Biopharmaceutical firm Opthea announced an additional US$85 million ($124.5 milion) in funding under its development funding agreement, including the remaining US$35 million ($51.3 million) from current investors Carlyle and Abingworth and a further US$50 million ($73.2 million) from a new backer.
The news raised Opthea's total commitment to US$170 million ($249 million).
The funding will support Opthea's Phase 3 clinical trials and pre-commercialisation activities for its sozinibercept treatment for wet age-related macular degeneration.
The company will make milestone and success payments if sozinibercept is approved in a key market.