Opthea (OPT) said Monday that a phase 3 trial evaluating the efficacy and safety of 2 mg sozinibercept for wet age-related macular degeneration failed to meet its primary endpoint of improved visual acuity.
The announcement is the second blow for the company as another phase 3 failed to meet its primary goal last week.
Opthea and its Development Funding Agreement investors have agreed to immediately discontinue the development of sozinibercept for wet age-related macular degeneration, the company said.
It added that the decision does not trigger a termination event under the Development Funding Agreement, meaning no payment is required to be made by Opthea.
The company said it continues discussions with Development Funding Agreement investors to explore potential options for its future.
Opthea estimates it will have $100 million in cash and cash equivalents by the end of March 2025 but faces uncertainty about its ability to continue as a going concern, the drug developer said.
The ASX will suspend trading of Opthea's securities until the company clarifies further.
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