ASX 300 Healthcare Player Opthea Limited Files US IPO

  • September 25, 2020 09:05 PM AEST
  • Team Kalkine
ASX 300 Healthcare Player Opthea Limited Files US IPO

Summary

  • Opthea Limited disclosed that the Company had filed a registration statement for proposed Initial Public Offering (IPO) in the US.
  • The Company also aims to list the American Depositary Shares (ADSs) on the Nasdaq Global Market under the ‘OPT’ ticker.
  • Opthea onboarded Mr Daniel Spiegelman as a US-based independent Non-Executive Director of the Company effective 10 September 2020.

ASX 300 listed clinical-stage healthcare company Opthea Limited (ASX:OPT) disclosed that the Company had filed a registration statement for proposed Initial Public Offering (IPO) in the US. After the announcement, the share price of Opthea rose by 1.056% to close the market at A$2.870. The market capitalisation of Opthea stood at A$764.41 million, with nearly 269.16 million shares trading on the ASX.

Let us dig deeper and discuss more about Opthea Limited-

About Opthea Limited

ASX listed clinical-stage healthcare company Opthea Limited is in the business of developing treatments for ophthalmic indications. The Company has exclusive rights for substantial worldwide IP portfolio for VEGF-C, VEGF-D and VEGFR-3. The intellectual property (IP) of OPT is held within Vegenics Pty Ltd completely-owned subsidiary of the Company.

Opthea is focused on developing OPT-302 for wet AMD (age-related macular degeneration) and DME (diabetic macular edema).

Opthea announces US IPO, Intends to List on “Nasdaq”

On 25 September 2020, Opthea disclosed the public filing with the US Securities & Exchange Commission (SEC) relating to a proposed public offering of ADSs (American Depositary Shares).

The Company mentioned that each of the American Depositary Shares would represent one or several ordinary shares of the Company in the United States.

Parallel with this proposed initial public offering; the Company also plans to list the ADS on the Nasdaq.

Opthea disclosed that the securities to be sold in the offering would be offered by the Company. The number of securities to be sold and the price per American Depositary Share under any proposed IPO have not yet been determined.

Opthea stated it had applied to list its ADS on Nasdaq under the “OPT” ticker symbol. The ordinary shares of Opthea are listed, and after completion of the IPO, shall continue to trade on the Australian Securities Exchange (ASX) with the ticker code “OPT.”

Opthea Onboards US-Based Non-Executive Director

On 10 September 2020, Opthea updated the market that it had appointed Mr Daniel Spiegelman as an independent Non-Executive Director of the Company. Mr Spiegelman as is also serving as Chair of Opthea’s Audit & Risk Committee, effective from 10 September 2020.

Mr Spiegelman is a recognised & credentialed person in the biotech industry and has provided strategic financial management to several life-science companies during his career. Currently, he is working as interim Chief Executive Officer (CEO) of Recardia Therapeutics. Mr Spiegelman is also Director & Audit Committee Chair of Myriad Genetics, and the privately held companies Spruce Biosciences and Tizona Therapeutics.

Mr Spiegelman is an excellent addition to Opthea’s Board as the Company prepare to expand its operations in the United States as well as internationally. The Company is also prepared to advance OPT-302 through Phase 3 clinical trial.

FY20 Highlights

Highlights from operational front

During the financial year 2020, the Company has continued to progress clinical development plan for the assessment of OPT‑302 as a combination therapy in two retinal diseases.

  • Wet AMD- Opthea reported top‑line findings from its randomised, controlled Phase 2b clinical study. The clinical trial is examining OPT‑302 effect when administered in combination with the Lucentis (VEGF‑A inhibitor) compared to Lucentis alone.
  • DME: Opthea reported outcomes from a Phase 2a clinical trial of OPT‑302 administered in combination with Eylea.

The Company stated that it is fully funded through the remaining Phase 2b clinical trial close‑out activities and completion of the ongoing Phase 2a clinical trial in DME. Moreover, to facilitate the progression of clinical development programs, Opthea has entered into R&D contracts with various 3rd parties. The third parties include a global contract research organisation to offer services for performing clinical trials.

Highlights from the financial front-

The key financial highlights from FY20 are-

  • During the financial year 2020, Opthea reported a drop of 11.6% in its revenue to A$808,405.
  • The Company disclosed loss from the ordinary activities was almost A$20.9 million in FY2019 decreased to ~A$16.52 million in FY20.
  • During the period, Opthea received an R&D tax incentive payment of A$14.63 million.

Future Developments

On 10 September 2020, Opthea disclosed its annual report for the year ended 30 June 2020. The Company highlighted the impact of COVID-19 and its future developments.

OPT continues to advance the clinical development of OPT‑302 to key commercial milestones through the completion of the Phase 2a clinical trial with OPT‑302 in persistent DME patients, as well as manufacturing and regulatory engagement for a Phase 3 wet AMD study.

Specifically, the main aims of the Company for the next year are-

 

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