Opthea Limited (ASX:OPT) has come into limelight with an encouraging data released from its Phase 1b dose escalation study of a key drug against diabetic macular edema (DME). As per the results from the earlier clinical trial, Opthea’s diabetes leading drug has demonstrated favorable outcomes; and on an average the patients were able to read 7.7 letters based on an eye test chart as per the data which is extracted from the latest test. Primarily, Opthea was now doing a trial of the OPT-302 drug for diabetic macular edema (DME) and the group has indicated that OPT-302 can fight against the blockage of two proteins that causes blood vessels to grow and leak. As a result of this, there is a chance of retinal diseases.
In the present study, three different escalating dose levels of the drug in discussion (0.3 mg, 1 mg and 2 mg), were used in combination with aflibercept. This was administered once every 4 weeks for a total of three intravitreal injections in DME patients. The early results of Phase 1b from this particular trial were a success. The aim of the trial was to determine whether higher doses of the drug are safe for administration and have effectiveness against DME. It is to be noted that DME leads to blindness in diabetics. There were 9 patients dosed with three injections over 12 weeks and the results were positive. Opthea clinical test was able to prove that the trials were safe as well as effective for wet age-related macular degeneration (AMD), which is a chronic eye disease which leads to a blurred vision. Now there is a clinical trial running for Phase 2. Actually, the clinical trials were divided into three phases based on three parameters; and these entailed safety being the first parameter, test effectiveness of the drug as the second parameter; and lastly, improvement on the existing treatment as the third parameter.
For the year ended 30 June 2018, the company made a revenue from its ordinary activities worth $1,143,822. The company made a net loss of $16,902,240; and has total assets worth $46,075,854 and total liabilities worth $7,903,408 which represents that company is able to clear its long term obligations. The total current asset of the company is $45,213,467 and total current liabilities worth $8,864,011 which represents that company is able to clear its short term obligations. The total shareholders equity is worth $38,172,446. The net cash used in operating activities is worth $19,937,550 from the operating activities. The major cash outflow was due to the payment made to the suppliers, employees and for research and development. The net cash used in investing activities was $34,417 which was due to the purchase of plant and equipments. The net cash inflow from financing activities is $549,650. The net cash and cash equivalent at the end of the year is $32,510,230.
The current market price of the share is $0.575 with market capitalization of $121.34 million, as at October 26, 2018.
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