Outlook Therapeutics Increases Previously Announced Bought Deal Offering of Common Stock to $50 Million
November 23 2021 - 10:30PM
Outlook Therapeutics, Inc. (Nasdaq: OTLK) (“Outlook
Therapeutics”), a late clinical-stage biopharmaceutical
company working to develop and launch the first FDA-approved
ophthalmic formulation of bevacizumab-vikg for use in retinal
indications, announced today that, due to demand, the underwriter
has agreed to increase the size of the previously announced public
offering and purchase on a firm commitment basis 40,000,000 shares
of common stock of Outlook Therapeutics, at a price to the public
of $1.25 per share, less underwriting discounts and commissions.
The closing of the offering is expected to occur on or about
November 29, 2021, subject to satisfaction of customary closing
conditions.
H.C. Wainwright & Co. is acting as the sole
book-running manager for the offering.
Outlook Therapeutics also has granted to the
underwriter a 30-day option to purchase up to an additional
6,000,000 shares of common stock at the public offering price, less
underwriting discounts and commissions. The gross proceeds to
Outlook Therapeutics, before deducting underwriting discounts and
commissions and offering expenses and assuming no exercise of the
underwriter's option to purchase additional common stock, are
expected to be $50 million.
GMS Ventures and Investments, an affiliate of
Outlook Therapeutics’ largest stockholder and strategic partner,
BioLexis Pte. Ltd., has indicated an interest in purchasing
directly or through an affiliate up to $20 million of the shares of
common stock offered in the offering at the public offering price
per share.
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 are being offered by
Outlook Therapeutics pursuant to a shelf registration statement on
Form S-3 (File No. 333-254778) originally filed with the Securities
and Exchange Commission (the “SEC”) on March 26, 2021 and declared
effective by the SEC on April 1, 2021. The offering of the shares
of common stock is being made only by means of a prospectus,
including a prospectus supplement, forming a part of the effective
registration statement. A preliminary prospectus supplement and
accompanying prospectus relating to, and describing the terms of,
the offering have been filed with the SEC and are available on the
SEC's website at http://www.sec.gov. A final prospectus supplement
and the accompanying prospectus related to the offering will be
filed with the SEC and upon filing may also be obtained by
contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd
Floor, New York, NY 10022, by telephone at (212) 856-5711 or e-mail
at placements@hcwco.com.
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 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. Outlook Therapeutics expects to submit ONS-5010
ophthalmic bevacizumab to the U.S. FDA as a new BLA under
the PHSA 351(a) regulatory pathway. 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 completion of the public
offering, the satisfaction of customary closing conditions related
to the public offering and the intended use of net proceeds from
the public offering. 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 market and other
conditions, 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
UllmanVice PresidentLaVoieHealthScienceT:
617-669-3082hullman@lavoiehealthscience.com
Investor
Inquiries: Jenene ThomasChief Executive
OfficerJTC Team, LLCT: 833.475.8247 OTLK@jtcir.com
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