Outlook Shares Plunges After Raising $50M Via Equity Offering Issued At 20% Discount

Outlook Therapeutics Inc OTLK has increased the size of the previously announced public offering to 40 million shares at $1.25 per share, for gross proceeds of $50 million. The offer price represents a discount of almost 20% from the last close price of $1.56 on Tuesday.

• Previously, the Company offered 8 million shares at $1.25 per share.
• The offering will close by November 29.
• H.C. Wainwright & Co. is acting as the sole book-running manager for the offering.
• GMS Ventures and Investments, an affiliate of Outlook Therapeutics' largest stockholder and strategic partner, BioLexis Pte. Ltd., has indicated an interest in purchasing directly or through an affiliate up to $20 million of the shares in the offering.
• Outlook Therapeutics will use the net proceeds for working capital and general corporate purposes, including supporting its ONS-5010 development program.
• Recently, Outlook presented pivotal safety and efficacy data from the Phase 3 NORSE TWO trial for ONS-5010 at the Retinal Subspecialty Day, AAO 2021 Annual Conference.
• ONS-5010 is an investigational ophthalmic formulation of bevacizumab for use in wet age-related macular degeneration (wet AMD) and other retinal indications, 
• Outlook Therapeutics plans to submit a marketing application in Q1 of 2022.
• Price Action: OTLK shares are down 20.5% at $1.24 during the premarket session on the last check Wednesday.