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Outlook Therapeutics Announces Full Cash Pre-Payment of Convertible Promissory Note
ISELIN, N.J., July 05, 2022 (GLOBE NEWSWIRE) -- Outlook Therapeutics, Inc. (Nasdaq: OTLK), a pre-commercial biopharmaceutical company working to develop and
About this update from Outlook Therapeutics, Inc.
[{"type":"text","content":"ISELIN, N.J., July 05, 2022 (GLOBE NEWSWIRE) -- Outlook Therapeutics, Inc. (Nasdaq: OTLK), a pre-commercial biopharmaceutical company working to develop and launch the first FDA-approved ophthalmic formulation of bevacizumab for use in retinal indications, announced today the full cash pre-payment of its unsecured convertible promissory note dated November 4, 2020, as amended November 16, 2021 (the “Note”). All obligations under the Note have been repaid in cash and satisfied. “The company requires a good financial position to support the potential FDA approval and subsequent launch of ONS-5010/ LYTENAVA™ (bevacizumab-vikg),” commented Lawrence A. Kenyon, Chief Financial Officer of Outlook Therapeutics. “We are also mindful of current financial market conditions and the potential for dilution to our stockholders. We are pleased to be in a position to fully repay this unsecured convertible promissory note to prevent the dilution associated with redemption of the Note for common stock at a 25% discount to market price that could have begun on July 1, 2022.” On November 5, 2020, the Company received $10,000,000 in net proceeds from the Note with face amount of $10,220,000, which was amended in November 2021 and became convertible. On November 16, 2021, the Company entered into a note amendment which, among other things, (i) extended the maturity date to January 1, 2023, (ii) increased the interest rate from 7.5% per annum to 10% per annum beginning on January 1, 2022, and (iii) provided for the lender’s right to redeem some or all of the outstanding balance of the note for shares of the Company’s common stock beginning July 1, 2022, subject to certain limitations.About Outlook Therapeutics, Inc. Outlook Therapeutics is a pre-commercial 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. For more information, please visit www.outlooktherapeutics.com. Forward-Looking Statements This press rel...