Opthea raises $113.2 million to fund eye drug development

Australian clinical-stage ophthalmic specialist Opthea Limited (ASX: OPT) says it has successfully completed an institutional component of the capital raising.

The non-underwritten institutional placement and the institutional component of the partially underwritten 1 for 1.22 pro-rata accelerated non-renounceable entitlement offer together raised around A$171.5 million (US$113.2 million). The Institutional Entitlement Offer alone raised approximately A$161.5 million.

Eligible institutional shareholders took up approximately 61.4% of their entitlements with the shortfall placed to both new and existing institutional shareholders and to the underwriter.