Business
Outlook Therapeutics Announces Closing of $16.0 Million Private Placement
MONMOUTH JUNCTION, N.J., June 03, 2020 (GLOBE NEWSWIRE) -- Outlook Therapeutics, Inc. (Nasdaq: OTLK) (the Company), a late clinical-stage biopharmaceutical
About this update from Outlook Therapeutics, Inc.
[{"type":"text","content":"MONMOUTH JUNCTION, N.J., June 03, 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 the successful closing of its previously announced private placement of $16.0 million of common stock at a price of $1.00 per share (representing a 34% premium at signing) to Syntone Ventures LLC, a U.S.-based affiliate of Syntone Technologies Group Co. Ltd.\n Outlook Therapeutics intends to use the net proceeds from the financing for working capital and general corporate purposes, including in support of its development program for ONS-5010 / LYTENAVA™ (bevacizumab-vikg), an investigational ophthalmic formulation of bevacizumab to treat wet AMD, with approximately $0.9 million of the proceeds being used to fund its initial capital contribution to the planned PRC joint venture with Syntone. An additional capital contribution from Outlook Therapeutics of approximately $2.1 million will be required within the next four years. The planned PRC joint venture will be 80% owned by Syntone and 20% owned by Outlook Therapeutics and is intended to focus on the development and commercialization of ONS-5010 in the greater China market, which includes Hong Kong, Taiwan and Macau. Outlook Therapeutics has agreed to enter into a license agreement providing for the license to the PRC joint venture of rights to ONS-5010 in greater China. The securities described above were offered by Outlook Therapeutics in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”) and/or Regulation D promulgated thereunder, and such securities have not been registered under the Act or applicable state securities laws. Accordingly, such securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the ...