Opthea (ASX:OPT) has reached a binding agreement with its Development Funding Agreement (DFA) investors to terminate the existing financing arrangement, according to a Monday statement by the company.

Under the deal, the company will make a one-time cash payment of $20 million and issue about 136.7 million fully paid ordinary shares to the investors, the statement said.

The DFA investors have agreed to a 12-month voluntary escrow on the issued shares, the statement added.

The company will have about $20 million in unaudited cash and cash equivalents, and its board has determined that directors will no longer rely on the "safe harbor" provisions of the Corporations Act.

The biopharmaceutical firm also said Chief Executive Officer Fred Guerard and Chief Financial Officer Tom Reilly have resigned, effective Sept.1 and Sept.15, respectively.

Chairman Jeremy Levin will assume the role and earn a remuneration of AU$150,000 per annum as Chairman and AU$210,000 as CEO from Sept. 1, the company added.