<SEC-DOCUMENT>0001193125-22-220475.txt : 20220815
<SEC-HEADER>0001193125-22-220475.hdr.sgml : 20220815
<ACCEPTANCE-DATETIME>20220815060828
ACCESSION NUMBER:		0001193125-22-220475
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20220815
FILED AS OF DATE:		20220815
DATE AS OF CHANGE:		20220815

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Opthea Ltd
		CENTRAL INDEX KEY:			0001815620
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			C3
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39621
		FILM NUMBER:		221162118

	BUSINESS ADDRESS:	
		STREET 1:		LEVEL 4
		STREET 2:		650 CHAPEL STREET
		CITY:			SOUTH YARRA, VICTORIA
		STATE:			C3
		ZIP:			3141
		BUSINESS PHONE:		61 3 9826 0399

	MAIL ADDRESS:	
		STREET 1:		LEVEL 4
		STREET 2:		650 CHAPEL STREET
		CITY:			SOUTH YARRA, VICTORIA
		STATE:			C3
		ZIP:			3141
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d360464d6k.htm
<DESCRIPTION>6-K
<TEXT>
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<TITLE>6-K</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">6-K</FONT></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REPORT OF
FOREIGN PRIVATE ISSUER </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT TO RULE <FONT STYLE="white-space:nowrap">13a-16</FONT> OR
<FONT STYLE="white-space:nowrap">15d-16</FONT></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the Month of August 2022 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission File Number: <FONT STYLE="white-space:nowrap">001-39621</FONT></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>OPTHEA LIMITED </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Translation of registrant&#146;s name into English) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Level&nbsp;4
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>650 Chapel Street </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>South Yarra, Victoria 3141 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Australia </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of
principal executive offices) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant files or will file annual reports under cover of Form <FONT STYLE="white-space:nowrap">20-F</FONT> or Form <FONT
STYLE="white-space:nowrap">40-F.</FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form
<FONT STYLE="white-space:nowrap">20-F&nbsp;&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form</FONT> <FONT STYLE="white-space:nowrap">40-F&nbsp;&nbsp;&#9744;</FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the Form <FONT STYLE="white-space:nowrap">6-K</FONT> in paper as permitted by Regulation <FONT
STYLE="white-space:nowrap">S-T</FONT> Rule 101(b)(1): &#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the Form <FONT
STYLE="white-space:nowrap">6-K</FONT> in paper as permitted by Regulation <FONT STYLE="white-space:nowrap">S-T</FONT> Rule 101(b)(7): &#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>INCORPORATION BY REFERENCE </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Report on Form <FONT STYLE="white-space:nowrap">6-K</FONT> (the &#147;Report&#148;) (excluding Exhibits 99.1 and 99.2 thereto) shall be deemed to be
incorporated by reference into the registration statements of Opthea Limited (the &#147;Company&#148;) on Form <FONT STYLE="white-space:nowrap">S-8</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-251052)</FONT> and Form <FONT
STYLE="white-space:nowrap">F-3</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-262444)</FONT> and to be a part thereof from the date on which this Report is filed, to the extent not superseded by documents or reports subsequently
furnished. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Development Funding-Agreement with Ocelot SPV LP </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On August&nbsp;12, 2022 (the &#147;Effective Date&#148;), Opthea Limited (&#147;Opthea&#148;) entered into a Development Funding Agreement (the
&#147;Agreement&#148;) with Ocelot SPV LP (&#147;Investor&#148;), an affiliate of Carlyle and Abingworth, working together with Carlyle and Abingworth&#146;s recently formed development company Launch Therapeutics, pursuant to which Investor agrees
to provide funding to Opthea to support its development of <FONT STYLE="white-space:nowrap">OPT-302</FONT> for the treatment of wet (neovascular) <FONT STYLE="white-space:nowrap">age-related</FONT> macular degeneration (&#147;wet AMD&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the Agreement, Investor has committed to provide Opthea US$120&nbsp;million in funding which may be increased up to US$170&nbsp;million at
Investor&#146;s option, of which US$50&nbsp;million will be paid shortly after Opthea receives the proceeds from the first tranche of the PIPE (as defined below), with the remainder being funded in two additional tranches to be paid on
December&nbsp;31, 2022 and December&nbsp;31, 2023, respectively. Pursuant to the Agreement, Opthea will be required to use commercially reasonable efforts to develop <FONT STYLE="white-space:nowrap">OPT-302</FONT> for the treatment of wet AMD in
accordance with the Agreement, including pursuant to certain development timelines set forth therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In return, Opthea will pay to Investor
(1)&nbsp;upon the first to occur of regulatory approval of <FONT STYLE="white-space:nowrap">OPT-302</FONT> for the treatment of wet AMD in the United States, United Kingdom or European Union (&#147;Regulatory Approval&#148;), fixed payments equal to
a total of approximately two times the funding provided, consisting of seven payments, with the first payment due shortly after Regulatory Approval and the remaining six payments payable over a <FONT STYLE="white-space:nowrap">six-year</FONT> period
thereafter, and (2)&nbsp;variable payments equal to 7% of net sales of <FONT STYLE="white-space:nowrap">OPT-302</FONT> for the treatment of wet AMD for each calendar quarter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At the time that Investor receives an aggregate of four times the funding provided (US$680&nbsp;million if Investor funds the full US$170 million under the
Agreement) (the &#147;Cap&#148;), Opthea&#146;s payment obligations under the Agreement will be fully satisfied. Opthea has the option to satisfy its payment obligations to Investor upon Regulatory Approval or a change of control of Opthea by paying
an amount equal to the present value of the remaining payments payable to Investor subject to a&nbsp;mid-single-digit discount rate. Opthea also has an option to buy out the remaining payments at any time by paying an amount equal to the remaining
payments due subject to a&nbsp;proposed discount rate, which Investor may accept or reject. Upon a change of control of Opthea, an acceleration payment of a specified multiple of the funding provided is payable, net of payments already made to
Investor and creditable against future payments to Investor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Opthea will grant Investor a security interest in all of its assets (other than intellectual
property not related to <FONT STYLE="white-space:nowrap">OPT-302).</FONT> The security interest will terminate when Investor receives payments and/or change of control acceleration payments equal to two times the funding provided or upon certain
terminations of the Agreement (the &#147;Release Date&#148;). The Agreement also includes customary representations and warranties and covenants, including certain negative covenants regarding limitations on incurrence of indebtedness, liens,
investments, restricted payments, sales of assets, and royalty sales. The negative covenants will terminate upon the Release Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Agreement
terminates upon the payment of all payments owing to Investor, unless earlier terminated by Investor if: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Opthea fails to comply with certain covenants and agreements set forth in the Agreement, including failure to
make required payments or develop <FONT STYLE="white-space:nowrap">OPT-302</FONT> as set forth in the Agreement; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Opthea suffers a material adverse event; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">there is a material adverse patent impact on Opthea&#146;s intellectual property covering <FONT
STYLE="white-space:nowrap">OPT-302;</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">there are certain irresolvable disagreements within the joint steering committee overseeing Opthea&#146;s
development of <FONT STYLE="white-space:nowrap">OPT-302;</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the security interests of Opthea are invalidated or terminated other than as set forth in the Agreement; or
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any Phase 3 clinical trial of <FONT STYLE="white-space:nowrap">OPT-302</FONT> is completed or terminated and
(1)&nbsp;the primary endpoint is not met or (2)&nbsp;Investor reasonably determines that the results of any such trial do not support regulatory approval. </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Agreement may also be earlier terminated by Opthea if Investor fails to fund as provided in the
Agreement. The Agreement may be terminated by either party (i)&nbsp;if the other party materially breaches the Agreement (&#147;Material Breach&#148;), (ii) if <FONT STYLE="white-space:nowrap">OPT-302</FONT> fails to receive regulatory approval in
the United States or European Union, (iii)&nbsp;upon the bankruptcy of the other party, (iv)&nbsp;if a serious safety concern arises in an <FONT STYLE="white-space:nowrap">OPT-302</FONT> clinical trial or (v)&nbsp;upon a change of control of Opthea.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In certain instances, upon the termination of the Agreement, Opthea will be obligated to pay Investor a multiple of the amounts paid to Opthea under the
Agreement, including specifically, </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">up to the Cap in the event that Investor terminates the agreement due to (w)&nbsp;failure by Opthea to comply
with certain covenants and agreements set forth in the Agreement, including failure to make required payments or develop <FONT STYLE="white-space:nowrap">OPT-302</FONT> as set forth in the Agreement, (x)&nbsp;the bankruptcy of Opthea, (y)&nbsp;a
safety concern resulting from gross negligence on the part of Opthea or due to a safety concern that was material on the Effective Date and the material data showing such safety concern was not publicly known, disclosed to Investor, or in the
diligence room made available to Investor or (z)&nbsp;the security interests of Investor being invalidated or terminated other than as set forth in the Agreement; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">several multiples of such amounts in the event the Agreement is terminated due to Material Breach by Opthea; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a small multiple of such amounts in the event of certain irresolvable disagreements within the executive review
committee overseeing Opthea&#146;s development of <FONT STYLE="white-space:nowrap">OPT-302.</FONT> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, if following certain
events of termination of the Agreement, Opthea continues to <FONT STYLE="white-space:nowrap">develop&nbsp;OPT-302</FONT> for the treatment of wet AMD and obtains Regulatory Approval, it will make the payments to Investor as if the Agreement had not
been terminated, less any payments made upon termination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Agreement also provides that Opthea will use reasonable best efforts to complete a private
placement of its ordinary shares or American Depositary Shares (&#147;ADSs&#148;) representing its ordinary shares (at a ratio of 8 ordinary shares per ADS) for gross proceeds of at least US$70&nbsp;million, which Opthea expects will be satisfied
through the PIPE (as described below under &#147;PIPE Financing&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Agreement also includes a minimum cash requirement, and Opthea may need to
obtain additional funding to meet this requirement in the future, including prior to the expected readout of <FONT STYLE="white-space:nowrap">top-line</FONT> results for its Phase 3 clinical trials. To the extent that Opthea raises additional
capital through the sale of equity or convertible debt securities to meet this requirement, Opthea&#146;s equity holders will be diluted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing
description of the Agreement does not purport to be complete and is qualified in its entirety by the full text of the Agreement, a copy of which will be filed as an exhibit to Opthea&#146;s Annual Report on Form
<FONT STYLE="white-space:nowrap">20-F</FONT> for the fiscal year ended June&nbsp;30, 2022, which will be subsequently filed with the Securities and Exchange Commission. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>PIPE Financing </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Concurrently with the execution of
the Agreement, Opthea entered into binding commitments for the private placement of ordinary shares to be issued pursuant to Regulation S under, and Section&nbsp;4(a)(2) of, the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), as
the case may be, for aggregate gross proceeds of approximately US$90 million (the &#147;PIPE&#148;) and a price per ordinary share of A$1.15 (approximately US$0.81). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The PIPE consists of two tranches. The first tranche will be for US$42.5 million, or 52.8 million ordinary shares, which amount represents the amount of new
ordinary shares that Opthea may currently issue without obtaining shareholder approval under ASX Listing Rules. The first tranche is expected to be consummated on or about August 24, 2022. Opthea will use reasonable best efforts to obtain
shareholder approval to issue and consummate the second tranche, which will be for US$47.5 million, or 59 million shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Opthea expects to issue a
Notice of Meeting to its shareholders to convene a general meeting of shareholders expected in September 2022 to obtain shareholder approval to issue and consummate the second tranche. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Operational Update </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Opthea expects to use the net proceeds from the Agreement and the PIPE (the &#147;Transactions&#148;), together with its existing cash and cash equivalents, to
continue advancing the clinical development of <FONT STYLE="white-space:nowrap">OPT-302</FONT> for the treatment of wet AMD, including the Phase 3 clinical trials, and anticipates that any remaining proceeds will fund
<FONT STYLE="white-space:nowrap">pre-commercialization</FONT> activities, including commercial scale manufacturing, team build and market shaping, as well as for working capital and general corporate purposes. Opthea believes its current cash and
cash equivalents, together with the net proceeds from the Transactions, will be sufficient to fund its operations and research and development expenses through at least the fourth calendar quarter of 2024. Opthea continues to expect to complete
patient recruitment in the Phase 3 clinical trials of <FONT STYLE="white-space:nowrap">OPT-302</FONT> for the treatment of wet AMD by <FONT STYLE="white-space:nowrap">mid-2023,</FONT> with topline data to be reported when all patients complete the <FONT
STYLE="white-space:nowrap">52-week</FONT> treatment period for the primary analysis. If the topline results at the completion of the primary efficacy phase are favorable, Opthea expects to file for marketing approval for <FONT
STYLE="white-space:nowrap">OPT-302</FONT> for the treatment of wet AMD in the United States, European Union and other territories. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The amounts and timing
of Opthea&#146;s expenditures will depend upon and have been impacted in the past, and may continue to be impacted by, numerous factors, including the results of its research and development efforts, the timing and success of ongoing clinical trials
or clinical trials that Opthea may commence in the future, the timing of regulatory submissions, the performance and cost efficiency of third parties that assist Opthea with clinical development, including clinical research organizations
(&#147;CROs&#148;), and the continuing impacts of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic and macroeconomic challenges. As previously disclosed, Opthea&#146;s efforts to advance its Phase 3 clinical trials, including clinical
trial activations and trial site engagements, have been challenged in part by the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic and administrative delays. In particular, Opthea has incurred and experienced, and may continue to incur and
experience in the future, significantly increased costs and delays in connection with the activities conducted by third-party CROs and other third parties to prepare for and progress Opthea&#146;s Phase 3 clinical trials. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Opthea has based its beliefs and expectations stated above on assumptions that may prove to be wrong, including due to the continued uncertainty relating to
the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic and related macroeconomic challenges. Opthea may also experience future delays in its clinical development or commercialization of <FONT STYLE="white-space:nowrap">OPT-302</FONT> for any
indication, including due to the factors and conditions set forth above or other factors that Opthea cannot presently anticipate, and may use its available capital resources sooner than Opthea currently expects. Following this Transaction, Opthea
will require additional funding to reach commercialization of <FONT STYLE="white-space:nowrap">OPT-302</FONT> in any indication, including wet AMD. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Forward-looking Statements </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain statements in
this report may contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statement describing Opthea&#146;s goals, expectations, estimates, intentions or beliefs is a forward-looking
statement and should be considered an <FONT STYLE="white-space:nowrap">at-risk</FONT> statement, including, but not limited to, the expected enrollment of a significant number of patients for the trials, the advancement of Opthea&#146;s Phase 3
registrational program and commercialization efforts for <FONT STYLE="white-space:nowrap">OPT-302,</FONT> the expected timing of Opthea&#146;s Phase 3 program and trials, Opthea&#146;s anticipated funding needs and cash runway, including following
financing activities such as pursuant to the Agreement and the PIPE as well as to maintain compliance with the minimum cash requirement under the Agreement, Opthea&#146;s ability to meet its payment and other obligations under the Agreement,
including compliance with the minimum cash requirement, Opthea&#146;s ability to draw the entire US$170&nbsp;million of funding capacity under the Agreement in a timely manner or at all, Opthea&#146;s ability to consummate the second tranche of the
PIPE, and Opthea&#146;s goal of building out a substantial presence in the United States. Such statements are based on Opthea&#146;s current plans, objectives, estimates, expectations, and intentions and are subject to certain risks and
uncertainties, including risks and uncertainties associated with clinical trials and product development, including unexpected costs or delays in the clinical trial process, risks from the continuing <FONT STYLE="white-space:nowrap">COVID-19</FONT>
pandemic, and the impact of general economic, industry or political conditions in Australia, the United States or internationally. These and other risks and uncertainties are described more fully in the section titled &#147;Risk Factors&#148; in
Opthea&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">20-F</FONT> filed with the SEC on October&nbsp;28, 2021. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by
these forward-looking statements. Opthea undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required under applicable law. You should not place
undue reliance on these forward-looking statements as predictions of future events, which statements apply only as of the date of this announcement. Actual results could differ materially from those discussed in in this report. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBITS </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Description</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d360464dex991.htm">Press Release, dated August 15, 2022, titled &#147;Opthea Secures up to US$170 Million in Non-Dilutive Financing for OPT-302 in wet AMD.&#148; </A></TD></TR>
<TR STYLE="font-size:1pt">
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<TD VALIGN="top" NOWRAP>99.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d360464dex992.htm">Press Release, dated August 15, 2022, titled &#147;Opthea Successfully Closes Well Supported US$90 Million Equity Financing.&#148; </A></TD></TR>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>OPTHEA LIMITED</B></TD></TR>
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<TD VALIGN="top">Date: August 15, 2022</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Megan Baldwin</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
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<TD VALIGN="top">Megan Baldwin, Ph.D.</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top">Chief Executive Officer and Managing Director</TD></TR>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Opthea Secures up to US$170 Million in <FONT STYLE="white-space:nowrap">Non-Dilutive</FONT> Financing for
<FONT STYLE="white-space:nowrap">OPT-302</FONT> in wet AMD </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>&#149;</I></B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>Carlyle and its life sciences franchise Abingworth, working with their recently formed development company
Launch Therapeutics (Launch Tx), to provide <FONT STYLE="white-space:nowrap">non-dilutive</FONT> financing of up to US$170M, consisting of a US$120M commitment and an option to increase funding by a further US$50M </I></B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>&#149;</I></B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>If <FONT STYLE="white-space:nowrap">OPT-302</FONT> is approved in a major market, Carlyle and Abingworth
will be eligible to receive fixed success payments and variable success payments of 7% on annual net sales, which terminate after reaching four times the funded amount </I></B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>&#149;</I></B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>In addition, Opthea has received commitments for
US$90M<SUP STYLE="font-size:75%; vertical-align:top">1</SUP> (A$128.57M) via a private institutional equity placement for new shares and launched an A$5M Share Purchase Plan (SPP) </I></B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>&#149;</I></B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>Opthea is expected to be fully funded through pivotal Phase 3 topline data and <FONT
STYLE="white-space:nowrap">pre-commercial</FONT> activities and retains full worldwide commercial rights to <FONT STYLE="white-space:nowrap">OPT-302</FONT> </I></B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>&#149;</I></B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>Financing decision driven by the potential of superior visual outcomes demonstrated in Phase 2b unlike
competitors who focus on extended dosing </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Melbourne, Australia and Boston, MA, USA; 15</B><B></B><B>&nbsp;August, 2022</B>
&#150; Opthea Limited (ASX:OPT; NASDAQ: OPT), a clinical-stage biopharmaceutical company developing novel therapies to treat highly prevalent and progressive retinal diseases, today announced a <FONT STYLE="white-space:nowrap">non-dilutive</FONT>
financing transaction for up to US$170&nbsp;million from investment funds working with Launch Therapeutics (Launch Tx) to finance and advance the ongoing Phase 3 clinical trials and <FONT STYLE="white-space:nowrap">pre-commercialization</FONT>
activities of <FONT STYLE="white-space:nowrap">OPT-302</FONT> for wet <FONT STYLE="white-space:nowrap">age-related</FONT> macular degeneration (wet AMD). Launch Tx is the recently formed development company backed by funds managed by global
investment firm Carlyle (NASDAQ: CG) and its life sciences franchise, Abingworth. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the terms of the agreement, the funds managed by Carlyle and
Abingworth, in collaboration with Launch Tx, will commit US$120&nbsp;million in three installments at fixed time points and retain an option to commit another US$50&nbsp;million, representing total funding of up to US$170&nbsp;million for Opthea. If
<FONT STYLE="white-space:nowrap">OPT-302</FONT> is approved in a major market, Opthea will make a milestone payment after regulatory approval and then six subsequent annual fixed success payments and variable success payments of 7% of net sales,
with cumulative payments capped at four times the amount funded to Opthea. Opthea retains full worldwide commercial rights for <FONT STYLE="white-space:nowrap">OPT-302</FONT> and has the option to prepay its obligations in full at any time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Details of the US$90M<SUP STYLE="font-size:75%; vertical-align:top">1</SUP> (A$128.57M) private institutional placement and SPP offering launched today have
been separately announced. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Opthea is thrilled to enter this strategic arrangement with Launch Tx, and to receive funding from world-leading
investors in Carlyle and Abingworth. This strategic transaction is expected to fund us through Phase 3 topline data expected in <FONT STYLE="white-space:nowrap">mid-2024</FONT> and strengthens our strategic position to maximize the value of
OPT-302,&#148; said Dr Megan Baldwin, Chief Executive Officer at Opthea. &#147;This transaction with Launch Tx is <FONT STYLE="white-space:nowrap">non-dilutive</FONT> for shareholders of Opthea, and we are proud to have been selected as Launch
Tx&#146;s first partner since its formation.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Anshul Thakral, CEO of Launch Tx, commented, &#147;We are excited to partner with Opthea on <FONT
STYLE="white-space:nowrap">OPT-302,</FONT> a novel drug candidate that has demonstrated superior visual acuity in Phase 2 trials over standard of care <FONT STYLE="white-space:nowrap">anti-VEGF-A</FONT> therapy in patients with wet AMD. With this
collaboration, we will advance <FONT STYLE="white-space:nowrap">OPT-302</FONT> through </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Assumes AUD/USD exchange rate of A$1.00/US$0.70
</P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
its ongoing Phase 3 trials and hope to reach regulatory approval in a timely manner, with the intention of bringing this important medicine to patients in need. At Launch Tx, we are committed to
working with pharma and biotech partners to expedite late-stage drug development programs. We do this by designing innovative funding models tailored to our partners&#146; specific needs and leveraging our extensive clinical development, regulatory,
and commercialization expertise as needed. This partnership with Opthea is a great example of one such model.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">OPT-302</FONT> is a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">first-in-class</FONT></FONT>
intravitreally administered biologic &#147;trap&#148; inhibitor of vascular endothelial growth factors C <FONT STYLE="white-space:nowrap">(VEGF-C)</FONT> and D <FONT STYLE="white-space:nowrap">(VEGF-D)</FONT> currently being investigated in two
concurrent Phase 3 pivotal registrational trials that will each enroll ~990 treatment na&iuml;ve patients, in combination with two approved <FONT STYLE="white-space:nowrap">anti-VEGF-A</FONT> treatments, ranibizumab (ShORe trial) and aflibercept
(COAST trial). <FONT STYLE="white-space:nowrap">OPT-302</FONT> has the potential to be positioned as complementary and agnostic with any combined <FONT STYLE="white-space:nowrap">anti&#150;VEGF-A</FONT> therapy for the treatment of wet AMD, a
strategy intended to maximize the commercial opportunity for the therapy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Global expert in the treatment of retinal diseases and Chief Investigator for
the Phase 3 COAST study, Dr.&nbsp;Charles Wykoff, MD PhD, Director of Research, Retina Consultants of Texas, commented, &#147;In a treatment landscape increasingly crowded with biosimilars and long-acting
<FONT STYLE="white-space:nowrap">VEGF-A</FONT> inhibitors, it is exciting to contribute to the advancement of <FONT STYLE="white-space:nowrap">OPT-302,</FONT> the only investigational agent in late stage development with the potential to improve
vision outcomes over standard of care for patients with wet AMD.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cooley LLP (US) and Gilbert+Tobin (Australia) served as legal advisors to Opthea.
Goodwin Procter LLP, DLA Piper LLP (US) and DLA Piper LLP (Australia) served as legal advisors to Launch Tx. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additional details regarding the
transactions described in this release and related operational updates will be included in a Report on Form <FONT STYLE="white-space:nowrap">6-K,</FONT> which Opthea will furnish separately with the U.S. Securities and Exchange Commission and the
contents of which will be lodged with ASX in a separate announcement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About <FONT STYLE="white-space:nowrap">OPT-302</FONT> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">OPT-302</FONT> is a soluble form of vascular endothelial growth factor receptor
<FONT STYLE="white-space:nowrap">(VEGFR)-3</FONT> expressed as an immunoglobulin G1 (IgG1) <FONT STYLE="white-space:nowrap">Fc-fusion</FONT> protein. It binds and neutralizes the activity of vascular endothelial growth factor <FONT
STYLE="white-space:nowrap">(VEGF)-C</FONT> and <FONT STYLE="white-space:nowrap">VEGF-D</FONT> on their endogenous receptors, <FONT STYLE="white-space:nowrap">VEGFR-2</FONT> and <FONT STYLE="white-space:nowrap">VEGFR-3.</FONT> Targeted inhibition of <FONT
STYLE="white-space:nowrap">VEGF-C</FONT> and <FONT STYLE="white-space:nowrap">VEGF-D</FONT> can prevent blood vessel growth and vascular leakage, which contribute to the pathophysiology of retinal diseases including neovascular &#147;wet&#148; AMD.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About ShORe and COAST Phase 3 Clinical Studies </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Opthea currently is enrolling patients for its two ongoing concurrent pivotal Phase 3 clinical trials for the treatment of wet AMD. The global, multi-centre,
double-masked, sham-controlled Phase 3 ShORe (<I><U>S</U></I><I>tudy of </I><I><U>O</U></I><I><FONT STYLE="white-space:nowrap">PT-302</FONT> in combination with </I><I><U>R</U></I><I>anibizumab</I>) and COAST (<I><U>C</U></I><I>ombination
</I><I><U>O</U></I><I><FONT STYLE="white-space:nowrap">PT-302</FONT> with </I><I><U>A</U></I><I>flibercept </I><I><U>St</U></I><I>udy;</I>) clinical trials will each enroll ~990 treatment-naive patients and assess the efficacy and safety of
intravitreal 2.0 mg <FONT STYLE="white-space:nowrap">OPT-302</FONT> in combination with 0.5 mg ranibizumab (Lucentis<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>) (ShORe trial) or 2.0 mg aflibercept (Eylea<SUP
STYLE="font-size:75%; vertical-align:top">&reg;</SUP>) (COAST trial), compared to ranibizumab or aflibercept monotherapy, respectively. In addition, extended durability of the <FONT STYLE="white-space:nowrap">OPT-302</FONT> treatment effect on
clinical outcomes with less frequent every eight-weekly dosing will be compared with <FONT STYLE="white-space:nowrap">OPT-302</FONT> administered on an every four-weekly dosing regimen, in combination with each
<FONT STYLE="white-space:nowrap">VEGF-A</FONT> inhibitor. If successful, the investigation of <FONT STYLE="white-space:nowrap">OPT-302</FONT> in combination with two approved standard of care <FONT STYLE="white-space:nowrap">VEGF-A</FONT> inhibitors
in the Phase 3 program could enable <FONT STYLE="white-space:nowrap">OPT-302</FONT> to be administered with either Eylea or Lucentis which had combined sales for retinal diseases of &gt;USD$12&nbsp;billion in 2021. The primary endpoint for both
trials is the mean change in Best Corrected Visual Acuity from baseline to week 52 for <FONT STYLE="white-space:nowrap">OPT-302</FONT> combination therapy compared to <FONT STYLE="white-space:nowrap">anti-VEGF-A</FONT> monotherapy. Each patient will
continue to be treated for a further year to evaluate extended safety and tolerability over a <FONT STYLE="white-space:nowrap">two-year</FONT> period. To learn more, visit <U>www.opthea.com</U> and ClinicalTrials.gov (ShORe trial, ID#: NCT04757610;
COAST trial, ID#: NCT04757636). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Opthea </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Opthea
(ASX:OPT; NASDAQ:OPT) is a biopharmaceutical company developing novel therapies to address the unmet need in the treatment of highly prevalent and progressive retinal diseases, including wet <FONT STYLE="white-space:nowrap">age-related</FONT>
macular degeneration (wet AMD) and diabetic macular edema (DME). Opthea&#146;s lead product candidate <FONT STYLE="white-space:nowrap">OPT-302</FONT> is in pivotal Phase 3 clinical trials and being developed for use in combination with <FONT
STYLE="white-space:nowrap">anti-VEGF-A</FONT> monotherapies to achieve broader </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
inhibition of the VEGF family, with the goal of improving overall efficacy and demonstrating superior vision gains over that which can be achieved by inhibiting
<FONT STYLE="white-space:nowrap">VEGF-A</FONT> alone. To learn more, visit www.opthea.com.com and follow us on Twitter and LinkedIn. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Launch
Therapeutics </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Launch Therapeutics (Launch Tx) is a clinical development company with a mission to disrupt the late-stage development paradigm,
accelerate timelines to regulatory success and bring new medicines to patients faster. To deliver this, Launch Tx offers pharmaceutical and biotech partners a variety of innovative models that combine access to capital with deep drug development,
medical, clinical operations, regulatory and commercialization expertise. These models include significant risk financing, clinical <FONT STYLE="white-space:nowrap">co-development</FONT> and full <FONT STYLE="white-space:nowrap">in-licensing,</FONT>
all of which we believe offer partners an aligned and efficient approach to realizing the potential of late-stage clinical programs across any therapeutic area. Founded in 2022, Launch Tx is backed by leading investors, Carlyle and its life sciences
franchise, Abingworth, and is led by a committed, experienced team with an enthusiastic passion to fulfil its mission. For more information, visit <U>launchtx.com</U> and follow us on <U>LinkedIn.</U> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Carlyle </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Carlyle (NASDAQ: CG) is a global
investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $376&nbsp;billion of assets under management as of June&nbsp;30,
2022, Carlyle&#146;s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 1,900 people in 26 offices across five continents. Further
information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Abingworth </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Abingworth is a leading transatlantic life sciences investment firm with approximately $2&nbsp;billion under management. Abingworth helps transform
cutting-edge science into novel medicines by providing capital and expertise to top caliber management teams building world-class companies. Since 1973, Abingworth has invested in 179 life science companies, leading to 74 IPOs and 48 M&amp;As.
Abingworth&#146;s therapeutic focused investments fall into three categories: seed and early-stage, development stage and clinical <FONT STYLE="white-space:nowrap">co-development.</FONT> Abingworth supports its portfolio companies with a team of
experienced professionals at offices in London, Menlo Park (California) and Boston. Abingworth is now part of Carlyle (NASDAQ: CG). For more information, visit www.abingworth.com </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Inherent Risks of Investment in Biotechnology Companies </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There are a number of inherent risks associated with the development of pharmaceutical products to a marketable stage. The lengthy clinical trial process is
designed to assess the safety and efficacy of a drug prior to commercialization and a significant proportion of drugs fail one or both of these criteria. Other risks include uncertainty of patent protection and proprietary rights, whether patent
applications and issued patents will offer adequate protection to enable product development, the obtaining of necessary drug regulatory authority approvals and difficulties caused by the rapid advancements in technology. Companies such as Opthea
are dependent on the success of their research and development projects and on the ability to attract funding to support these activities. Investment in research and development projects cannot be assessed on the same fundamentals as trading and
manufacturing enterprises. Therefore, investment in companies specializing in drug development must be regarded as highly speculative. Opthea strongly recommends that professional investment advice be sought prior to such investments. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward-looking Statements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain statements in this
announcement may contain forward-looking statements, including within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statement describing Opthea&#146;s goals, expectations, intentions or beliefs is a forward-looking
statement and should be considered an <FONT STYLE="white-space:nowrap">at-risk</FONT> statement, including, but not limited to, the expected enrollment of a significant number of patients for the trials, the advancement of Opthea&#146;s Phase 3
registrational program and commercialization efforts for <FONT STYLE="white-space:nowrap">OPT-302,</FONT> the expected timing of Opthea&#146;s Phase 3 program and trials, Opthea&#146;s anticipated funding needs and cash runway, including following
financing activities such as the <FONT STYLE="white-space:nowrap">non-dilutive</FONT> financing transaction with Launch Tx, Opthea&#146;s ability to meet its payment and other obligations under the agreement with Launch Tx, Opthea&#146;s ability to
draw the entire US$170&nbsp;million of funding capacity under the agreement with Launch Tx in a timely manner or at all, and Opthea&#146;s goal of building out a substantial presence in the United </P>
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States. Such statements are based on Opthea&#146;s current plans, objectives, estimates, expectations, and intentions and are subject to certain risks and uncertainties, including risks and
uncertainties associated with clinical trials and product development, including unexpected costs or delays in the clinical trial process, risks from the continuing <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, and the impact of general
economic, industry or political conditions in Australia, the United States or internationally. These and other risks and uncertainties are described more fully in the section titled &#147;Risk Factors&#148; in Opthea&#146;s Annual Report on Form <FONT
STYLE="white-space:nowrap">20-F</FONT> filed with the SEC on October&nbsp;28, 2021. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. The
Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required under applicable law. You should not place undue reliance on these
forward-looking statements as predictions of future events, which statements apply only as of the date of this announcement. Actual results could differ materially from those discussed in this ASX announcement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Authorized for release to ASX by Megan Baldwin, CEO&nbsp;&amp; Managing Director </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Contacts: </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B><I>For Opthea</I></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B><I>Join our email database to receive<BR>program updates:</I></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B><I>U.S.A. &amp; International:</I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">Sam Martin</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">Argot
Partners</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">Tel: +1 <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">212-600-1902</FONT></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><U>opthea@argotpartners.com</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tel: +61 (0) 3 9826 0399</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>info@opthea.com</U></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>www.opthea.com</U></P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B><I>Australia:</I></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">Rudi Michelson</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">Monsoon Communications</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">Tel: +61 (0) 3 9620 3333</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Opthea Successfully Closes Well Supported US$90 Million Equity Financing </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Melbourne, Australia; 15</B><B></B><B>&nbsp;August, 2022 </B>&#150; Opthea Limited (ASX:OPT; NASDAQ: OPT) (<B>Opthea</B>), a clinical stage
biopharmaceutical company developing novel therapies to treat highly prevalent and progressive retinal diseases, is pleased to confirm it has received binding commitments for a successful <FONT STYLE="white-space:nowrap">two-tranche</FONT> placement
(<B>Placement</B>) of new fully paid ordinary shares (<B>New Shares</B>) to institutional investors to raise approximately US$90&nbsp;million<SUP STYLE="font-size:75%; vertical-align:top">1</SUP> (A$128.57 million) at a price of A$1.15 per New Share
(<B>Placement Price</B>), which represents a 12.6% discount to the <FONT STYLE="white-space:nowrap">10-day</FONT> Volume-Weighted Average Price (VWAP) as of 10&nbsp;August 2022. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As noted in Opthea&#146;s announcement today, Opthea has entered into a <FONT STYLE="white-space:nowrap">non-dilutive</FONT> financing arrangement for up to
US$170&nbsp;million with Carlyle and Abingworth, in collaboration with their recently formed development company Launch Therapeutics, of which US$50&nbsp;million will be paid shortly after Opthea receives the proceeds from the first tranche of the
Placement, with the remainder being funded in two additional future tranches. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dr Megan Baldwin, Chief Executive Officer and Managing Director of Opthea
commented &#147;This well supported placement has seen a high level of demand from existing and new institutional investors, including large global and <FONT STYLE="white-space:nowrap">US-based</FONT> funds. We appreciate the strong support from our
current shareholders and are delighted to be welcoming several leading new institutional investors to the register. This successful equity raising in conjunction with the large <FONT STYLE="white-space:nowrap">non-dilutive</FONT> financing from
funds managed by Carlyle and Abingworth, in collaboration with Launch Tx, represents a tremendous achievement for Opthea. Together these financings further validate our strategy to develop <FONT STYLE="white-space:nowrap">OPT-302</FONT> as a
differentiated therapeutic with the potential to improve patient outcomes in retinal diseases including wet <FONT STYLE="white-space:nowrap">age-related</FONT> macular degeneration.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Details of the Placement are as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Tranche 1 of the Placement of 52.8&nbsp;million New Shares for gross proceeds of US$42.5 million<SUP
STYLE="font-size:75%; vertical-align:top">1</SUP> (A$60.75 million) will be issued pursuant to Opthea&#146;s placement capacity under ASX Listing Rule 7.1, and is expected to settle on or about August&nbsp;24, 2022; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Tranche 2 of the Placement of 59&nbsp;million New Shares for gross proceeds of US$47.5 million<SUP
STYLE="font-size:75%; vertical-align:top">1</SUP> (A$67.82 million) will be issued subject to and conditional upon shareholder approval at a general meeting scheduled to take place on 26&nbsp;September 2022 (Australian Eastern Standard Time
(<B>AEST</B>)) and expected to settle shortly after approval at such meeting. To this end, Opthea will shortly issue a Notice of Meeting to its shareholders to convene this general meeting of the company. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New shares issued under the Placement will rank pari passu with existing Opthea fully paid ordinary shares from their date of issue. The Company received high
levels of interest from both existing institutional shareholders and new investors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Opthea will also offer eligible Opthea shareholders, being
shareholders who had a registered address in Australia or New Zealand on Opthea&#146;s register at 7.00pm <B>AEST </B>on Friday, 12&nbsp;August 2022, the opportunity to apply for up to A$30,000 of New Shares free of any brokerage, commission and
transaction costs in accordance with a share purchase plan (<B>SPP</B>). The SPP will be priced at the Placement Price. Full details of the SPP will be set out in the SPP Offer Booklet, which will be released to the ASX and made available to
eligible shareholders in Australia and New Zealand (and such other jurisdictions as may be indicated in the SPP Offer Booklet) later in August. The SPP will not be underwritten and is expected to raise up to A$5&nbsp;million<SUP
STYLE="font-size:75%; vertical-align:top">2</SUP>. </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Assumes AUD/USD exchange rate of A$1.00/US$0.70 </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Opthea may (in its absolute discretion) in a situation where total demand exceeds $5&nbsp;million, decide to
increase the amount to be raised under the SPP to reduce or eliminate the need for scale back. </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The proceeds of the Placement and SPP, together with proceeds from the
<FONT STYLE="white-space:nowrap">non-dilutive</FONT> financing arrangement and cash on hand, will be used to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Continue advancing Phase 3 clinical trials of <FONT STYLE="white-space:nowrap">OPT-302</FONT> for the treatment
of wet AMD through topline data readout, and to fund <FONT STYLE="white-space:nowrap">pre-commercialization</FONT> activities, including commercial scale manufacturing, team build and market shaping; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Provide additional working capital post the Phase 3 trial topline data readout (expected to be <FONT
STYLE="white-space:nowrap">mid-CY24).</FONT> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MST Financial (Australia) and Jefferies LLC (U.S.) acted as Joint Lead Managers on the
Placement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additional details regarding the transactions described in this release and related operational updates will be included in a Report on Form <FONT
STYLE="white-space:nowrap">6-K,</FONT> which Opthea will furnish separately with the U.S. Securities and Exchange Commission and the contents of which will be lodged with ASX in a separate announcement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Opthea </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Opthea (ASX:OPT; Nasdaq:OPT) is a
biopharmaceutical company developing novel therapies to address the unmet need in the treatment of highly prevalent and progressive retinal diseases, including wet <FONT STYLE="white-space:nowrap">age-related</FONT> macular degeneration (wet AMD)
and diabetic macular edema (DME). Opthea&#146;s lead product candidate <FONT STYLE="white-space:nowrap">OPT-302</FONT> is in pivotal Phase 3 clinical trials and being developed for use in combination with
<FONT STYLE="white-space:nowrap">anti-VEGF-A</FONT> monotherapies to achieve broader inhibition of the VEGF family, with the goal of improving overall efficacy and demonstrating superior vision gains over that which can be achieved by inhibiting <FONT
STYLE="white-space:nowrap">VEGF-A</FONT> alone. To learn more, visit www.opthea.com.com and follow us on Twitter and Linkedin. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Inherent Risks of
Investment in Biotechnology Companies </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There are a number of inherent risks associated with the development of pharmaceutical products to a marketable
stage. The lengthy clinical trial process is designed to assess the safety and efficacy of a drug prior to commercialization and a significant proportion of drugs fail one or both of these criteria. Other risks include uncertainty of patent
protection and proprietary rights, whether patent applications and issued patents will offer adequate protection to enable product development, the obtaining of necessary drug regulatory authority approvals and difficulties caused by the rapid
advancements in technology. Companies such as Opthea are dependent on the success of their research and development projects and on the ability to attract funding to support these activities. Investment in research and development projects cannot be
assessed on the same fundamentals as trading and manufacturing enterprises. Therefore, investment in companies specializing in drug development must be regarded as highly speculative. Opthea strongly recommends that professional investment advice be
sought prior to such investments. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward-looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain statements in this announcement may contain forward-looking statements, including within the meaning of the U.S. Private Securities Litigation Reform
Act of 1995. Any statement describing Opthea&#146;s goals, expectations, intentions or beliefs is a forward-looking statement and should be considered an <FONT STYLE="white-space:nowrap">at-risk</FONT> statement, including, but not limited to, the
advancement of Opthea&#146;s Phase 3 registrational program and commercialization efforts for <FONT STYLE="white-space:nowrap">OPT-302,</FONT> the expected timing of Opthea&#146;s Phase 3 program and trials, Opthea&#146;s anticipated funding needs
and cash runway, including following the financing transactions described in this announcement, Opthea&#146;s ability to meet its payment and other obligations under the <FONT STYLE="white-space:nowrap">non-dilutive</FONT> financing arrangement,
Opthea&#146;s ability to draw the entire US$170&nbsp;million of funding capacity under such arrangement in a timely manner or at all, and Opthea&#146;s ability to consummate Tranche 2 of the Placement. Such statements are based on Opthea&#146;s
current plans, objectives, estimates, expectations, and intentions and are subject to certain risks and uncertainties, including risks and uncertainties associated with clinical trials and product </P>
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development, unexpected costs or delays in the clinical trial process, risks from the continuing <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, and the impact of general economic,
industry or political conditions in Australia, the United States or internationally. These and other risks and uncertainties are described more fully in the section titled &#147;Risk Factors&#148; in Opthea&#146;s Annual Report on Form <FONT
STYLE="white-space:nowrap">20-F</FONT> filed with the SEC on October&nbsp;28, 2021. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise, except as
required under applicable law. You should not place undue reliance on these forward-looking statements as predictions of future events, which statements apply only as of the date of this announcement. Actual results could differ materially from
those discussed in this ASX announcement. Actual results could differ materially from those discussed in in this announcement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Not an offer </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This ASX announcement is not a disclosure document and should not be considered as investment advice. The information contained in this ASX announcement is for
information purposes only and should not be considered an offer or an invitation to acquire Company securities or any other financial products and does not and will not form part of any contract for the acquisition of New Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In particular, this ASX announcement does not constitute an offer to sell, or a solicitation of any offer to buy, any securities in the United States or any
other jurisdiction in which such an offer would be illegal or impermissible. The securities to be offered and sold in the Placement and SPP have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the &#147;U.S.
Securities Act&#148;), or the securities laws of any state or other jurisdiction of the United States. No public offering of securities is being made in the United States. Accordingly, the securities to be offered and sold in the Placement and SPP
may only be offered and sold outside the United States in &#147;offshore transactions&#148; (as defined in Rule 902(h) under Regulation S of the U.S. Securities Act (&#147;Regulation S&#148;)) in reliance on Regulation S, unless they are offered and
sold in a transaction registered under, or exempt from, or in a transaction not subject to, the registration requirements of, the U.S. Securities Act and applicable U.S. state securities laws. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Authorized for release to ASX by Megan Baldwin, CEO&nbsp;&amp; Managing Director </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Contacts: </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B><I>For Opthea</I></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Join our email database to receive</I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B><I>program updates:</I></B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B>U.S.A. &amp; International:</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">Sam Martin</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">Argot
Partners</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">Tel:&nbsp;+1 <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">212-600-1902</FONT></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><U>opthea@argotpartners.com</U></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B><I>Australia:</I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">Rudi Michelson</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">Monsoon
Communications</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">Tel: +61 (0) 3 9620 3333</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tel: +61 (0) 3 9826 0399</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>info@opthea.com</U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>www.opthea.com</U></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Media:</I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Silvana Guerci-Lena</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NorthStream Global Partners</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tel: +1 <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">973-509-4671</FONT></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">silvana@nsgpllc.com</P></TD></TR>
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