BioLexis Reorganization Results in GMS Holdings as Largest Shareholder in Outlook Therapeutics
April 22 2022 - 8:05AM
Outlook Therapeutics, Inc. (Nasdaq: OTLK), a pre-commercial
biopharmaceutical company working to develop and launch the
first FDA-approved ophthalmic formulation of bevacizumab for
use in retinal indications, and BioLexis Pte Ltd.
(“BioLexis”), a strategic shareholder in Outlook Therapeutics,
today announced that BioLexis is being reorganized. The BioLexis
reorganization, which does not entail any changes in the indirect
ownership of Outlook Therapeutics, provides GMS Holdings with
increased flexibility to support the future growth of Outlook
Therapeutics as its largest shareholder.
Pursuant to an agreement among BioLexis, GMS
Ventures & Investments (“GMS V&I”), and certain of GMS
V&I’s affiliates (GMS V&I and its affiliates, “GMS
Holdings”), on April 21, 2022, GMS V&I has taken direct
ownership of all of the shares of Outlook Therapeutics that were
indirectly owned by GMS Holdings through BioLexis.
As the next step in the reorganization, GMS
Holdings will cease to be a shareholder in BioLexis and BioLexis
will be renamed “Tenshi Healthcare Pte Limited” (or such other name
as may be approved by the regulatory authorities in Singapore). GMS
Holdings does not have an economic interest in, or voting rights
with respect to, the shares of Outlook Therapeutics that are held
by BioLexis. BioLexis directly holds the shares beneficially owned
by the minority shareholder in BioLexis, Tenshi Life Sciences
Private Limited and Tenshi Life Sciences Pte Limited.
Since the initial investment by BioLexis in
2017, Outlook Therapeutics has undergone a significant
transformation and has successfully completed three clinical trials
which recently culminated in a BLA submission to the U.S. FDA on
March 30, 2022. As the largest investor, GMS Holdings actively
supported Outlook Therapeutics by leading and participating in
multiple capital raises to support the Outlook Therapeutics growth
strategy.
“The submission of a Biologics License
Application (BLA) for ONS-5010 / LYTENAVA™ (bevacizumab-vikg) with
FDA is a significant milestone to achieve and places Outlook
Therapeutics on a path to potential marketing approval for a very
promising therapy,” said Faisal Sukhtian, Executive Director of GMS
Holdings and a member of the Board of Directors of BioLexis. “With
this milestone accomplished, the shareholders of BioLexis have
fully realized their intended objectives for the joint venture.
This reorganization will see the existing partners translate their
joint ownership positions in Outlook Therapeutics into direct
stakes.”
“We appreciate the longstanding support we have
received from BioLexis and look forward to executing on our
priorities to create value for all shareholders,” added Russell
Trenary, President and CEO of Outlook Therapeutics.
In connection with the reorganization, Outlook
Therapeutics and GMS Holdings entered into an Amended and Restated
Investor Rights Agreement, which replaces the previous Investor
Rights Agreement among Outlook Therapeutics, BioLexis and GMS
V&I. BioLexis no longer has any rights under the Amended and
Restated Investor Rights Agreement.
About Outlook Therapeutics,
Inc.Outlook Therapeutics is a pre-commercial
biopharmaceutical company working to develop and launch ONS-5010/
LYTENAVA™ (bevacizumab-vikg), an investigational therapy, as the
first FDA-approved ophthalmic formulation of bevacizumab for use in
retinal indications, including wet AMD, DME and BRVO. Outlook
Therapeutics has submitted its Biologics License Application (BLA)
to the U.S. Food and Drug Administration (FDA) for ONS-5010 to
treat wet AMD. The submission is supported by Outlook Therapeutics’
wet AMD registration clinical program, which consists of three
clinical trials: NORSE ONE, NORSE TWO, and NORSE THREE. If ONS-5010
ophthalmic bevacizumab is approved, Outlook Therapeutics expects to
commercialize it as the first and only FDA-approved ophthalmic
formulation of bevacizumab for use in treating retinal diseases in
the United States, United Kingdom, Europe, Japan and other markets.
For more information, please
visit www.outlooktherapeutics.com.
About GMS HoldingsGMS Holdings
is a holding company for a group of diversified businesses and
assets around the world. Investments span several geographies and
industries in both the private and public domains. With a long
track record of building successful organizations which are market
leaders in the fields in which they operate, GMS Holdings makes
investments with a global perspective, and is driven by a firm
belief that superior results are achieved through a commitment to
long term growth.
CONTACTS:Media
Inquiries:Harriet UllmanVice PresidentLaVoie Health
ScienceT: 617-669-3082hullman@lavoiehealthscience.com
Investor Inquiries:Jenene ThomasChief Executive
OfficerJTC Team, LLCT: 833.475.8247 OTLK@jtcir.com
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