MONMOUTH JUNCTION, N.J., June 23, 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 for use in retinal indications, today announced that it has entered into definitive agreements with several healthcare-focused institutional investors for the purchase and sale, in a 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. is acting as the exclusive placement agent.
In addition, the Company has entered into a definitive agreement with Syntone Ventures, LLC (“Syntone”) for the purchase and sale, in a private placement priced at-the-market under Nasdaq rules, 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.
The closing of the sale of the shares of common stock in the registered direct offering is expected to occur on or about June 24, 2020, subject to the satisfaction of customary closing conditions. The closing of the sale of the shares of common stock in the private placement to Syntone is expected to occur on or about July 21, 2020, subject to the satisfaction of customary closing conditions. Outlook Therapeutics intends to use the net proceeds from the financings for working capital and general corporate purposes, including in support of its ONS-5010 development program.
The shares of common stock in the private placement are being offered under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”) and/or Regulation D promulgated thereunder, and such shares of common stock have not been registered under the Act or applicable state securities laws. Accordingly, such shares of common stock may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws.
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.
