MONMOUTH JUNCTION, N.J., Nov. 05, 2020 (GLOBE NEWSWIRE) -- Outlook Therapeutics, Inc. (Nasdaq: OTLK), a?late clinical-stage?biopharmaceutical company?working to develop the first FDA-approved ophthalmic formulation of bevacizumab-vikg?for use in retinal?indications, today announced the issuance of a $10.2 million unsecured promissory note to an accredited investor for $10.0 million cash proceeds, which will be used to pay off existing demand notes and to provide additional working capital.

“This non-dilutive funding provides us with additional flexibility as we continue to make great progress in advancing ONS-5010/LYTENAVA™ towards our planned Biologics License Application (BLA) for wet AMD in the second half of 2021. With all of our planned clinical trials for a wet AMD BLA now complete or fully enrolled, we are intensely focused on advancing ONS-5010 towards pivotal data readout in mid-2021. We also continue our efforts to secure a commercial partner for ONS-5010 by the end of 2020,” commented Lawrence Kenyon, President, CEO and CFO of Outlook Therapeutics.

The Note bears interest at a rate of 7.5% per annum, matures January 1, 2022, and includes an original issue discount of $200,000, along with $20,000 for Investor’s fees, costs and other transaction expenses. Outlook Therapeutics may prepay all or a portion of the Note at any time by paying 105% of the outstanding balance elected for pre-payment.

Other material terms related to the Note can be found in Outlook Therapeutic’s current report on Form 8-K, which will be filed with the Securities and Exchange Commission.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the Note or any other securities, nor will there be any sale of Notes or any other securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offer and sale of the Note has not been registered under the Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

About Outlook Therapeutics, Inc.

Outlook Therapeutics is a late clinical-stage biopharmaceutical company working to develop ONS-5010/LYTENAVA™ (bevacizumab-vikg) as the first FDA-approved ophthalmic formulation of bevacizumab-vikg for use in retinal indications, including wet age-related macular degeneration (AMD), diabetic macular edema and branch retinal vein occlusion. If ONS-5010 is approved, Outlook Therapeutics expects to commercialize it as the first and only FDA-approved ophthalmic formulation of bevacizumab-vikg for use in treating a range of retinal diseases in the United States, United Kingdom, Europe, Japan and other markets. Outlook Therapeutics expects to file ONS-5010 with the U.S. FDA as a new BLA under the PHSA 351(a) regulatory pathway, initially for wet AMD. For more information, please visit www.outlooktherapeutics.com.