Outlook Therapeutics Inc (NASDAQ:OTLK) said it has entered into securities purchase agreements with existing institutional and accredited investors for a registered direct offering priced at-the-market under Nasdaq rules.
The offering is for the purchase and sale of 28,460,831 shares of common stock at a purchase price of $0.8784 per share, resulting in aggregate gross proceeds of approximately $25.0 million.
The offering included participation by GMS Ventures and Investments, Outlook Therapeutics’ largest stockholder.
READ: Outlook Therapeutics announces validation of marketing authorization application by EMA for ONS-5010 as treatment for wet AMD
Outlook Therapeutics said it intends to use the net proceeds from the offering for the support of its ONS-5010 development program as well as working capital and other general corporate purposes, which may include the repayment of debt.
The offering is expected to close on December 28, 2022, subject to customary closing conditions.
MS Howells & Co acted as placement agent with respect to certain accredited investors in the offering. BTIG LLC acted as the exclusive financial advisor to Outlook Therapeutics in connection with the offering.
Outlook Therapeutics is a biopharmaceutical company working to develop and launch ONS-5010/ LYTENAVA (bevacizumab-vikg) as the first US Food & Drug Administration (FDA) approved ophthalmic formulation of bevacizumab for use in retinal indications, including wet AMD, DME and BRVO.
The FDA accepted Outlook Therapeutics’ BLA submission for ONS-5010 to treat wet AMD with a PDUFA goal date of August 29, 2023. The submission is supported by Outlook Therapeutics’ wet AMD clinical program, which consists of three clinical trials: NORSE ONE, NORSE TWO, and NORSE THREE.
Contact the author at jon.hopkins@proactiveinvestors.com