Outlook Therapeutics Announces Closing of $35.0 Million Bought Deal
February 02 2021 - 4:05PM
Outlook Therapeutics, Inc. (Nasdaq: OTLK) (“Outlook Therapeutics”),
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.
The shares of common stock were offered by
Outlook Therapeutics pursuant to a registration statement on Form
S-3 (File No. 333-231922) originally filed with the Securities and
Exchange Commission (the “SEC”) on June 3, 2019 and declared
effective by the SEC on June 26, 2019. The offering of the shares
of common stock was made only by means of a prospectus, including a
prospectus supplement, forming a part of the effective registration
statement. A final prospectus supplement and accompanying
prospectus relating to the offering have been filed with the SEC
and are available on the SEC's website at http://www.sec.gov and
may also be obtained by contacting H.C. Wainwright & Co., LLC
at 430 Park Avenue, 3rd Floor, New York, NY 10022, by telephone 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
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.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 “intend,” “will,” “potential,”
“may,” “might,” “should,” “expect,” “plan,” “anticipate,”
“project,” “believe,” “estimate,” “predict” or “continue,” the
negative of terms like these or other comparable terminology, and
other words or terms of similar meaning. These include, without
limitation, statements related to the use of proceeds from the
offering, as well as the ability to close the concurrent private
placement to Syntone. Although Outlook Therapeutics believes that
it has a reasonable basis for the forward-looking statements
contained herein, they are based on current expectations about
future events affecting Outlook Therapeutics 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 detailed in Outlook Therapeutics’ filings with the
Securities and Exchange Commission. 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.
Outlook Therapeutics 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:Media
Inquiries:Harriet UllmanAssistant Vice
PresidentLaVoieHealthScienceT:
617-669-3082hullman@lavoiehealthscience.com Investor
Inquiries: Jenene
ThomasChief Executive OfficerJTC Team, LLCT:
833.475.8247 OTLK@jtcir.com
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