Outlook Therapeutics Announces $25 Million Registered Direct Offering Priced At-the-Market Under Nasdaq Rules
December 23 2022 - 06:00AM
Outlook Therapeutics, Inc. (Nasdaq: OTLK), a biopharmaceutical
company working to develop and launch the first FDA-approved
ophthalmic formulation of bevacizumab for use in retinal
indications, today announced that it has entered into securities
purchase agreements with existing institutional and accredited
investors for the purchase and sale of 28,460,831 shares of common
stock at a purchase price of $0.8784 per share in a registered
direct offering priced at-the-market under Nasdaq rules, resulting
in aggregate gross proceeds of approximately $25.0 million. The
offering included participation by GMS Ventures and Investments,
Outlook Therapeutics’ largest stockholder. The offering is expected
to close on December 28, 2022, subject to customary closing
conditions.
M.S. Howells & Co. acted as placement agent
with respect to certain accredited investors in the offering. BTIG,
LLC acted as exclusive financial advisor to Outlook Therapeutics in
connection with the offering. BTIG, LLC is not acting as an
underwriter or a placement agent in connection with the offering
and, accordingly, BTIG, LLC is neither purchasing securities nor
offering securities to the public in connection with the
offering.
Outlook Therapeutics intends to use the net
proceeds from the offering for support of its ONS-5010 development
program as well as working capital and other general corporate
purposes, which may include the repayment of debt.
The shares of common stock are being offered
pursuant to a shelf registration statement on Form S-3
(Registration No. 333-254778), including a base prospectus,
previously filed with the Securities and Exchange Commission
(“SEC”) on March 26, 2021 and declared effective by the SEC on
April 1, 2021. The offering is being made only by means of a
prospectus, including a prospectus supplement, that forms a part of
the registration statement. A final prospectus supplement and an
accompanying base prospectus relating to the registered direct
offering will be filed with the SEC and will be available on the
SEC's website located at http://www.sec.gov.
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 the common stock 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 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. The FDA accepted Outlook Therapeutics’ BLA submission
for ONS-5010 to treat wet AMD with a PDUFA goal date of August 29,
2023. The submission is supported by Outlook Therapeutics’ wet AMD
clinical program, which consists of three clinical trials: NORSE
ONE, NORSE TWO, and NORSE THREE. 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,” “look
forward,” “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 regarding the
completion of the proposed offering, anticipated proceeds of the
proposed offering, and the use of such proceeds.
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, as supplemented by its
Quarterly Report on Form 10-Q for the quarter ended June 30,
2022, which include the uncertainty of future impacts related to
the ongoing COVID-19 pandemic and other macroeconomic factors.
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: Anna Army Account Supervisor LaVoie Health
Science T: 617-351-0246 aarmy@lavoiehealthscience.com
Investor Inquiries: Jenene Thomas
Chief Executive Officer JTC Team, LLC T: 833.475.8247
OTLK@jtcir.com
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