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Opthea revenue higher as trials continue

05/09/2018By Matthew Woodley
Australian eye therapeutics company Opthea has increased its revenue by nearly 100% over the past year, according to financial results released last week.

The company recorded more than $1.14 million in revenue in the 12 months until June 30, up from $573,000 in FY2017. However, it also recorded a $16.9 million loss – a 172.9% increase on the nearly $6.2 million deficit last year – as it continued with clinical trials related to its lead drug candidate OPT-302.

Those trials, on patients with neovascular age-related macular degeneration (AMD), began in December 2017 and have involved treating patients with either; OPT-302 (low-dose, 0.5 mg) in combination with Lucentis; OPT-302 (high-dose, 2 mg) in combination with Lucentis; or just Lucentis alone.


“The company remains focused on advancing OPT-302 through clinical development and addressing the unmet medical need that remains for patients with these diseases.”
Geoffrey Kempler, Opthea

The primary endpoint of the study is the assessment of visual acuity at the completion of the dosing period (six months or week 24), compared to baseline and Lucentis-only results. The trial reached the mid-way point of patient recruitment in July and report data is expected by early 2020.

The company is also investigating the possibility of a trial involving patients with persistent central-involved DMO who had sub-optimal responses to anti-VEGF-A therapy.

“It has been a strong year for the company operationally. We moved forward with our clinical strategy to investigate our lead drug candidate OPT-302 in two retinal eye diseases, wet age-related macular degeneration (wet AMD) and diabetic macular oedema,” Opthea chairman Mr Geoffrey Kempler wrote in the company’s annual report.

“With two clinical trials currently ongoing, a Phase 2b study of 351 patients with wet AMD and a 117 patient Phase 1b/2a clinical trial in DMO, the company remains focused on advancing OPT-302 through clinical development and addressing the unmet medical need that remains for patients with these diseases.”

Opthea’s share price rose by about 5% in the days following the announcement and was at $0.62 at the time of publication.

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