Opthea expands leadership team amid clinical trials

MELBOURNE, Australia and PRINCETON, N.J. - Opthea Limited (ASX/NASDAQ: OPT), a biopharmaceutical company focused on developing therapies for retinal diseases, has announced the appointment of three senior executives to enhance its leadership as it prepares for critical Phase 3 clinical trial readouts in 2025.

Dr. Parisa Zamiri has been named Chief Medical Officer, effective last Monday. She brings extensive experience in ophthalmology and drug development, having worked at companies like Novartis (SIX:NOVN) Pharmaceuticals and Complement Therapeutics. Her expertise is expected to be pivotal as Opthea gears up for the upcoming topline data readouts from its sozinibercept trials for wet age-related macular degeneration (wet AMD (NASDAQ:AMD)).

Joining the company later this month, on October 28, Tom Reilly will take on the role of Chief Financial Officer. Reilly's background includes over 25 years of financial leadership in the life sciences sector, with previous positions at Amarin (NASDAQ:AMRN) Corporation and Cara Therapeutics (NASDAQ:CARA). He is anticipated to strengthen Opthea's financial strategy and operations.

Anand Sundaram will assume the position of Vice President Marketing starting next Monday. His decade-long experience in commercial roles across various therapeutic areas, including retina and cardiovascular diseases, will be instrumental in Opthea's commercial readiness. Sundaram's previous roles at Astellas and Novartis have armed him with the necessary skills to support Opthea's marketing strategies.

Opthea is at a pivotal stage with its lead product candidate, sozinibercept, currently undergoing two pivotal Phase 3 clinical trials. The trials aim to demonstrate its efficacy in combination with standard-of-care anti-VEGF-A therapies for wet AMD, a leading cause of blindness in the elderly.

These strategic appointments come as Opthea prepares for the anticipated regulatory submissions following the sozinibercept trial results. The company's CEO, Frederic Guerard, expressed confidence that the new additions to the team will significantly contribute to Opthea's clinical and commercial progress.

The information in this article is based on a press release statement from Opthea Limited.

In other recent news, Amarin Corporation reported its Q2 2024 results, revealing a net revenue of $67.5 million and a GAAP net income of $1.5 million. Despite facing challenges such as generic competition and loss of a significant commercial account in the US, the company remains focused on the global expansion of its cardiovascular drug, VASCEPA/VAZKEPA. As part of its strategy, Amarin has achieved public reimbursement for VASCEPA in China, which included a $15 million payment.

Final stages of discussions for pricing and reimbursement are underway in Australia, while VASCEPA is set to be listed in Alberta, Canada, soon. However, Amarin anticipates a decline in revenues in the latter half of 2024 due to the loss of an important contract in the US. To protect its intellectual property, the Federal Circuit has reinstated Amarin's patent infringement lawsuit against Hikma, which will proceed in District Court.

Moreover, Amarin announced that new data from the REDUCE-IT cardiovascular outcomes trial and other research on VASCEPA/VAZKEPA will be presented at the upcoming European Society of Cardiology Congress. The findings aim to enhance the understanding of the prevalence of residual cardiovascular risk associated with elevated triglyceride levels and the mechanism of action of icosapent ethyl/EPA. These are some of the recent developments for Amarin.

InvestingPro Insights

As Opthea Limited (ASX/NASDAQ: OPT) strengthens its leadership team in preparation for crucial clinical trial readouts, it's worth noting some financial insights about Amarin Corporation (NASDAQ: AMRN), where the newly appointed CFO Tom Reilly previously held a position.

According to InvestingPro data, Amarin's market capitalization stands at $236.92 million, with a revenue of $264.78 million in the last twelve months as of Q2 2024. However, the company has experienced a revenue decline of 23.53% over the same period, which aligns with an InvestingPro Tip suggesting that analysts anticipate a sales decline in the current year.

Despite these challenges, Amarin holds more cash than debt on its balance sheet, and its liquid assets exceed short-term obligations. These factors could have provided valuable experience for Reilly in managing financial strategies during challenging market conditions, which may prove beneficial for Opthea as it navigates the capital-intensive process of late-stage clinical trials and potential commercialization.

It's also noteworthy that Amarin's stock has been volatile, trading near its 52-week low with a significant 46.15% decline over the past six months. This volatility in the biopharmaceutical sector underscores the importance of strong financial leadership, especially for companies like Opthea that are approaching critical milestones.

For investors interested in deeper analysis, InvestingPro offers 8 additional tips for Amarin, providing a more comprehensive view of the company's financial health and market position.

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