Opthea adds Kathy Connell to Board of Directors

MELBOURNE - Opthea Limited (ASX/NASDAQ: OPT), a clinical-stage biopharmaceutical company, announced today the appointment of Kathy Connell, GAICD, as a Non-Executive Director to its Board. Connell's appointment coincides with the company's preparation for Phase 3 wet AMD (NASDAQ:) topline data expected in 2025.

Connell brings extensive experience in business development across various health-related industries. Her commercial expertise is anticipated to be beneficial as Opthea advances its lead product candidate, sozinibercept, through late-stage clinical trials. Sozinibercept is under investigation for its potential to treat wet age-related macular degeneration (wet AMD), a progressive retinal disease.

The company's Chairman, Jeremy Levin, expressed confidence in Connell's ability to contribute to Opthea's strategic growth. Her role is deemed crucial as the company approaches significant regulatory and commercial milestones.

In related news, Megan Baldwin, PhD, MAICD, retired from the Board as Executive Director but will continue her involvement with Opthea as the Founder and Chief Innovation Officer.

Opthea's focus remains on addressing unmet needs in the treatment of retinal diseases like wet AMD and diabetic macular edema (DME). The company is conducting two pivotal Phase 3 clinical trials for sozinibercept, aiming to demonstrate enhanced efficacy in combination with standard anti-VEGF-A therapies.

The company cautions that investing in biotechnology is highly speculative, emphasizing the inherent risks in drug development. Opthea's forward-looking statements about sozinibercept's potential and its preparation for commercial readiness are based on current assumptions and are subject to change.

This news article is based on a press release statement from Opthea Limited.

In other recent news, Alterity Therapeutics Limited has announced its Annual General Meeting and submitted its annual report for 2024 to the Securities and Exchange Commission. However, specific financial details were not disclosed. In parallel, Opthea Limited has successfully completed its drug substance Process Performance Qualification campaign for sozinibercept, a potential treatment for wet age-related macular degeneration. This accomplishment is seen as a critical step in validating Opthea's manufacturing process.

Opthea also announced a series of executive leadership changes, including the appointment of Daniel Geffken as the interim Chief Financial Officer and Mike Campbell as the new Chief Commercial Officer, in preparation for the anticipated launch of sozinibercept in 2025. Furthermore, H.C. Wainwright revised its price target for Opthea, lowering it to $12.00 while maintaining a Buy rating, and Oppenheimer raised the company’s price target from $16 to $18, maintaining an Outperform rating. These adjustments are based on the progress of sozinibercept, which is currently in Phase 3 trials.

These are the latest developments for both Alterity Therapeutics and Opthea Limited.

InvestingPro Insights

As Opthea Limited (ASX/NASDAQ: OPT) gears up for its Phase 3 wet AMD topline data in 2025, recent financial metrics and market trends offer additional context to the company's current position.

According to InvestingPro data, Opthea's market capitalization stands at $517.26 million USD, reflecting the market's valuation of the company as it progresses through its clinical trials. The company's revenue for the last twelve months as of Q4 2024 was $0.26 million USD, with a notable revenue decline of 32.03% over the same period. This decline aligns with an InvestingPro Tip indicating that analysts anticipate a sales decline in the current year.

Despite the revenue challenges, Opthea's stock has shown remarkable resilience. An InvestingPro Tip highlights that the stock has delivered a high return of 96.51% over the last year. This performance suggests that investors may be optimistic about the potential of sozinibercept and the company's future prospects in the retinal disease treatment market.

However, it's important to note that Opthea is currently not profitable, with an operating income of -$191.84 million USD for the last twelve months as of Q4 2024. This aligns with another InvestingPro Tip stating that analysts do not anticipate the company will be profitable this year. This is not uncommon for clinical-stage biopharmaceutical companies investing heavily in research and development.

For investors seeking a more comprehensive analysis, InvestingPro offers 13 additional tips for Opthea, providing a deeper understanding of the company's financial health and market position as it approaches critical milestones in its drug development journey.

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