MONMOUTH JUNCTION, N.J., Feb. 02, 2021 (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 closing of its previously announced underwritten public offering of 35,000,000 shares of common stock of the Company at a price to the public of $1.00 per share. As previously announced, the company has granted the underwriter a 30-day option to purchase up to 5,250,000 additional shares of its common stock at the public offering price, less underwriting discounts and commissions.
H.C. Wainwright & Co. acted as the sole book-running manager for the offering. Brookline Capital Markets, a division of Arcadia Securities, LLC, acted as financial advisor to the Company.
GMS Ventures and Investments, an affiliate of Outlook Therapeutics’ largest stockholder and strategic partner, BioLexis Pte. Ltd., purchased directly or through an affiliate $8.36 million of the shares of common stock offered in the offering at the public offering price per share.
The gross proceeds to Outlook Therapeutics, before deducting underwriting discounts and commissions and offering expenses are approximately $35.0 million. Outlook Therapeutics intends to use the net proceeds from the offering for working capital and general corporate purposes, including in support of its ONS-5010 development program.
As previously announced, Outlook Therapeutics also entered into a definitive purchase agreement with Syntone Ventures, LLC for the purchase and sale in a private placement of 3,000,000 shares of its common stock at a purchase price of $1.00 per share, for aggregate gross proceeds of $3.0 million, which is anticipated to close by March 1, 2021, subject to satisfaction of customary closing conditions.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
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 AMD, DME and BRVO. 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, China 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.
