Clock’s Ticking: In 24 hours we’ll know if Opthea’s DME clinical trial was successful
Health & Biotech
Health & Biotech
Link copied to
Has Opthea’s (ASX:OPT) clinical trial of its drug against Diabetic macular edema (DME) been as successful as last year’s wet-AMD trial? We’re less than 24 hours from finding out.
The company entered a trading halt this morning pending the results of a Phase 2a clinical trial against DME.
Since then, the company raised another $50 million and is planning a much larger Phase III clinical trial with its ‘eyes’ on eventually taking this drug to market.
Wet-AMD is the leading cause of blindness. DME is a similar disease involving vision loss caused by leaking fluids in the eye. It affects over 2 million people globally.
In its latest Opthea report in late March Goldman Sachs said although DME was a smaller opportunity, this market could grow quicker than wet-AMD because prevalence is on the rise.
Analyst Chris Cooper said last year’s success gives reason for confidence and success could open more doors.
“We believe the positive progress shown by OPT-302 in wet-AMD somewhat de-risks the upcoming DME data,” he said.
“A positive outcome in the DME study could demonstrate that OPT[-302] may have broad applications across the whole VEGF-A class, potentially enhancing clinical and commercial interest in the molecule,” he said.
Goldman’s most recent 12-month target price was $5.20. But it indicated this target could spike if OPT-302 worked with DME and if ultimately was approved for both DME and wet-AMD in the US.
Shares did not move today being in a trading halt but are up nearly 400 per cent in 12 months.