07:51 AM EDT, 06/12/2024 (MT Newswires) -- Opthea ( OPT ) said Tuesday it seeks to raise up to around 227.3 Australian dollars ($150.3 million) through an AU$10 million placement and an approximately AU$217.3 million accelerated non-renounceable entitlement offer.

The biopharmaceutical company said it expects net proceeds from the placement and entitlement offers, together with cash on hand, to fund the company through the expected phase 3 topline data readouts for studies of OPT-302 in combination with aflibercept early in the Q2 of 2025, and in combination with ranibizumab mid-year 2025, as potential treatments for wet age-related macular degeneration.

The funds are also intended to be used to advance chemistry, manufacturing, and controls activities, as well as US Food and Drug Administration Biologics License Application preparations, and for general corporate purposes.