New Shares underneath the Retail Entitlement Supply and New Choices underneath the Placement and Entitlement Supply anticipated to start regular buying and selling on Thursday, 18 July 2024

Retail Entitlement Supply follows profitable Institutional Entitlement Supply and institutional Placement elevating roughly A$171.5m (US$113.2m1)

Completion of Retail Entitlement Supply represents ultimate stage of Opthea’s roughly A$227.3m (US$150.0m1) capital elevating

MELBOURNE, Australia, and PRINCETON, N.J., July 15, 2024 (GLOBE NEWSWIRE) — Opthea Restricted  (ASX/NASDAQ: OPT, Opthea, the Firm), a clinical-stage biopharmaceutical firm growing novel therapies to deal with extremely prevalent and progressive retinal illnesses, together with moist age-related macular degeneration (moist AMD (NASDAQ:)), as we speak publicizes the  profitable completion of the absolutely underwritten retail part (Retail Entitlement Supply) of its 1 for 1.22 pro-rata accelerated non-renounceable entitlement supply (Entitlement Supply) of latest absolutely paid bizarre shares in Opthea (New Shares) which opened on Wednesday, 19 June 2024.

1.      Retail Entitlement Supply

The Retail Entitlement Supply closed at 5:00pm Melbourne time on Wednesday, 10 July 2024, elevating roughly A$55.9 million (US$36.9 million1). Eligible retail shareholders took up roughly 18.3 million New Shares, representing a complete take-up price of roughly 13.1%.

Shortfall New Shares underneath the Retail Entitlement Supply will likely be subscribed for by the underwriter to the Retail Entitlement Supply, MST Monetary Companies Restricted, or sub-underwriters, in accordance with the preparations described within the Prospectus lodged with ASX on Wednesday, 12 June 2024.

Completion of the Retail Entitlement Supply represents the ultimate stage of Opthea’s roughly A$227.3m (US$150.0m1) capital elevating. The institutional placement (Placement) and institutional part of the Entitlement Supply (Institutional Entitlement Supply) was efficiently accomplished on Friday, 14 June 2024, elevating gross proceeds of roughly A$171.5million (US$113.2million1).

The New Shares to be issued underneath the Retail Entitlement Supply will rank equally with current Opthea absolutely paid bizarre shares in all respects from their date of challenge. The New Shares underneath the Retail Entitlement Supply are anticipated to be issued on Wednesday, 17 July 2024 and start regular buying and selling on Thursday, 18 July 2024.

2.      New Choices

Contributors within the Placement and Entitlement Supply have been additionally supplied one (1) choice, every exercisable at A$1.00 per choice and expiring at 5:00pm (Melbourne time) on 30 June 2026 (New Choices), for each three (3) New Shares subscribed underneath the Placement and Entitlement Supply.

A complete of roughly 189.4 million New Choices will likely be issued in reference to the Placement and the Entitlement Supply.

The New Choices are anticipated to be issued on Wednesday, 17 July 2024 and start regular buying and selling on Thursday, 18 July 2024.

Timetable

The timetable under is indicative solely and topic to alter. The Firm reserves the correct to change the dates under in its full discretion and with out prior discover, topic to the ASX Itemizing Guidelines and the Firms Act.

About Opthea

Opthea (ASX/NASDAQ:OPT) is a biopharmaceutical firm growing novel therapies to deal with the unmet want within the therapy of extremely prevalent and progressive retinal illnesses, together with moist age-related macular degeneration (moist AMD) and diabetic macular edema (DME).

Opthea’s lead product candidate, sozinibercept, is being evaluated in two pivotal Part 3 medical trials (COAST, NCT04757636, and ShORe, NCT04757610) to be used together with standard-of-care anti-VEGF-A monotherapies to enhance total efficacy and ship superior imaginative and prescient features in comparison with standard-of-care anti-VEGF-A brokers. To be taught extra, go to our web site at www.opthea.com and observe us on X and LinkedIn.

Inherent Dangers of Funding in Biotechnology Firms

There are a variety of inherent dangers related to the event of pharmaceutical merchandise to a marketable stage. The prolonged medical trial course of is designed to evaluate the protection and efficacy of a drug previous to commercialization and a major proportion of medication fail one or each of those standards. Different dangers embody uncertainty of patent safety and proprietary rights, whether or not patent functions and issued patents will supply sufficient safety to allow product improvement, the acquiring of crucial drug regulatory authority approvals and difficulties brought on by the speedy developments in expertise.

Firms similar to Opthea are depending on the success of their research and improvement initiatives and on the flexibility to draw funding to assist these actions. Funding in research and improvement initiatives can’t be assessed on the identical fundamentals as buying and selling and manufacturing enterprises.

Subsequently, funding in firms specializing in drug improvement should be thought to be extremely speculative. Opthea strongly recommends that skilled funding recommendation be sought previous to such investments.

Ahead-Wanting Statements

This ASX announcement comprises sure forward-looking statements, together with throughout the that means of the U.S. Non-public Securities Litigation Reform Act of 1995. The phrases anticipate, consider, ought to, may, might, will, plan and different comparable expressions are supposed to determine forward-looking statements. Ahead-looking statements on this ASX announcement embody statements concerning quickly advancing the registrational program for sozinibercept in moist AMD, expectations concerning the pivotal development section of Opthea, the flexibility of sozinibercept to boost imaginative and prescient outcomes for sufferers worldwide, Opthea’s anticipated money runway, the anticipated timing for topline information readout, and the anticipated use of proceeds. Ahead-looking statements, opinions and estimates offered on this ASX announcement are based mostly on assumptions and contingencies that are topic to alter with out discover, as are statements about market and trade developments, that are based mostly on interpretations of present circumstances. Ahead-looking statements are offered as a normal information solely and shouldn’t be relied upon as a sign or assure of future efficiency. They contain recognized and unknown dangers and uncertainties and different components, lots of that are past the management of Opthea and its administrators and administration and should contain vital parts of subjective judgment and assumptions as to future occasions which will or will not be right. These statements could also be affected by a variety of variables which may trigger precise outcomes or developments to vary materially, together with however not restricted to future capital necessities, the issuance of the New Shares underneath the Retail Entitlement Supply, Opthea’s means to proceed as a going concern, the event, testing, manufacturing, advertising and marketing and sale of drug remedies, regulatory threat and potential lack of regulatory approvals, ongoing medical research to exhibit sozinibercept’s security, tolerability and therapeutic efficacy, further analysis of knowledge from Opthea’s Part 3 medical trials, medical research group, contract producer; Biologics License Software preparation, company and labor prices, mental property protections, and different components which might be of a normal nature which can have an effect on the long run working and monetary efficiency of the Firm together with threat components set forth in Opthea’s Annual Report on Kind 20-F filed with the U.S. Securities and Trade Fee (the SEC) on September 28, 2023, Opthea’s 2024 Half Yr Report included as an exhibit to the Kind 6-Ok filed with the SEC on February 29, 2024, and different future filings with the SEC. Precise outcomes, efficiency or achievement might fluctuate materially from any projections and forward-looking statements and the assumptions on which these statements are based mostly. Topic to any persevering with obligations underneath relevant regulation or any related ASX itemizing guidelines, Opthea disclaims any obligation or endeavor to supply any updates or revisions to any forward-looking statements on this ASX announcement to replicate any change in expectations in relation to any forward-looking statements or any change in occasions, circumstances or circumstances on which any such assertion is predicated, besides as in any other case required by relevant regulation.

Not An Supply

This ASX announcement shouldn’t be a disclosure doc and shouldn’t be thought-about as funding recommendation. The knowledge contained on this ASX announcement is for info functions solely and shouldn’t be thought-about a proposal or an invite to accumulate Firm securities or some other monetary merchandise and doesn’t and won’t kind a part of any contract for the acquisition of New Shares.

Specifically, this ASX announcement doesn’t represent a proposal to promote, or a solicitation of any supply to purchase, any securities in the US or some other jurisdiction during which such a proposal could be unlawful or impermissible. The securities to be supplied and bought within the Placement and Entitlement Supply haven’t been, and won’t be, registered underneath the U.S. Securities Act of 1933, as amended (the U.S. Securities Act), or the securities legal guidelines of any state or different jurisdiction of the US. No public providing of securities is being made in the US. Accordingly, the securities to be supplied and bought within the Placement and Entitlement Supply might solely be supplied and bought outdoors the US in offshore transactions (as outlined in Rule 902(h) underneath Regulation S of the U.S. Securities Act (Regulation S)) in reliance on Regulation S, except they’re supplied and bought in a transaction registered underneath, or exempt from, or in a transaction not topic to, the registration necessities of, the U.S. Securities Act and relevant U.S. state securities legal guidelines.

Licensed for launch to ASX by Frederic Guerard, PharmD, CEO, Opthea.

Investor & Media Inquiries

PJ Kelleher
LifeSci Advisors, LLC
E-mail: pkelleher@lifesciadvisors.com
Telephone: 617-430-7579

Be a part of our e-mail database to obtain program updates:
Tel: +61 (0) 3 9826 0399, E-mail: information@opthea.com Internet: www.opthea.com

Supply: Opthea Restricted

1. Assumes change price of A$1.00/US$0.66

Supply: Opthea Restricted