By Colin Kellaher

Trading in shares of Opthea remains halted in the U.S. and Australia after the clinical-stage biopharmaceutical company said its lead product candidate, sozinibercept, failed in a late-stage study in wet age-related macular degeneration, or wet AMD.

Opthea on Monday said the Phase 3 study of sozinibercept in combination with aflibercept in wet AMD, an eye condition that causes blurred vision or reduced central vision, missed its primary endpoint of mean change in best corrected visual acuity.

Opthea said it is considering the impact of the negative study results under its development funding agreement, adding that it may be required to pay amounts to the investors that would have a material adverse impact on its solvency, and that there is material uncertainty about its ability to continue as a going concern.

The company said it is in talks with its development funding investors to determine the most appropriate course of action, and that it has requested that trading in its securities remain suspended until it is able to provide more clarity or until the start of trading on March 31.

Opthea originally requested the trading halt effective March 17 ahead of its announcement of the top-line study results. The company's American depositary shares closed at $3.41 on March 14.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

March 25, 2025 12:43 ET (16:43 GMT)

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