Opthea Limited has successfully settled the Development Funding Agreement with investors, avoiding potential payments of up to USD680 million. The company will issue equity equivalent to 9.99% of total shares to the investors and make a one-time payment of USD20 million. CEO Dr. Fred Guerard, CFO Tom Reilly, and Director Sujal Shah will step down as part of the settlement. Chairman Dr. Jeremy Levin will assume additional responsibilities as CEO from September 1st. The company will focus on maximizing shareholder value and exploring strategic partnerships or licensing opportunities. Trading of Opthea’s securities remains suspended.

Read more at GlobeNewswire: Opthea Provides Corporate Update