Business
Outlook Therapeutics Announces $16.0 Million Private Placement to Advance the Development of ONS-5010 / LYTENAVA™ (bevacizumab-vikg)
Strategic investment at a premium enhances Company’s ongoing development activities of ONS-5010 / LYTENAVA™ (bevacizumab-vikg), an investigational ophthalmic
About this update from Outlook Therapeutics, Inc.
[{"type":"text","content":"Strategic investment at a premium enhances Company’s ongoing development activities of ONS-5010 / LYTENAVA™ (bevacizumab-vikg), an investigational ophthalmic formulation of bevacizumab to treat wet AMD, toward FDA approval Syntone and Outlook to form joint venture to develop and commercialize ONS-5010 / LYTENAVA™ (bevacizumab-vikg) in greater China MONMOUTH JUNCTION, N.J., May 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 it has entered into a Stock Purchase Agreement with Syntone Ventures LLC for a private placement of $16.0 million of common stock at a price of $1.00 per share. In addition, Outlook Therapeutics entered into a joint venture agreement with Syntone Technologies Group Co. Ltd. (“Syntone”) to form a PRC joint venture to develop and commercialize ONS-5010 / LYTENAVA™ (bevacizumab-vikg) in China pursuant to a license agreement to be entered into between Outlook Therapeutics and the joint venture. Outlook Therapeutics will use $0.9 million of the private placement proceeds to fund its initial capital contribution to the PRC joint venture.\n “We are pleased to enter into this strategic opportunity to further advance the development of ONS-5010. This partnership provides many advantages, including the ability to leverage Syntone’s presence in, and knowledge of, the Chinese market,” commented Lawrence A. Kenyon, President, CEO and CFO of the Company. “While our primary focus for the development and commercialization of ONS-5010 remains on the seven major global markets, we saw this as an opportunity to bring capital into the Company at a premium with a motivated strategic investor, and to enhance the potential commercialization of ONS-5010 in an additional market with unique characteristics.” “Syntone’s businesses to date have focused on creating energy production and critical living materials for society,” added Syntone’s Chairman Zheng Zongmei. “Because health problems are also a common issue for humanity, Syntone has been looking for opportunities to put our ideals into action in healthcare and we believe Outlook Therapeutics is the ideal partner. We want to help Outlook Therapeutics bring LYTENAVA™ to tho...