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Opthea to raise $45M in entitlement offer, institutional placement

Australia's Opthea Ltd. launched an entitlement offer and institutional placement to raise about A$45 million.

The company said it will use proceeds from the offer to expand the clinical development of OPT-302 as a therapy for eye disease.

Under the offer, new shares will be issued at a price of 93 cents per share. The entitlement offer and institutional placement will close April 4.

As of March 31, US$1 was equivalent to A$1.31.