Opthea is reportedly set to raise $220 million through a capital raising managed by MST Financial.

The biotech company is in a trading halt ahead of the funding round, aimed at advancing its therapy for wet macular degeneration.

The funding, likely structured as an accelerated non-renounceable entitlement offer, will support Opthea through its Phase 3 read-out next year. Opthea's shares closed at 48ยข, down 13% year-to-date.

Opthea aims to reach Phase 3 milestones, potentially propelling it into the ASX-300.