Outlook Therapeutics Announces Closing of $10.2 Million Financing Priced At-The-Market Under Nasdaq Rules
June 25 2020 - 8:05AM
Outlook Therapeutics, Inc. (Nasdaq: OTLK) (“the Company”), a late
clinical-stage biopharmaceutical company working to develop the
first FDA-approved ophthalmic formulation of bevacizumab for use in
retinal indications, today announced that it has closed its
previously announced registered direct offering priced
at-the-market under Nasdaq rules of 8,407,411 shares of its common
stock, at a purchase price of $1.215 per share, for aggregate gross
proceeds of approximately $10.2 million.
H.C. Wainwright & Co. acted as the exclusive
placement agent.
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.
The shares of common stock offered in the
offering were offered and sold by Outlook Therapeutics pursuant to
a "shelf" registration statement on Form S-3 (Registration No.
333-231922), including a base prospectus, previously filed with and
declared effective by the Securities and Exchange Commission
(“SEC”) on June 26, 2019. The offering of the shares of common
stock in the registered direct offering was made only by means of a
prospectus supplement that forms a part of the registration
statement. A final prospectus supplement and an accompanying base
prospectus relating to the offering has been filed with the SEC and
is available on the SEC's website located at http://www.sec.gov.
Electronic copies of the prospectus supplement and accompanying
base prospectus may also be obtained by contacting H.C. Wainwright
& Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022,
by phone at 646-975-6996 or e-mail at placements@hcwco.com.
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
823,045 shares of its common stock at a purchase price of $1.215
per share, for aggregate gross proceeds of approximately $1.0
million, which is anticipated to close on or about July 21, 2020,
subject to satisfaction of customary closing conditions.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
About Outlook Therapeutics,
Inc.
Outlook Therapeutics is a late clinical-stage
biopharmaceutical company working to develop the first FDA-approved
ophthalmic formulation of bevacizumab for use in retinal
indications, including wet AMD, DME and BRVO. If ONS-5010 /
LYTENAVA™ (bevacizumab-vikg), its investigational ophthalmic
formulation of bevacizumab, is approved, Outlook Therapeutics
expects to commercialize it as the first and only approved
ophthalmic formulation of bevacizumab for use in treating approved
retinal diseases in the United States, 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.
Forward-Looking Statements
This press release contains forward-looking
statements. All statements other than statements of historical
facts are “forward-looking statements,” including those relating to
future events. In some cases, you can identify forward-looking
statements by terminology such as “may,” “might,” “will,” “should,”
“expect,” “plan,” “anticipate,” “project,” “believe,” “estimate,”
“predict,” “potential,” “intend” or “continue,” the negative of
terms like these or other comparable terminology, and other words
or terms of similar meaning. These include statements about the
Company’s planned commercialization and regulatory actions, the use
of proceeds from the offering, risks and uncertainties associated
with market conditions and the satisfaction of customary closing
conditions related to the private placement, as well as risks and
uncertainties associated with the Company's business and
financial condition in general, including the risks and
uncertainties described in the Company's Annual Report on Form 10-K
for the year ended September 30, 2019, and in the Company's
other filings with the SEC, including its Quarterly Reports on Form
10-Q. Although the Company believes that it has a reasonable basis
for forward-looking statements contained herein, they are based on
current expectations about future events affecting the Company and
are subject to risks, uncertainties and factors relating to its
operations and business environment, all of which are difficult to
predict and many of which are beyond its control. These risk
factors include those risks associated with developing
pharmaceutical product candidates, risks of conducting clinical
trials and risks in obtaining necessary regulatory approvals, as
well as those risks detailed in the Company’s filings with the
Securities and Exchange Commission, which include the uncertainty
of future impacts related to the ongoing COVID-19 pandemic and the
geopolitical environment affecting Sino-U.S. relations. These risks
may cause actual results to differ materially from those expressed
or implied by forward-looking statements in this press release. All
forward-looking statements included in this press release are
expressly qualified in their entirety by the foregoing cautionary
statements. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof.
The Company does not undertake any obligation to update, amend or
clarify these forward-looking statements whether as a result of new
information, future events or otherwise, except as may be required
under applicable securities law.
CONTACTS: Outlook
Therapeutics:
Lawrence A. Kenyon LawrenceKenyon@outlooktherapeutics.com
Investor Inquiries: Jenene Thomas Chief
Executive Officer JTC Team, LLC T: 833.475.8247
OTLK@jtcir.com
Media Inquiries:Emmie TwomblyMedia Relations
SpecialistLaVoie Health ScienceM:
857.389.6042etwombly@lavoiehealthscience.com
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