Outlook Therapeutics Announces Closing of $10.2 Million Financings Priced At-The-Market

About this update from Outlook Therapeutics, Inc.

[{"type":"text","content":"CRANBURY, N.J., Feb. 26, 2020 (GLOBE NEWSWIRE) -- Outlook Therapeutics, Inc. (Nasdaq: OTLK) (the “Company”), 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 closed its previously-announced registered direct offering priced at-the-market under Nasdaq rules of 7,598,426 shares of its common stock, at a combined purchase price of $1.016 per share and associated unregistered warrant, for aggregate gross proceeds of approximately $7.72 million. The Company also issued to the investors in the registered direct offering unregistered warrants to purchase up to an aggregate of 3,799,213 shares of its common stock. The warrants have an exercise price of $0.9535 per share of common stock, are exercisable on the date of issuance, and will expire four years following the date of issuance.\n H.C. Wainwright & Co. acted as the exclusive placement agent. In addition, the Company has closed the private placement priced at-the-market under Nasdaq rules with an affiliate of BioLexis Pte. Ltd. (“BioLexis”), its controlling stockholder and strategic partner, of 2,460,630 shares of its common stock and warrants to purchase up to 1,230,315 shares of its common stock, at a combined purchase price of $1.016 per share and associated warrant, for aggregate gross proceeds of approximately $2.5 million. The warrants have an exercise price of $0.9535 per share of common stock, are exercisable on the date of issuance, and will expire four years following the date of issuance. 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 (but not the warrants or the shares of common stock underlying such warrants) offered in the registered direct offering were offered and sold by the Company pursuant to a \"shelf\" registration statement on Form S-3 (Registration No. 333-231922), including a base prospectus, previously filed with and declared effective by the Securities and Exchange Commission (“SEC”) on June 26, 2019. The offering of the shares of common stock in the registered direct transaction was made only by means of a prospectus supplement that forms a part of the regist...

More updates from Outlook Therapeutics, Inc.