Ann: Security Class Reinstatement to Quotation- OPTOB, page-663

Yes, I just don’t see any reason for OPT to rush into any takeover or buyout. Everything is in our favor to proceed with a biologic license and commercialization in the U.S. market, along with partnerships in the EU, Japan, and Asia.

If we achieve an improvement 4 letters or a full line (5+ letters), then the new standard of care and the most in-demand option will be Sozinibercept plus any VEGF-A.

First Prize: Given the global market is AUD $20B/year market (USD $14.5B/year for nAMD/wAMD). We must price the company with the perspective that we hold the ace card.With 4+ letters, the key question becomes: what is the realistic percentage of the market can we capture? From there, we simply apply the appropriate multiples as seen in the industry. If I do the maths is almost silly. Even at $1.02 the risk / reward here is huge.

Second Prize: Let’s say if the Phase 3 trial fails to achieve general clinical significance (eg 2 letters), and hypothetically, we only see a 3+ letter gain in Polypoidal Choroidal Vasculopathy (PCV) cases. Even if this limits the treatment to 10% or less of the nAMD market, it still suggests todays price $1.02 is wildly undervalued.