Business
Outlook Therapeutics Announces $10.2 Million Financings Priced At-The-Market
CRANBURY, N.J., Feb. 24, 2020 (GLOBE NEWSWIRE) -- Outlook Therapeutics, Inc. (Nasdaq: OTLK) (the “Company”), a late clinical-stage biopharmaceutical company
About this update from Outlook Therapeutics, Inc.
[{"type":"text","content":"CRANBURY, N.J., Feb. 24, 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 entered into definitive agreements with several institutional and accredited investors for the purchase and sale in a 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 agreed to issue 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, will be exercisable on the date of issuance, and will expire four years following the date of issuance.\n H.C. Wainwright & Co. is acting as the exclusive placement agent. In addition, the Company has entered into a definitive agreement with an affiliate of BioLexis Pte. Ltd. (“BioLexis”), its controlling stockholder and strategic partner, for the purchase and sale in a private placement priced at-the-market under Nasdaq rules, 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 warrants, for aggregate gross proceeds of approximately $2.5 million. The warrants have an exercise price of $0.9535 per share of common stock, will be exercisable on the date of issuance, and will expire four years following the date of issuance. The closings of the sale of the securities in the financings are expected to occur on or about February 26, 2020, subject to the satisfaction of customary closing conditions. 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 are being offered and sold by the Company pursuant to a \"shelf\" registration statement ...