Australia’s Opthea secures Launch Tx funding for OPT-302 in wet AMD

Opthea announced a non-dilutive financing transaction for up to US$170 million from investment funds working with Launch Therapeutics to finance and advance the ongoing Ph III clinical trials and pre-commercialisation activities of OPT-302 (VEGF-C/-D ‘trap’ inhibitor) for wet age-related macular degeneration (wet AMD).  Under the agreement, the funds will commit US$120 million in three instalments at fixed time points, with an option to commit an additional US$50 million.  In exchange, Opthea will make a milestone payment after regulatory approval in a major market, followed by six annual fixed payments and variable success payments of 7% of net sales, with cumulative payments capped at four times the amount funded to Opthea.