Outlook Therapeutics Announces Full Cash Pre-Payment of Convertible Promissory Note
July 05 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, announced today the full cash
pre-payment of its unsecured convertible promissory note dated
November 4, 2020, as amended November 16, 2021 (the “Note”). All
obligations under the Note have been repaid in cash and satisfied.
“The company requires a good financial position
to support the potential FDA approval and subsequent launch of
ONS-5010/ LYTENAVA™ (bevacizumab-vikg),” commented Lawrence A.
Kenyon, Chief Financial Officer of Outlook Therapeutics. “We are
also mindful of current financial market conditions and the
potential for dilution to our stockholders. We are pleased to be in
a position to fully repay this unsecured convertible promissory
note to prevent the dilution associated with redemption of the Note
for common stock at a 25% discount to market price that could have
begun on July 1, 2022.”
On November 5, 2020, the Company received
$10,000,000 in net proceeds from the Note with face amount of
$10,220,000, which was amended in November 2021 and became
convertible. On November 16, 2021, the Company entered into a note
amendment which, among other things, (i) extended the maturity date
to January 1, 2023, (ii) increased the interest rate from 7.5% per
annum to 10% per annum beginning on January 1, 2022, and (iii)
provided for the lender’s right to redeem some or all of the
outstanding balance of the note for shares of the Company’s common
stock beginning July 1, 2022, subject to certain
limitations.About Outlook Therapeutics, Inc.
Outlook Therapeutics is a pre-commercial
biopharmaceutical company working to develop and launch ONS-5010/
LYTENAVA™ (bevacizumab-vikg) as the first FDA-approved ophthalmic
formulation of bevacizumab for use in retinal indications,
including wet AMD, DME and BRVO. 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.
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 “anticipate,” “estimate,” “expect,” “intend,” “may,”
“might,” “plan,” “potential,” “predict,” “project,” “should,”
“will,” the negative of terms like these or other comparable
terminology, and other words or terms of similar meaning. These
include, among others, statements about ONS-5010’s potential as the
first FDA-approved ophthalmic formulation of bevacizumab-vikg and
commercial launch of ONS-5010. 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 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 Outlook Therapeutics’ filings with the Securities and
Exchange Commission, including the Annual Report on Form 10-K for
the fiscal year ended September 30, 2021 and subsequent Quarterly
Reports on Form 10-Q, which include the uncertainty of future
impacts related to the ongoing COVID-19 pandemic. 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
UllmanVice PresidentLaVoie Health ScienceT:
617-669-3082hullman@lavoiehealthscience.com
Investor Inquiries:Jenene
ThomasChief Executive OfficerJTC Team, LLCT:
833.475.8247OTLK@jtcir.com
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