{"id":3715,"date":"2023-12-27T00:53:23","date_gmt":"2023-12-27T00:53:23","guid":{"rendered":"https:\/\/economicherald.net\/?p=3715"},"modified":"2023-12-27T00:53:23","modified_gmt":"2023-12-27T00:53:23","slug":"asx-health-stocks-opthea-up-13pc-on-85m-funding-from-giant-investment-firm-carlyle-new-investor","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=3715","title":{"rendered":"ASX Health Stocks: Opthea up 13pc on $85m funding from giant investment firm Carlyle, new investor"},"content":{"rendered":"<p>Opthea up almost 10pc this morning after funding announcement<br \/>\nRadiopharm to open second clinical trial site in Perth<\/p>\n<p>\u00a0<\/p>\n<h2>Opthea receives $85m in non-dilutive funding<\/h2>\n<p>Retinal diseases focused biotech, <strong><a href=\"https:\/\/stockhead.com.au\/company\/opthea-opt\/\">Opthea (ASX:OPT),<\/a><\/strong> says it will receive the remaining US$35m funding under the <strong>Development Funding Agreement (DFA)<\/strong> with global investment firm <strong>Carlyle<\/strong> and its life science franchise, <strong>Abingworth<\/strong>.<\/p>\n<p>The company says it will also receive a further US$50m financing under an Amended DFA to include<strong> a new co-investor<\/strong>. This financing is non-dilutive to shareholders, with no equity issued to Carlyle, Abingworth or the new co-investor.<\/p>\n<p>Opthea\u2019s share price surged over 12% this morning on the announcement.<\/p>\n<p>The investments mark a show of confidence by Carlyle in the potential of <strong>sozinibercept (OPT-302),<\/strong> Opthea\u2019s drug to treat patients with <strong>wet AMD (Age-Related Macular Degeneration)<\/strong> to provide what Opthea believes is a multi-billion dollar commercial opportunity.<\/p>\n<p>Wet AMD happens when\u00a0abnormal blood vessels grow in the back of the eye and damage the macula.<\/p>\n<p>Under the terms of the DFA, Carlyle and Abingworth committed US$120 million, of which US$85 million has been received to date.<\/p>\n<p>The remaining committed funds of US$35 million and the additional US$50m announced today will be received on or around December 31, bringing the total committed funding under the amended DFA to US$170 million, the maximum amount allowed under the terms of the DFA.<\/p>\n<p>Opthea says the funding will be used to advance thee Phase 3 clinical trials and precommercialisation activities of sozinibercept (OPT-32).<\/p>\n<p>The terms of the DFA also state that if sozinibercept is approved in a major market, Opthea will make a milestone payment after regulatory approval, and then six subsequent annual fixed success payments and variable success payments of 7% of net sales, with cumulative payments capped at 4x the amount funded to Opthea.<\/p>\n<p>Opthea will also retain full worldwide commercial rights for sozinibercept, and has the option to prepay its obligations in full at any time.<\/p>\n<p>\u201cWe\u2019re extremely pleased with this funding that demonstrates investors\u2019 confidence in sozinibercept and its potential for future clinical, regulatory and commercial success,\u201d said Dr. Fred Guerard, CEO of Opthea.<\/p>\n<p>\u201cBoth global pivotal trials in wet AMD [COAST and ShORe] are now over 80% enrolled, and aim at confirming the superior efficacy outcomes observed in Opthea\u2019s Phase 2b trial.\u201d<\/p>\n<p>\u00a0<\/p>\n<h2>Radiopharm opens second site for Phase 1 trial<\/h2>\n<p>Radiotherapeutics company, <strong><a href=\"https:\/\/stockhead.com.au\/company\/radiopharm-theranostics-rad\/\">Radiopharm Theranostics (ASX:RAD)<\/a><\/strong>, announced that it has received <strong>Human Research Ethics Committee (HREC)<\/strong> approval from the <strong>Hollywood Private Hospital<\/strong> in Perth, WA that will see it become the second Australian site for its <strong>RAD 204 Phase 1 therapeutic study<\/strong>.<\/p>\n<p>The RAD 204 Phase 1 clinical trial will will evaluate the safety and efficacy of the novel radiotherapeutic in patients with advanced <strong>PD-L1 positive non-small cell lung cancer (NSCLC)<\/strong>, the most common type of lung cancer.<\/p>\n<p>The first site will open at the <strong>Princess Alexandra Hospital<\/strong> in Brisbane on 4 January, and now with the addition of the Perth site, the geographic availability of the trial widens and Opthea says recruitment will therefore accelerate accordingly.<\/p>\n<p>The trial is being supported by leading oncology care provider <em>GenesisCare.<\/em><\/p>\n<p>Approximately 300,000 new lung cancer cases are expected to be diagnosed in the US by the end of 2023, 81% of which are estimated to be NSCLC patients, while it is estimated that there were more than 2.2 million cases of lung cancer in 2020.<\/p>\n<p>\u00a0<\/p>\n<h2>Share prices today:<\/h2>\n\n<p><span class=\"mce_SELRES_start\">\ufeff<\/span><span class=\"mce_SELRES_start\"><\/span>\u00a0<br \/>\n<span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/health\/asx-health-stocks-opthea-up-13pc-on-85m-funding-from-giant-investment-firm-carlyle-new-investor\/\">ASX Health Stocks: Opthea up 13pc on $85m funding from giant investment firm Carlyle, new investor<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Opthea up almost 10pc this morning after funding announcement Radiopharm to open second clinical trial site in Perth \u00a0 Opthea receives $85m in non-dilutive funding <a href=\"https:\/\/economicherald.net\/?p=3715\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":3716,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3715","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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