it expects to receive remainder $35
mln committed funds under Development Funding Agreement with
private equity firm Carlyle  CG.O  and its life science
franchise Abingworth 
    ** Co has already received $85 mln under the agreement 
    ** Says it has secured additional $50 mln funding from a new
co-investor
    ** Adds funding will be used to advance co's Phase 3
clinical trials of Sozinibercept (OPT-302), used to treat wet
age-related Macular Degeneration, a cause for visual impairment 
    ** Shares hit their highest level since Dec 7 
    ** Stock down ~47.3% this year, as of last close

 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))